Thanks in Advance,
I just want to know whether Depreciation is allowed on lease hold land and buildings constructed in lease hold land as per the Income Tax Act,1961.
If yes, can you shere with me the provisions related to Depreciation as per Income Tax Act, 1961.
I knew that depreciation is allowed over the period of lease in Companies Act, 2013.
In case of The Continental Enterprise Vs ITO (ITAT Chennai) All ITA (2135) ITAT (102) : Construction of super structure over lease hold land was covered under explanation1 to section 32 of IT act.
Detailed analysis refer: https://www.thehindubusinessline.com/todays-paper/tp-opinion/two-interpretations-of-an-explanation/article1671209.ece
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