https://www.taxtmi.com/caselaws?id=120736 The Tribunal set aside the CIT(A)'s order, directing the AO to allow depreciation on the commercial rights acquired under the catering contract. It concluded that the payment of Rs. 25 lakhs was for acquiring commercial rights, which qualify as "business or commercial rights of similar nature" under section 32(1)(ii) of the Income Tax Act, thus eligible for depreciation. The Tribunal also instructed the AO to determine the value of tangible assets acquired and allocate the remaining amount to intangible assets to grant appropriate depreciation, thereby allowing the assessee's appeal. en-us Fri, 28 Dec 2007 00:00:00 +0530 Thu, 25 Jan 2024 10:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=120736 The Tribunal set aside the CIT(A)'s order, directing the AO to allow depreciation on the commercial rights acquired under the catering contract. It concluded that the payment of Rs. 25 lakhs was for acquiring commercial rights, which qualify as "business or commercial rights of similar nature" under section 32(1)(ii) of the Income Tax Act, thus eligible for depreciation. The Tribunal also instructed the AO to determine the value of tangible assets acquired and allocate the remaining amount to intangible assets to grant appropriate depreciation, thereby allowing the assessee's appeal. Case-Laws Income Tax Fri, 28 Dec 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=120736