https://www.taxtmi.com/highlights?id=65327 Disallowance of depreciation on the Project Berth - cost of construction / development - Circular can be applied retrospectively in respect of deductions claimed in previous assessment years. We therefore direct the Ld. AO to amortize the cost of buildings, structures, berths, wharves, equipment and other immovable and movable assets constructed, installed, located, created as provided by the Licensee after deducting depreciation claimed by the assessee and allowed by the revenue in earlier years so that the amortization claimed for the year under consideration shall be the difference between the initial cost and the depreciation already claimed by the assessee which needs to be amortized over the remaining license period. - AT en-us Mon, 29 Aug 2022 08:30:52 +0530 Mon, 29 Aug 2022 08:30:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=65327 Disallowance of depreciation on the Project Berth - cost of construction / development - Circular can be applied retrospectively in respect of deductions claimed in previous assessment years. We therefore direct the Ld. AO to amortize the cost of buildings, structures, berths, wharves, equipment and other immovable and movable assets constructed, installed, located, created as provided by the Licensee after deducting depreciation claimed by the assessee and allowed by the revenue in earlier years so that the amortization claimed for the year under consideration shall be the difference between the initial cost and the depreciation already claimed by the assessee which needs to be amortized over the remaining license period. - AT Highlights Income Tax Mon, 29 Aug 2022 08:30:52 +0530 https://www.taxtmi.com/highlights?id=65327