Dismissing the appeal of the revenue the Court held that, additional floor space index granted, one instalment paid and entire amount debited in accounts. The assessee is entitled to depreciation on entire amount at rate applicable to buildings at the rate of 10 per cent. on the whole of the consideration. (AY. 2006-07)
PCIT v. V. Hotels Ltd. (2020) 429 ITR 54 / 275 Taxman 106 / 317 CTR 377 / 194 DTR 369(Bom.)(HC)
S. 32 : Depreciation-Hotel-Additional floor space index granted-One instalment paid and entire amount debited in accounts-Entitled to depreciation on entire amount at rate applicable to buildings. [S. 32(1)(ii), 43(6)(c)]