https://www.taxtmi.com/caselaws?id=421970 The Tribunal upheld the partial allowance of depreciation on the cost of construction of the leased units for assessment years 2010-11 and 2011-12, recognizing the perpetual lease as effectively granting ownership to the assessee. The bifurcation of the total consideration into land cost and construction cost was deemed reasonable. The Tribunal also directed the correct computation of total assessable income for the year 2011-12. Consequently, the appeal for 2010-11 was dismissed, and the appeal for 2011-12 was partially allowed. en-us Mon, 02 May 2022 00:00:00 +0530 Tue, 03 May 2022 11:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=421970 The Tribunal upheld the partial allowance of depreciation on the cost of construction of the leased units for assessment years 2010-11 and 2011-12, recognizing the perpetual lease as effectively granting ownership to the assessee. The bifurcation of the total consideration into land cost and construction cost was deemed reasonable. The Tribunal also directed the correct computation of total assessable income for the year 2011-12. Consequently, the appeal for 2010-11 was dismissed, and the appeal for 2011-12 was partially allowed. Case-Laws Income Tax Mon, 02 May 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=421970