https://www.taxtmi.com/caselaws?id=253034 Depreciation under section 32 requires ownership of the asset used for business. A BOT concessionaire's rights to develop, operate, maintain and collect tolls from a national highway do not constitute ownership of the toll road, because the highway remains vested in the Union under the applicable statutory scheme. Depreciation on the toll road is therefore unavailable, although depreciation on other eligible assets remains unaffected. Revision under section 263 is justified where the Assessing Officer allows the depreciation claim mechanically without meaningful enquiry, rendering the assessment erroneous and prejudicial to Revenue interests. en-us Tue, 14 Oct 2014 00:00:00 +0530 Thu, 20 Feb 2025 16:34:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=253034 Depreciation under section 32 requires ownership of the asset used for business. A BOT concessionaire's rights to develop, operate, maintain and collect tolls from a national highway do not constitute ownership of the toll road, because the highway remains vested in the Union under the applicable statutory scheme. Depreciation on the toll road is therefore unavailable, although depreciation on other eligible assets remains unaffected. Revision under section 263 is justified where the Assessing Officer allows the depreciation claim mechanically without meaningful enquiry, rendering the assessment erroneous and prejudicial to Revenue interests. Case-Laws Income Tax Tue, 14 Oct 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=253034