https://www.taxtmi.com/caselaws?id=434404 Depreciation on fixed assets could not be denied merely because the return was shown under income from other sources, where the assessee's receipts arose from running a school and the correct head of income was business income. The classification under section 56 was found incorrect on the facts, and depreciation under section 32 was therefore potentially available. Since the lower authorities had not examined the eligibility conditions for depreciation and had rejected the claim without addressing the proper computation issue, the disallowance was set aside and the matter remitted for fresh consideration by the Assessing Officer in accordance with law. en-us Tue, 21 Feb 2023 00:00:00 +0530 Thu, 23 Feb 2023 08:52:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=434404 Depreciation on fixed assets could not be denied merely because the return was shown under income from other sources, where the assessee's receipts arose from running a school and the correct head of income was business income. The classification under section 56 was found incorrect on the facts, and depreciation under section 32 was therefore potentially available. Since the lower authorities had not examined the eligibility conditions for depreciation and had rejected the claim without addressing the proper computation issue, the disallowance was set aside and the matter remitted for fresh consideration by the Assessing Officer in accordance with law. Case-Laws Income Tax Tue, 21 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=434404