R, an assessee carries on business in respect of which it holds tenancy rights. It carries out improvements to the said building at a cost of Rs. 2 lakhs and claims depreciation @ 10% thereon. Which one of the following is the correct answer?
a) No depreciation will be available, on the grounds that the assessee is not the owner of the building
b) Depreciation will be allowed of Rs.20 thousand
c) Deduction will be allowed of Rs. 2 Lakh
d) The amount of Rs.2.2 lakh will be capitalized
a) No depreciation will be available, on the grounds that the assessee is not the owner of the building
b) Depreciation will be allowed of Rs.20 thousand
c) Deduction will be allowed of Rs. 2 Lakh
d) The amount of Rs.2.2 lakh will be capitalized