Depreciation on right to collect toll on roads developed on BOT basis ineligible: ITAT Mumbai

Advertisement Hazaribagh Ranchi Expressway Ltd Vs ACIT (ITAT Mumbai) ITAT Mumbai held that depreciation under section 32 of the Income Tax Act on the right to collect toll on the roads developed on BOT basis is not eligible. Facts- The assessee is the Special Purpose Vehicle promoted by IL and FS Transportation Networks Ltd and Punj Llyod Ltd. During the assessment proceedings, from the perusal of the record, it was found that the assessee claimed depreciation on roads and bridges amounting to ₹ 153,56,83,533. AO vide order dated 30/12/2016 passed under section 143(3) r/w section 92CA(4) ...