Disallowance of depreciation on the Project Berth - cost of ...

Case Laws Income Tax

August 29, 2022

Disallowance of depreciation on the Project Berth - cost of construction / development - Circular can be applied retrospectively in respect of deductions claimed in previous assessment years. We therefore direct the Ld. AO to amortize the cost of buildings, structures, berths, wharves, equipment and other immovable and movable assets constructed, installed, located, created as provided by the Licensee after deducting depreciation claimed by the assessee and allowed by the revenue in earlier years so that the amortization claimed for the year under consideration shall be the difference between the initial cost and the depreciation already claimed by the assessee which needs to be amortized over the remaining license period. - AT

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Disallowance of depreciation on the Project Berth - cost of ...

Case Laws Income Tax

August 29, 2022

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