Delhi HC allows Depreciation on Temporary Structures

PCIT Vs Oriental Bank of Commerce Ltd (Delhi High Court) Introduction: The Delhi High Court recently delivered a judgment in the case of PCIT vs. Oriental Bank of Commerce Ltd (Delhi High Court), providing significant relief to Oriental Bank of Commerce (OBC). The court allowed depreciation on temporary wooden structures, which had been a subject of dispute between the bank and the Income Tax Department. In this article, we will analyze the key aspects of the judgment, including the issues raised, the court’s reasoning, and the implications. 1. Background and Issues: The case involved mu...