Case Law Details
Case Name : Gwalior Bypass Project Ltd Vs ACIT (ITAT Delhi)
Appeal Number : ITA No.1297/Del/2019
Date of Judgement/Order : 26/07/2022
Related Assessment Year : 2015-16
Courts :
All ITAT ITAT Delhi
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Gwalior Bypass Project Ltd Vs ACIT (ITAT Delhi)
Held that expenditure incurred in executing the project is an intangible asset which is eligible for depreciation under section 32 of the Income Tax Act
Facts-
The assessee company is a special purpose vehicle engaged in the business of development of highway project. During the course of assessment, AO disallowed the depreciation of Rs. 49,32,87,659/- and allowed amortized cost of facility amounting to Rs. 38,46,29,754/-. CIT(A) dismissed the appeal. Being aggrieved, assessee preferred the present appeal.
Assessee treated ‘fixed asset being the road project’ as ‘building’ and claimed depreciation @10%
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