https://www.taxtmi.com/caselaws?id=772504 ITAT held that the assessee was not entitled to depreciation under s.32 on the highway infrastructure treated as an intangible asset. Under the concession agreement, the immovable property, including land and structures, vested in the Union/NHAI, and the assessee was only a licensee permitted to construct and operate. As ownership, wholly or partly, is a prerequisite for depreciation on tangible or intangible immovable assets, mere licence and construction with the licensor's permission did not confer ownership. Relying on HC precedent in a similar expressway case, ITAT concluded that depreciation was not allowable and dismissed the assessee's appeal. en-us Tue, 31 Dec 2024 00:00:00 +0530 Thu, 27 Nov 2025 10:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=772504 ITAT held that the assessee was not entitled to depreciation under s.32 on the highway infrastructure treated as an intangible asset. Under the concession agreement, the immovable property, including land and structures, vested in the Union/NHAI, and the assessee was only a licensee permitted to construct and operate. As ownership, wholly or partly, is a prerequisite for depreciation on tangible or intangible immovable assets, mere licence and construction with the licensor's permission did not confer ownership. Relying on HC precedent in a similar expressway case, ITAT concluded that depreciation was not allowable and dismissed the assessee's appeal. Case-Laws Income Tax Tue, 31 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=772504