Bona fide disclosure requirements govern under-reporting penalties, and post-penalty immunity applications cannot secure available statutory protectio...
Certificate-of-origin verification procedure governs preferential customs benefits; denial without retroactive verification was set aside with consequ...
Disciplinary Committee jurisdiction and mandatory investigation requirements invalidated cancellation of an insolvency professional's registration and...
Retention of seized property survives where recorded reasons support proceeds of crime, while stayed investigation periods are excluded from limitatio...
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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