https://www.taxtmi.com/highlights?id=59841 Claim of depreciation - capitalisation being pre-commencement rent and other expenditure incurred - Section 32 of the Act allows depreciation on actual cost of the asset, which means the actual cost to the assessee. This cost should be construed in ordinarily commercial manner. AS-10 regarding "accounting for fixed assets" issued by the ICAI specifies the components of cost of a fixed asset. - the expenses incurred by the assessee are required to be capitalised - Claim allowed - AT en-us Sat, 25 Sep 2021 12:19:34 +0530 Sat, 25 Sep 2021 12:19:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=59841 Claim of depreciation - capitalisation being pre-commencement rent and other expenditure incurred - Section 32 of the Act allows depreciation on actual cost of the asset, which means the actual cost to the assessee. This cost should be construed in ordinarily commercial manner. AS-10 regarding "accounting for fixed assets" issued by the ICAI specifies the components of cost of a fixed asset. - the expenses incurred by the assessee are required to be capitalised - Claim allowed - AT Highlights Income Tax Sat, 25 Sep 2021 12:19:34 +0530 https://www.taxtmi.com/highlights?id=59841