Hon’ble appellate tribunal held that the assessee is eligible to claim depreciation at the rate prescribed for “plant and machinery” under the provisions of section 32 of the Act as the assessee is promoting public objects which are activities in the nature of trade, commerce or business but without commercial motive. (AY. 2015-16)
Dy. CIT (E) v. Ahmedabad Urban Development Authority [2023] 105 ITR 24(SN) (Ahd (Trib)
S. 32 : Depreciation on property held for charitable purposes-Depreciation is to be allowed at the rate prescribed for ‘plant and machinery’. [S. 11]