CIT v. Ashok Leyland Ltd. (2019) 266 Taxman 406 /(2020) 190 DTR 158(Mad.)(HC)

S. 32 : Depreciation–Residential flats–Accommodation of employees-Entitle for higher rate of depreciation.

Dismissing the appeal of the revenue the Court held that, residential flats built by assessee-company for accommodation of its employees was to be regarded as building used for purpose of business of company and thus, assessee was entitled to claim high rate of depreciation on said flats.ie.@ 10 %. (AY. 200-01)