https://www.taxtmi.com/caselaws?id=151632 The Tribunal ruled in favor of the Revenue, determining that the payment of Rs. 50 lakhs by the assessee to M/s. M. M. Rubber Co. Ltd. was a lease deposit and not an intangible asset eligible for depreciation under section 32 of the Income-tax Act, 1961. The Tribunal held that the payment did not result in the acquisition of any tangible or intangible asset, thereby disallowing the depreciation claim and overturning the decision of the Commissioner of Income-tax (Appeals). en-us Fri, 10 Jul 2009 00:00:00 +0530 Sat, 08 Jun 2013 12:09:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=151632 The Tribunal ruled in favor of the Revenue, determining that the payment of Rs. 50 lakhs by the assessee to M/s. M. M. Rubber Co. Ltd. was a lease deposit and not an intangible asset eligible for depreciation under section 32 of the Income-tax Act, 1961. The Tribunal held that the payment did not result in the acquisition of any tangible or intangible asset, thereby disallowing the depreciation claim and overturning the decision of the Commissioner of Income-tax (Appeals). Case-Laws Income Tax Fri, 10 Jul 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=151632