Expenditure for executing a project is an intangible asset eligible for depreciation

Gwalior Bypass Project Ltd Vs ACIT (ITAT Delhi)

Held that expenditure incurred in executing the project is an intangible asset which is eligible for depreciation under section 32 of the Income Tax Act

Facts-

The assessee company is a special purpose vehicle engaged in the business of development of highway project. During the course of assessment, AO disallowed the depreciation of Rs. 49,32,87,659/- and allowed amortized cost of facility

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