https://www.taxtmi.com/caselaws?id=172268 The Tribunal allowed the assessee's appeal on both issues. The disallowance of net interest on bonds and bond issue expenses was remanded to the AO for re-examination, directing him to consider relevant legal precedents. Regarding the depreciation rate, the Tribunal ruled that bridges and flyovers qualify as 'Plant' under section 43(3) of the Income-tax Act, entitling them to a 25% depreciation rate. Consequently, the assessee's appeal was fully allowed, affirming the higher depreciation rate and remanding the interest disallowance issue for further review. en-us Mon, 21 Apr 2008 00:00:00 +0530 Mon, 18 Dec 2023 14:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=172268 The Tribunal allowed the assessee's appeal on both issues. The disallowance of net interest on bonds and bond issue expenses was remanded to the AO for re-examination, directing him to consider relevant legal precedents. Regarding the depreciation rate, the Tribunal ruled that bridges and flyovers qualify as 'Plant' under section 43(3) of the Income-tax Act, entitling them to a 25% depreciation rate. Consequently, the assessee's appeal was fully allowed, affirming the higher depreciation rate and remanding the interest disallowance issue for further review. Case-Laws Income Tax Mon, 21 Apr 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=172268