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Assessing Officer Cannot Adjust Building Depreciation WDV Using External Valuation Reports, Must Follow Income Tax Act Section 32.
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....Depreciation on Buildings - Adoption of WDV based on a valuation report prepared for a different purpose - Sec.32 of the Act mandates depreciation to be allowed as deduction on the WDV as understood under section 43(1)(6) of the Act. The AO therefore could not have tampered with the WDV of the Building Block of Assets based on a valuation report prepared for a different purpose. - AT....