No Depreciation allowed on Toll Roads developed on BOT basis as Tangible Assets: ITAT [Read Order]

The Applicant had previously sought to claim depreciation on the toll roads by classifying the same as “plant and machinery”
ITAT - ITAT Mumbai - Income Tax Appellate Tribunal - BOT Basis - Build Operate and Transfer - Tangible Assets - Toll Roads - Toll Roads developed - BOT - ITAT news - taxscan

The Mumbai Bench of the Income Tax Appellate Tribunal ( ITAT ) vitiated the claim of depreciation by an Assessee on a Toll Road constructed by them under Build,Operate and Transfer ( BOT ) basis, claiming the inability to consider such toll Roads as Intangible Assets for the purpose of claiming depreciation The order was…

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