Professionals cannot claim Sec 32 tax benefit

hi i supports ur doubt. i have same doubt on this decesion of apex court. in my opinion it is applicable for only for that assessment year. because SC can only clarify the law he cannot make law. what's ur opinion about this?? i m waiting for ur reply.

now the law has been ammended yaar! the S.court decisions are different from income tax law. if it is ammended in finance act, then it becomes a law

Th ejudgement is relating to Section 32(1)(iv) which was omitted w.e.f 01.04.1988. Prior to omission, it read as under:- “In the case of any building which has been newly erected after the 31st day of March, 1961, where the building is used solely for the purpose of residence of persons employed in the business and …………..” Current Scenario:- Except as mentioned in 32(1)(iia), no where the profession has been excluded. So, I am of the view that the said decision is not going to disturb current position and general interpretation. Further, the said clause (iv), was only relating to some additional depreciation specifically allowed to business assesees.

Please see the section 32(1)(i) which states clearly that "if the asset is wholly or partially owned by assessee and used for the purpose of business or profession, the following deductions shall be allowed....

This clearly shows that depreciation is to be allowed for profession also as this is included in the definition of assessee eligible for deduction of depreciation.
The contaxt in which the judgement was given by Supreme Court has already been deleted in the Income-tax Act.