Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2021 (5) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2021 (5) TMI 659 - AT - Income TaxDepreciation on Toll Road developed - @ 25% OR 10% - availability of depreciation to the assessee whether it is to be allowed keeping the right to collect toll fee as intangible assets or it to be treated as building or plant & machinery - HELD THAT:- As relying on M/S. WEST GUJARAT EXPRESSWAY LTD. VERSUS ACIT -10(1), MUMBAI [2015 (5) TMI 305 - ITAT MUMBAI] and M/S. PROGRESSIVE CONSTRUCTION LTD. [2014 (11) TMI 401 - ITAT HYDERABAD] we hold that the assessee is eligible for depreciation @ 25% as claimed by the assessee. Thus, Ground of appeal No.1 raised by the assessee is allowed. Disallowance with regard to provision made for maintenance of the roads - HELD THAT:- We are of the considered view that the claim of provision as made by the assessee is in accordance with settled principal of law. Therefore, the authorities below were not justified in making the disallowance.
|