Court held that the assessee was entitled to claim depreciation at rate of 10 per cent on roads developed and maintained by it under an agreement with State Government treating same as building. As regards depreciation on Lease hold rights in land. Matter remanded back to Assessing Officer with the direction to analyse contents of agreement entered in to between assessee and State industries promotion corporation of Tamil Nadu (SIPCOT) and not go merely by nomenclature or title of document. (AY. 2007-08 to 2010-11 & 2013-14)
CIT v. Tamilnadu Road Development Company Ltd. (2021) 436 ITR 323 / 279 Taxman 125 (Mad.)(HC)
S. 32 : Depreciation-Road developed and maintained by it-Entitle to depreciation at 10 percent-Depreciation on Lease hold rights in land-Matter remanded back to Assessing Officer with the direction to analyse contents of agreement entered in to between assessee and SIPCOT and not go merely by nomenclature or title of document.