SETH BANARSI DASS GUPTA & ANR. ETC. vs COMMISSIONER OF INCOME-TAX, DELHI.

The Supreme Court held that under Section 10(2)(vi) of the Income-tax Act, 1922, depreciation is only admissible if the assessee is the full owner of the property, and a fractional claim does not qualify for such allowance. The Court found that the amounts received by the assessee from partners constituted taxable income as profits from the business interest. Additionally, for a claim of set off of carried forward losses under Section 24, the income must be from the same business where the loss occurred, which was not satisfied in this case.