https://www.taxtmi.com/caselaws?id=58977 The Tribunal upheld the Commissioner's decision to disallow depreciation on a premium paid for leasehold rights, stating that depreciation is only allowable on the building's structure, not on land or leasehold rights. It clarified that the premium should not be included in the cost of construction for depreciation purposes, in line with established legal principles from the Supreme Court and High Court. The Tribunal also rejected an alternate claim for revenue deductions, emphasizing that such claims unrelated to the original assessment could not be considered on appeal. Ultimately, the Tribunal affirmed the Commissioner's order, underscoring the distinction between land and building costs for depreciation eligibility. en-us Fri, 31 Jul 1987 00:00:00 +0530 Thu, 23 Dec 2010 13:55:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58977 The Tribunal upheld the Commissioner's decision to disallow depreciation on a premium paid for leasehold rights, stating that depreciation is only allowable on the building's structure, not on land or leasehold rights. It clarified that the premium should not be included in the cost of construction for depreciation purposes, in line with established legal principles from the Supreme Court and High Court. The Tribunal also rejected an alternate claim for revenue deductions, emphasizing that such claims unrelated to the original assessment could not be considered on appeal. Ultimately, the Tribunal affirmed the Commissioner's order, underscoring the distinction between land and building costs for depreciation eligibility. Case-Laws Income Tax Fri, 31 Jul 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58977