https://www.taxtmi.com/caselaws?id=37682 Capital expenditure incurred by a leasehold assessee on permanent improvements to rented property was held eligible for depreciation under section 32(1). The expenditure on partitions, tiling and mosaic flooring was treated as a business investment in leasehold improvements, and the assessee was regarded in law as owner of those improvements during the lease term. The fact that the improvements would ultimately revert with the building on expiry of the lease did not negate ownership for depreciation purposes. Depreciation was therefore allowable on the capital cost of the permanent leasehold improvements. en-us Fri, 03 Nov 1978 00:00:00 +0530 Wed, 31 Mar 2010 13:15:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37682 Capital expenditure incurred by a leasehold assessee on permanent improvements to rented property was held eligible for depreciation under section 32(1). The expenditure on partitions, tiling and mosaic flooring was treated as a business investment in leasehold improvements, and the assessee was regarded in law as owner of those improvements during the lease term. The fact that the improvements would ultimately revert with the building on expiry of the lease did not negate ownership for depreciation purposes. Depreciation was therefore allowable on the capital cost of the permanent leasehold improvements. Case-Laws Income Tax Fri, 03 Nov 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37682