Held that it was an admitted fact that the Government had cancelled the build-operate-transfer agreement. There was a failure on the part of the assessee to disclose all the information before the Assessing Officer. Therefore, the reopening of assessment was valid and in accordance with law. The assessee was only a contractor and did not hold any right in the build-operate-transfer project except recovery of toll to recoup the expenditure incurred and therefore, the assessee could not be treated as the “owner” of the property and could not be allowed depreciation under section 32(1)(ii) of the Act. The Commissioner (Appeals) following the CBDT Circular No. 9 of 2014, dated April 23, 2014 ([2014 364 ITR (St.) 1) had directed the Assessing Officer to allow amortization of the expenditure incurred during the tenure of the agreement. No interference was called for in the order passed by the Commissioner (Appeals). Tribunal also held that when the build-operate-transfer project contract itself had been cancelled there existed no business there was no question of allowing any expenses. Therefore, the confirmation of disallowances of other expenses of Rs.26,42,583 was proper.(AY.2003-04, 2004-05, 2005-06, 2008-09)