Transfer pricing comparability requires functional alignment, reliable financial data, and careful review of working capital and receivables adjustmen...
Transfer pricing rules require benchmarking corporate guarantees and associated-enterprise advances, while invalid domestic-transaction adjustments ca...
Prospective sugar export prohibition required registered letters of credit; private contracts and export quotas created no enforceable continuation ri...
Retroactive interim-moratorium exclusion permits protective asset disclosure and preservation measures against personal guarantors pending arbitration...
ITAT held that the assessee is entitled to depreciation on the intangible asset described as "Right to Collect Toll" under s.32. The Tribunal found that, under the DBFOT contract, the assessee has deemed ownership, acquisition and possession of the underlying project assets, which suffices to satisfy the ownership requirement for depreciation, even though the asset is intangible and cannot be "physically owned" in the manner envisaged by the AO. ITAT distinguished BOT projects relied upon by the Revenue, noting the wider scope of DBFOT and the deemed acquisition of the project by the assessee. The assessee's choice of depreciation instead of amortization was upheld. Revenue's appeal was dismissed.
ITAT held that the assessee is entitled to depreciation on the intangible asset described as "Right to Collect Toll" under s.32. The Tribunal found that, under the DBFOT contract, the assessee has deemed ownership, acquisition and possession of the underlying project assets, which suffices to satisfy the ownership requirement for depreciation, even though the asset is intangible and cannot be "physically owned" in the manner envisaged by the AO. ITAT distinguished BOT projects relied upon by the Revenue, noting the wider scope of DBFOT and the deemed acquisition of the project by the assessee. The assessee's choice of depreciation instead of amortization was upheld. Revenue's appeal was dismissed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4786
Join Channel
TaxTMI 
