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<h1>Court rules on depreciation for roads and bridges, upholds capitalization of preproduction expenses</h1> The HC of Madras held that depreciation on roads and bridges should not be allowed at the general rate for plant and machinery. However, capitalization of ... Depreciation, Business Expenditure, Advertisement Expenditure The High Court of Madras ruled on three questions of law for the assessment year 1977-78. The court held that depreciation on roads and bridges should not be allowed at the general rate for plant and machinery. However, the capitalization of preproduction expenses and deduction under section 35D of the Income-tax Act were upheld in favor of the assessee. The court referred to previous cases to support its decision. No costs were awarded as the assessee did not appear.
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