https://www.taxtmi.com/caselaws?id=764947 The Gujarat HC upheld ITAT's decision disallowing depreciation on a pipeline. The AO determined that the liability in the books was merely contingent and could not be considered as installation cost for depreciation purposes. The Tribunal examined the MOU between KPT and GMB, finding that the appellant's estimated liability calculation was made without contractual payment obligations to either party, and neither KPT nor GMB agreed to the liability. The appellant's proposal was rejected, and the HC found no substantial question of law warranting interference. en-us Tue, 07 Jan 2025 00:00:00 +0530 Wed, 09 Jul 2025 17:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=764947 The Gujarat HC upheld ITAT's decision disallowing depreciation on a pipeline. The AO determined that the liability in the books was merely contingent and could not be considered as installation cost for depreciation purposes. The Tribunal examined the MOU between KPT and GMB, finding that the appellant's estimated liability calculation was made without contractual payment obligations to either party, and neither KPT nor GMB agreed to the liability. The appellant's proposal was rejected, and the HC found no substantial question of law warranting interference. Case-Laws Income Tax Tue, 07 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=764947