Section 80P deduction covers Souharda credit societies, including qualifying surplus-deposit interest, subject to member KYC verification for cash dep...
Transfer-pricing benchmarking and capital-receipt principles sustained taxpayer relief, while unsupported property-advance write-offs remained disallo...
Pre-existing operational debt disputes require genuine evidence, while undirected running-account payments may be appropriated on a first-in-first-out...
Agency in CNG distribution makes outlet operators commission agents, rendering taxable Business Auxiliary Service rather than purchasing goods for res...
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.
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