https://www.taxtmi.com/caselaws?id=412121 The ITAT Delhi upheld the appellant's claim for depreciation on toll road assets, dismissed the Revenue's appeal, and found no justification for penalty proceedings under section 271(l)(c) of the Income Tax Act. The CIT(A) allowed depreciation based on the concession agreement terms, ruled that Circular No. 09/2014 should be applied prospectively, and did not support the penalty initiation by the AO. en-us Thu, 09 Sep 2021 00:00:00 +0530 Thu, 09 Sep 2021 17:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=412121 The ITAT Delhi upheld the appellant's claim for depreciation on toll road assets, dismissed the Revenue's appeal, and found no justification for penalty proceedings under section 271(l)(c) of the Income Tax Act. The CIT(A) allowed depreciation based on the concession agreement terms, ruled that Circular No. 09/2014 should be applied prospectively, and did not support the penalty initiation by the AO. Case-Laws Income Tax Thu, 09 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=412121