https://www.taxtmi.com/caselaws?id=433517 BOT toll roads and toll bridges were held not to qualify for depreciation under Section 32 because the concessionaire did not acquire ownership, and the toll-collection right was only a contractual privilege, not a qualifying intangible asset. The Court further treated such infrastructure as neither plant nor depreciable building for the assessees' claim, since ownership remained with the Government and depreciation requires a statutory asset category. On revision, the Commissioner's action under Section 263 was upheld where the assessment had allowed depreciation on a non-depreciable asset and was therefore erroneous and prejudicial to revenue; earlier relief already granted and not challenged was left undisturbed. en-us Thu, 29 Dec 2022 00:00:00 +0530 Tue, 31 Jan 2023 22:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=433517 BOT toll roads and toll bridges were held not to qualify for depreciation under Section 32 because the concessionaire did not acquire ownership, and the toll-collection right was only a contractual privilege, not a qualifying intangible asset. The Court further treated such infrastructure as neither plant nor depreciable building for the assessees' claim, since ownership remained with the Government and depreciation requires a statutory asset category. On revision, the Commissioner's action under Section 263 was upheld where the assessment had allowed depreciation on a non-depreciable asset and was therefore erroneous and prejudicial to revenue; earlier relief already granted and not challenged was left undisturbed. Case-Laws Income Tax Thu, 29 Dec 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=433517