https://www.taxtmi.com/caselaws?id=218837 The High Court held in favor of the appellant in a case concerning the capitalization of depreciation and its set off against interest income. Despite the appellant's accounting policy capitalizing all highway construction expenditure, the Court ruled that the right to claim depreciation under Section 32(1) should not be estopped by the accounting treatment. The Court directed the Assessing Officer to allow the deduction for depreciation, set off interest income, and permit carry forward. The appeal was allowed without costs. en-us Fri, 19 Oct 2012 00:00:00 +0530 Wed, 10 Jun 2026 13:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=218837 The High Court held in favor of the appellant in a case concerning the capitalization of depreciation and its set off against interest income. Despite the appellant's accounting policy capitalizing all highway construction expenditure, the Court ruled that the right to claim depreciation under Section 32(1) should not be estopped by the accounting treatment. The Court directed the Assessing Officer to allow the deduction for depreciation, set off interest income, and permit carry forward. The appeal was allowed without costs. Case-Laws Income Tax Fri, 19 Oct 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=218837