TaxTMI 
TaxTMI 
2021 (3) TMI 814
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....levant for disposal of this appeal are, the assessee is a resident company and is engaged in the activity of developing various infrastructure projects. While carrying on such activity, the assessee had constructed a part of National Highway No. 57, being a bridge over river Kosi in the state of Bihar on build, operate and transfer (BOT) basis under the Annuity Scheme. For the assessment year 2012-13, the assessee filed its return of income, originally on 26-09-2012 declaring loss of Rs. 61,99,84,578/-. Subsequently, assessee filed a revised return on 29-03-2014 revising loss to Rs. 62,53,59,860/- after claiming depreciation on the BOT project constructed by it. Originally, assessment was completed under section 143(3) of the Act vide order....
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....nt order as well as the order passed under section 154 of the Act should not be set aside. Though, the assessee made submissions challenging the validity of power exercised under section 263 of the Act as well as the merits of the claim of amortization; however, the revisional authority was not convinced. Learned PCIT, ultimately, passed the impugned order setting aside the order passed under section 143(3) r.w.s. 147 of the Act as well as the rectification order passed under section 154 of the Act while directing the assessing officer to verify the veracity and genuineness of assessee's claim of capitalized expenditure and thereafter allow the amortization benefit. After passing of the order under section 263 of the Act, learned Commis....
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....iding assessee's appeal against disallowance of depreciation on BOT project, learned Commissioner (Appeals) has directed the assessing officer to allow the claim of depreciation. It is observed, in the fresh assessment order passed under section 143(3) r.w.s. 263 of the Act the assessing officer, after verifying the details, has recorded a categorical finding that the expenditures claimed by the assessee on the BOT project are genuine. Further, the assessing officer has also given effect to the directions of learned Commissioner (Appeals) by allowing depreciation on the BOT project. Thus, it is apparent, the assessing officer has carried out the directions of, both, learned PCIT and learned Commissioner (Appeals) in letter and spirit. A....