https://www.taxtmi.com/caselaws?id=289613 Depreciation allowance under Section 10(2)(vi) of the Indian Income-tax Act, 1922 was held admissible where the assessee leased out its plant, machinery and buildings and carried on the business of letting them for rent. The property remained the assessee's business asset, and the lease rent included an element compensating for wear and tear. The leasing arrangement itself constituted business use of the buildings, machinery and plant, so the fact that the lessees operated the mill did not defeat the lessor's statutory claim. The allowance was therefore allowed in favour of the assessee. en-us Fri, 23 Apr 1926 00:00:00 +0530 Sat, 08 Aug 2020 12:09:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=289613 Depreciation allowance under Section 10(2)(vi) of the Indian Income-tax Act, 1922 was held admissible where the assessee leased out its plant, machinery and buildings and carried on the business of letting them for rent. The property remained the assessee's business asset, and the lease rent included an element compensating for wear and tear. The leasing arrangement itself constituted business use of the buildings, machinery and plant, so the fact that the lessees operated the mill did not defeat the lessor's statutory claim. The allowance was therefore allowed in favour of the assessee. Case-Laws Income Tax Fri, 23 Apr 1926 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=289613