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I-T - Depreciation u/s 32 can be claimed on BOT Rights: ITAT

 

By TIOL News Service

MUMBAI, OCT 09, 2018: THE ISSUE IS - Whether depreciation u/s 32 can be claimed on the BOT Rights. YES IS THE VERDICT.

Facts of the case

The assessee company, engaged in the business of builders and developers of property, civil construction, road construction and allied activities, had filed return for relevant AY. During the course of assessment, AO disallowed depreciation on BOT Rights of Nagpur-Kondhali Section Road. On appeal, CIT(A) declined assessee's claim of depreciation. The assessee filed cross objection against declining assessee's claim of depreciation on the BOT Rights before Tribunal.

Tribunal held that,

++ as far as claim of depreciation is concerned, it was noted that Co-ordinate Bench in case of Atlanta Ltd., which is holding company of the assessee, on similar claim has allowed the depreciation on the BOT Rights. In that case AO declined assessee's claim of depreciation and the CIT(A) upheld the disallowance of depreciation. Against the order of CIT(A), assessee approached to the Tribunal and the Tribunal vide its order dated 24/01/2018 in the case of Atlanta Ltd, held that assessee is eligible for claim of depreciation. Respectfully following the decision of the Co-ordinate Bench in case of holding company, AO was directed in present case to allow assessee's claim of depreciation as per law.

(See 2018-TIOL-1749-ITAT-MUM)


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