Depreciation on assets in leasehold property

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tejas (Querist)
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02 April 2015 Can we claim depreciation on Fixed Furniture attached to wall in case of leasehold shop or store? Can we claim depreciation on extensive renovation made (like flooring, lighting, painting etc.) on leasehold shop or store??? or should we claim it as Revenue Expenditure as per section 30 of Income Tax Act 1961???

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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02 April 2015 The expenditure on new construction/addition on lease hold property was held to be capital whereas expenditure on dismantling, demolition, electrical work, interlocking, sewage connection and renovation of existing building was held to be revenue.

ABT Ltd Vs. ACIT, Chennai Tribunal decision.

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