https://www.taxtmi.com/caselaws?id=71322 The right to collect toll under a build-operate-transfer arrangement was treated as an intangible asset qualifying for depreciation under section 32(1)(ii). The tribunal held that the toll collection right was an independent business or commercial right connected with the assessee's operations and fell within the class of licences, franchises and similar rights covered by the provision. Applying ejusdem generis and noscitur a sociis, it found that the statutory amendment broadened depreciation relief to such intangible assets. The limited duration of the right did not change its character, and depreciation was therefore allowable. en-us Wed, 31 Dec 2008 00:00:00 +0530 Thu, 30 Nov 2023 19:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71322 The right to collect toll under a build-operate-transfer arrangement was treated as an intangible asset qualifying for depreciation under section 32(1)(ii). The tribunal held that the toll collection right was an independent business or commercial right connected with the assessee's operations and fell within the class of licences, franchises and similar rights covered by the provision. Applying ejusdem generis and noscitur a sociis, it found that the statutory amendment broadened depreciation relief to such intangible assets. The limited duration of the right did not change its character, and depreciation was therefore allowable. Case-Laws Income Tax Wed, 31 Dec 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71322