Tax Court Rules Lease Lacks Separate Payments, Denies Depreciation Claim on Furniture Against Rental Income.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Depreciation on the furniture and fixture against the rental income of movable assets - In case of contract, parties to the agreement make law for themselves to which nothing can be added or deleted. When there was no intention of the parties to the lease agreement (supra) that rent is being paid for immovable and movable assets separately no amount of rent can be attributed to the furniture and fixture as claimed by the assessee. - AT....