https://www.taxtmi.com/caselaws?id=59225 The Tribunal ruled that the rental income received by the assessee-company should be assessed under the head "Income from House Property" rather than "Business." Depreciation under section 32 of the Income-tax Act was disallowed as it only applies to income charged under the head "Business." The assessee was, however, granted the statutory deduction for repairs under section 24(1)(i) despite clauses in the agreement obliging the licensee to maintain the premises. en-us Fri, 14 Nov 2003 00:00:00 +0530 Mon, 27 Dec 2010 12:55:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59225 The Tribunal ruled that the rental income received by the assessee-company should be assessed under the head "Income from House Property" rather than "Business." Depreciation under section 32 of the Income-tax Act was disallowed as it only applies to income charged under the head "Business." The assessee was, however, granted the statutory deduction for repairs under section 24(1)(i) despite clauses in the agreement obliging the licensee to maintain the premises. Case-Laws Income Tax Fri, 14 Nov 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59225