https://www.taxtmi.com/caselaws?id=325684 The tribunal upheld the CIT(A)'s decision to allow the depreciation claim on intangible assets amounting to Rs. 70,07,904, dismissing the revenue's appeal. The tribunal found that the assessee had acquired license, rights, interest, and privileges, qualifying as intangible assets eligible for depreciation under Section 32(1)(ii) of the Income Tax Act. The tribunal referenced legal precedents and concluded that depreciation is allowable on such assets, affirming the CIT(A)'s order. en-us Wed, 17 Feb 2016 00:00:00 +0530 Sat, 26 Mar 2016 09:47:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=325684 The tribunal upheld the CIT(A)'s decision to allow the depreciation claim on intangible assets amounting to Rs. 70,07,904, dismissing the revenue's appeal. The tribunal found that the assessee had acquired license, rights, interest, and privileges, qualifying as intangible assets eligible for depreciation under Section 32(1)(ii) of the Income Tax Act. The tribunal referenced legal precedents and concluded that depreciation is allowable on such assets, affirming the CIT(A)'s order. Case-Laws Income Tax Wed, 17 Feb 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=325684