Defined public benefit can retain charitable character; registration renewal requires examining genuine activities and legal compliance, not surplus a...
Capital reduction is distinct from share buy-back, preventing buy-back tax; restructuring interest and related business deductions also survive scruti...
Transfer pricing and tax deductions upheld on established principles, while employee contributions and warranty provisions returned for fresh examinat...
Captive transfer pricing relies on industrial consumer tariffs, while genuine quotations can benchmark effluent treatment transfers under the Other Me...
Specific tariff classification for ophthalmic instruments and extended limitation principles determine the treatment of duty demands, confiscation, an...
Integrated golf function determines classification, placing launch monitors and simulators under other golf equipment rather than measuring instrument...
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 4798
Join Channel
TaxTMI 
