https://www.taxtmi.com/caselaws?id=410157 The court dismissed the Tax Case Appeal, ruling in favor of the assessee regarding the depreciation claim for a road/bridge under a BOT agreement. The court upheld the allowance of depreciation, emphasizing the importance of possession and dominion over the property for claiming depreciation, even without formal ownership documentation. The decision was based on legal principles clarified by the Supreme Court, highlighting that the entity exercising control over the asset for business purposes is entitled to claim depreciation under Section 32 of the Income-tax Act. en-us Tue, 20 Jul 2021 00:00:00 +0530 Mon, 26 Jul 2021 09:14:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=410157 The court dismissed the Tax Case Appeal, ruling in favor of the assessee regarding the depreciation claim for a road/bridge under a BOT agreement. The court upheld the allowance of depreciation, emphasizing the importance of possession and dominion over the property for claiming depreciation, even without formal ownership documentation. The decision was based on legal principles clarified by the Supreme Court, highlighting that the entity exercising control over the asset for business purposes is entitled to claim depreciation under Section 32 of the Income-tax Act. Case-Laws Income Tax Tue, 20 Jul 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=410157