https://www.taxtmi.com/caselaws?id=312219 ITAT Mumbai held that depreciation on toll road construction was not allowable, following HC's binding precedent that rejected such claims. However, the tribunal allowed the assessee's cross-objection seeking alternative treatment of construction costs as revenue expenditure. Since the main depreciation claim failed, fairness required examining the alternative claim. The matter was remanded to AO for fresh adjudication of whether project road construction costs qualify as revenue expenditure, with directions to consider all submissions and evidence before deciding. en-us Wed, 15 Feb 2017 00:00:00 +0530 Wed, 07 Feb 2024 17:58:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=312219 ITAT Mumbai held that depreciation on toll road construction was not allowable, following HC's binding precedent that rejected such claims. However, the tribunal allowed the assessee's cross-objection seeking alternative treatment of construction costs as revenue expenditure. Since the main depreciation claim failed, fairness required examining the alternative claim. The matter was remanded to AO for fresh adjudication of whether project road construction costs qualify as revenue expenditure, with directions to consider all submissions and evidence before deciding. Case-Laws Income Tax Wed, 15 Feb 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=312219