https://www.taxtmi.com/caselaws?id=17134 The court ruled in favor of the Revenue, denying the assessee's claim for higher depreciation rates on the building used as a cinema theatre. The court emphasized that ownership and use are crucial factors for claiming depreciation benefits, and different depreciation rates apply to buildings, machinery, plant, or furniture. The court held that the statutory provision applies uniformly regardless of the property's specific use, rejecting the argument that the nature of the property should impact the depreciation claim. The judgment will be communicated to the Income-tax Appellate Tribunal, Cochin Bench. en-us Tue, 03 Sep 1996 00:00:00 +0530 Tue, 15 Sep 2009 13:37:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17134 The court ruled in favor of the Revenue, denying the assessee's claim for higher depreciation rates on the building used as a cinema theatre. The court emphasized that ownership and use are crucial factors for claiming depreciation benefits, and different depreciation rates apply to buildings, machinery, plant, or furniture. The court held that the statutory provision applies uniformly regardless of the property's specific use, rejecting the argument that the nature of the property should impact the depreciation claim. The judgment will be communicated to the Income-tax Appellate Tribunal, Cochin Bench. Case-Laws Income Tax Tue, 03 Sep 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17134