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of <h1>CBDT Clarifies No Depreciation for BOT Road Projects; Amortization Allowed Over Concession Period u/s 32(1)(ii.</h1> The Central Board of Direct Taxes clarifies the treatment of expenditure on road/highway development under Build-Operate-Transfer (BOT) agreements. Developers, referred to as assessees, are not entitled to claim depreciation under section 32(1)(ii) of the Income-tax Act, 1961, due to lack of ownership. Instead, the cost of construction can be amortized as an allowable business expenditure over the concession period. This applies only to BOT projects where ownership remains with the government. Any prior deductions should be adjusted from the initial cost for amortization over the remaining agreement period.
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