Depreciation compulsorily allowed even if Assessee has not Claimed It

Orissa Power Transmission Corporation Ltd Vs ACIT (ITAT Cuttack) Introduction: The case of Orissa Power Transmission Corporation Ltd (OPTCL) vs. ACIT, adjudicated by ITAT Cuttack, involves two significant issues – the taxation treatment of interest income and the disallowance of prior period expenses. The discussion covers the assessment years 2011-12, 2012-13, and 2013-14. Detailed Analysis: Interest Income Treatment: Admittedly, OPTCL, a loss-making entity, deposited surplus funds in short-term deposits. The maximum period for these deposits was 91 days. The contention arose regarding ...