"Assessee having constructed toll bridge on land provided by Government on long lease, exercised full ownership rights on the road which include charging of tolls was entitled to depreciation on the same"
HC relied on SC ruling in Mysore Mineral Ltd. (239 ITR 775) and Explanation I to Sec. 32. The Explanation clarifies that in respect of ant capital expenditure incurred by the assessee for construction of structure in a leasehold building, depreciation would be available.
Allahabad HC-CIT vs. Noida Toll Bridge Co. Ltd. (2013) 255 CTR (All) 88.
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