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2022 (7) TMI 1440 - AT - Income TaxDisallowance of depreciation on intangible assets - Highway Project on BOT basis - HELD THAT:- We find the identical issue in M/s. Progressive Constructions Ltd. [2017 (3) TMI 1167 - ITAT HYDERABAD] held that the expenditure incurred by the assessee for construction of road under BOT contract by the Government of India has given rise to an intangible asset as defined under Explanation 3(b) r/w section 32(1)(ii) of the Act. Hence, assessee is eligible to claim depreciation on such asset at the specified rate. Thus assessee is entitled for depreciation as admissible on intangible assets. - Decided in favour of assessee.
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