COMMISSIONER OF INCOME TAX, KOLKATA vs. M/S. HOOGHLY MILLS CO. LTD
The appeal is allowed
C.A. No.-005149-005149 - 2006Supreme Court22 Nov 2006
For Respondent: M/s. Hoogly Mills Co. Ltd
Section 32Section 4(1)
1)(ii). Hence, we fail to see how depreciation can be allowed
on the same. In fact, depreciation cannot even be allowed on land because
that too is not mentioned in Section 32.
It may be mentioned that in the present case, the agreement of sale,
dated 24.3.1988 separately mentioned the price of the land, building and the
machinery.
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