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2023 (7) TMI 971 - AT - Income TaxDisallowance of depreciation on intangible assets - Highway Project on BOT basis - HELD THAT:- The Tribunal in GWALIOR BYPASS PROJECT LTD. [2022 (7) TMI 1440 - ITAT DELHI] held that the assessee is entitled for depreciation as admissible on intangible assets as relying on 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. - Decided in favour of assessee.
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