|
The Tax Publishers
Depreciation claim on Wind Turbine Generator (WTG) by a NBFC
Facts:
Assessee was a NBFC into financing power/energy projects. They acquired a windmill and claimed depreciation on the same. Revenue's case was since being in NBFC business no depreciation should be allowed in a totally unrelated business asset such as WTG. CIT(A) allowed the depreciation claim of the assessee. Revenue went in higher appeal -
Held against revenue that the assessee was eligible to claim depreciation on the WTG.
Applied: Assessee's own case at Delhi High Court in earlier years - Honble Delhi High Court ITA No. 1267/Del/2015 for AY 2010-11judgment dated 22nd September, 2022 where's revenue's appeal was dismissed.
Case: DCIT v. PTC India Financial Services Ltd. 2023 TaxPub(DT) 1847 (Delhi F Bench)
|