https://www.taxtmi.com/caselaws?id=178437 The Tribunal allowed the assessee's claim for depreciation on the intangible asset (right to collect tax) under Section 32 of the Income Tax Act, considering it as a depreciable intangible asset. Regarding the adhoc disallowances, the Tribunal partially allowed the claim for vehicle running and maintenance expenses by disallowing only 20% due to lack of proper records. Similarly, for general site and labor welfare expenses, the disallowance was restricted to 50% of the claimed amounts. The decision balanced the need for documentation with recognizing legitimate business expenditures, resulting in partial allowance of the assessee's appeals. en-us Tue, 14 Dec 2010 00:00:00 +0530 Mon, 21 Aug 2023 16:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=178437 The Tribunal allowed the assessee's claim for depreciation on the intangible asset (right to collect tax) under Section 32 of the Income Tax Act, considering it as a depreciable intangible asset. Regarding the adhoc disallowances, the Tribunal partially allowed the claim for vehicle running and maintenance expenses by disallowing only 20% due to lack of proper records. Similarly, for general site and labor welfare expenses, the disallowance was restricted to 50% of the claimed amounts. The decision balanced the need for documentation with recognizing legitimate business expenditures, resulting in partial allowance of the assessee's appeals. Case-Laws Income Tax Tue, 14 Dec 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=178437