Depreciation u/s. 32 is entitled only if asset is owned by assessee: ITAT Hyderabad

Patna Bakhtiyarpur Tollway Limited Vs ACIT (ITAT Hyderabad) ITAT Hyderabad held that in the present case immovable asset belongs to the NHAI and the assessee was merely a licensee for the limited purpose of claiming depreciation. Thus, since assessee is not the owner of the structure it is not entitled to any depreciation within the meaning of section 32 of Income Tax the Act. Facts- The assessee is into development and construction of a project. The case was selected for scrutiny and AO issued notices u/s 142(1) and 143(2) of the Act, calling for certain details. AO disallowed the depreciatio...