https://www.taxtmi.com/caselaws?id=445894 ITAT DELHI remanded the first issue to AO for fresh adjudication regarding carry forward of losses from belated return filed on 28/01/2013 instead of due date 30/09/2010, as it was unclear whether claimed loss was business loss or unabsorbed depreciation. The tribunal dismissed the second ground, upholding AO's decision to deny depreciation on land component of hotel building complex purchased at consolidated value, ruling that separate valuation of land and building was identifiable through stamp duty assessment based on circle rates, making depreciation claim on land impermissible under Section 32. en-us Thu, 17 Aug 2023 00:00:00 +0530 Wed, 22 Nov 2023 06:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445894 ITAT DELHI remanded the first issue to AO for fresh adjudication regarding carry forward of losses from belated return filed on 28/01/2013 instead of due date 30/09/2010, as it was unclear whether claimed loss was business loss or unabsorbed depreciation. The tribunal dismissed the second ground, upholding AO's decision to deny depreciation on land component of hotel building complex purchased at consolidated value, ruling that separate valuation of land and building was identifiable through stamp duty assessment based on circle rates, making depreciation claim on land impermissible under Section 32. Case-Laws Income Tax Thu, 17 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445894