https://www.taxtmi.com/caselaws?id=38447 The High Court of Calcutta affirmed the Tribunal's decision, allowing depreciation allowance for driveways and compound walls of a private limited company engaged in the petroleum business. The court held that these elements were essential for business operations, qualifying as depreciable assets under section 32 of the Income-tax Act, 1961. The court rejected the revenue's argument that only assets capable of being discarded, sold, demolished, or destroyed could be classified as buildings eligible for depreciation. The judgment favored the assessee, awarding costs and receiving unanimous agreement from the judges. en-us Wed, 01 Feb 1978 00:00:00 +0530 Tue, 06 Apr 2010 12:31:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38447 The High Court of Calcutta affirmed the Tribunal's decision, allowing depreciation allowance for driveways and compound walls of a private limited company engaged in the petroleum business. The court held that these elements were essential for business operations, qualifying as depreciable assets under section 32 of the Income-tax Act, 1961. The court rejected the revenue's argument that only assets capable of being discarded, sold, demolished, or destroyed could be classified as buildings eligible for depreciation. The judgment favored the assessee, awarding costs and receiving unanimous agreement from the judges. Case-Laws Income Tax Wed, 01 Feb 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38447