1996 (1) TMI 58

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....e Revenue under section 256(1) of the Income-tax Act, 1961 : " (1) Whether, on the facts and in the circumstances of the case, the Tribunal has erred in law in allowing depreciation on the temple building constructed in the premises of the assessee ? (2) Whether, on the facts and in the circumstances of the case and in view of insertion of Explanation 2 to section 43B by the Finance Act, 198....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... the Revenue. So far question No. 1 is concerned, Dr. Saraf submits that the question is squarely covered by the decision in Atlas Cycle Industries Ltd. v. CIT [1982] 134 ITR 458 (P & H). Mr. Joshi, however, submits that the temple building cannot be a business asset and hence depreciation is not allowable under the provisions of the Act. We have gone through the decision. In our opinion, th....