Supreme Court · 2007 INSC 1188 · Decided 27 November 2007
G.K. Choksi & Company v. Commissioner of Income Tax, Gujarat
- Court
- Supreme Court of India
- Citation
- 2007 INSC 1188 · [2007] 12 S.C.R. 561
- Case number
- CIVIL APPEAL No. 7486/2001
- Decided
- 27 November 2007
- Bench
- ASHOK BHAN, H.S. BEDI, V.S. SIRPURKAR (3-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 32(1)(iv), 32, 32(1)
Headnote
Income Tax Act, 1961: S.32(1)(iv): Depreciation by way of deduction-Assessee-Firm of Chartered A B 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 D 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 clause 32(1) legislature
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