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SC: CA firm cannot get tax deduction for depreciation of building
December, 03rd 2007
The Supreme Court has ruled that a firm of chartered accountants could not claim income tax deduction for depreciation of the buildings providing residential accommodation for its employees as they are 'professionals' and not doing business. Section 32 of the Income Tax deals with depreciation of buildings used for business.
In this case, GK Choksi & Co, a firm in Ahmedabad claimed deduction claiming that it was doing business. But the tax authorities stated that they were professionals.
The Gujarat High Court accepted the claim of the revenue authorities. The Supreme Court dismissed the appeal of the firm stating that Parliament had restricted the benefit only to assessees doing business.
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