1996 (1) TMI 58

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..... ) of the Income-tax Act, 1961 : " (1) Whether, on the facts and in the circumstances of the case, the Tribunal has erred in law in allowing depreciation on the temple building constructed in the premises of the assessee ? (2) Whether, on the facts and in the circumstances of the case and in view of insertion of Explanation 2 to section 43B by the Finance Act, 1989, with retrospective effect from .....

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..... 1 is concerned, Dr. Saraf submits that the question is squarely covered by the decision in Atlas Cycle Industries Ltd. v. CIT [1982] 134 ITR 458 (P & H). Mr. Joshi, however, submits that the temple building cannot be a business asset and hence depreciation is not allowable under the provisions of the Act. We have gone through the decision. In our opinion, there is nothing to disagree with the sa .....

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