Political contribution deductions require genuine transactions; banking records and party registration alone cannot defeat evidence of accommodation e...
Post-death GST liability permits fresh proceedings against legal representatives, while discontinued-business recovery remains limited to the inherite...
Non-confirmation of FEMA seizure prevents adjudicators from overriding pending appellate findings on recorded reasons and suspected foreign asset hold...
The Appellate Tribunal held that the right to collect toll in a BOT project constitutes an intangible asset, allowing for depreciation u/s 32(1)(ii) of the Act. Citing a previous judgment, it was established that the right to operate the toll road/bridge and collect toll charges qualifies as a business or commercial right. Therefore, the appellant is eligible for depreciation on the intangible asset created through the construction of the road under the BOT contract. The appellant can claim depreciation at a rate of 25% on the road construction, as permissible for intangible assets. Consequently, the appeal of the assessee was allowed.
The Appellate Tribunal held that the right to collect toll in a BOT project constitutes an intangible asset, allowing for depreciation u/s 32(1)(ii) of the Act. Citing a previous judgment, it was established that the right to operate the toll road/bridge and collect toll charges qualifies as a business or commercial right. Therefore, the appellant is eligible for depreciation on the intangible asset created through the construction of the road under the BOT contract. The appellant can claim depreciation at a rate of 25% on the road construction, as permissible for intangible assets. Consequently, the appeal of the assessee was allowed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
