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2021 (12) TMI 444 - AT - Income TaxDepreciation u/s 32 on toll road(carriage way) - real ownership - AO disallowed the depreciation claimed by the assessee on the toll road under the block ‘Buildings’ or ‘Plant & Machinery’ as the assessee is not the owner of the project - AO held that the assessee is not entitled to claim depreciation on the roll road as intangible asset due to the fact that the right to collect toll does not fall under any of the categories of ‘intangible assets’ specified in section 32(1)(ii) - HELD THAT:- As relying on NORTH KARNATAKA EXPRESSWAY LTD. THE IL & FS FINANCIAL CENTER 2014 (11) TMI 351 - BOMBAY HIGH COURT] assessee is the owner of the toll road and consequently entitled to claim depreciation on toll road under the provisions of section 32 of the Act. The grounds raised by the assessee are accordingly allowed.
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