Claim of depreciation on metro project to collect fare being intangible asset allowed: ITAT Delhi

ACIT Vs Delhi Airport Metro Express Private Limited (ITAT Delhi) ITAT Delhi held that even though assessee is not the owner of the Airport Metro Express Line Project it has right to collect fare from commercial operations. Thus, depreciation is eligible on such intangible assets as per provisions of section 32(1)(ii). Facts- The assessee was a concessionaire for the Airport Metro Express Project of Delhi Metro Rail Corporation (DMRC) and had, pursuant to Concession Agreement dated 25.08.2008, developed the Airport Metro Express Project under Build-Operate-Transfer (BOT) scheme. The assessee co...