Supreme Court of India
G.K. Choksi & Company v. Commissioner of Income Tax, Gujarat
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What the Court ordered
For the foregoing reasons, we do not find any merit in the appeal B and dismiss the same, leaving the parties to bear their own costs.
Judgment, page 12
From the headnote
Income Tax Act, 1961: S.32(1)(iv): Depreciation by way of deduction-Assessee-Firm of Chartered c Accountants constructing a building for its employees-Claiming depreciation of 40% in terms of provision u/s 32(1)(iv)-Rejected by ITO on ground that benefit under the provisions applicable to an assessee carrying business and not available to professionals- Reversed by appellate authority-Tribunal restoring the order of ITO Confirmed by High Court-On appeal, held, the word business appearing in s. 32(1)(iv) cannot be construed so as to include "profession" as well-In terms of provisions under
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