Demerger: Depreciation is allowed on WDV Based on Consideration Paid

Chhattisgarh State Power Transmission Company Ltd Vs ACIT (ITAT Raipur) ITAT Raipur held that assessee company was entitled for depreciation on WDV on consideration that was paid by it and not on WDV that was lastly shown by CSEB, before its disintegration. Facts- The assessee company which is owned by the State Government of Chhattisgarh and is engaged in the business of transmission of electricity in the state of Chhattisgarh was formed after the disintegration of erstwhile Chhattisgarh State Electricity Board. The return of income was e-filed by the assessee company for A.Y.2011-12 on 31.03...