https://www.taxtmi.com/caselaws?id=409190 The Madras High Court held that despite not being the legal owner of project assets like roads and bridges, the assessee was entitled to claim depreciation. The court relied on a Supreme Court decision that interpreted ownership broadly, focusing on possession and the right to use the property for business purposes. The judgment favored the assessee, allowing them to claim depreciation on public roads as buildings. The appeals were dismissed in favor of the assessee, with no order as to costs. en-us Tue, 29 Jun 2021 00:00:00 +0530 Thu, 01 Jul 2021 07:56:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=409190 The Madras High Court held that despite not being the legal owner of project assets like roads and bridges, the assessee was entitled to claim depreciation. The court relied on a Supreme Court decision that interpreted ownership broadly, focusing on possession and the right to use the property for business purposes. The judgment favored the assessee, allowing them to claim depreciation on public roads as buildings. The appeals were dismissed in favor of the assessee, with no order as to costs. Case-Laws Income Tax Tue, 29 Jun 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=409190