https://www.taxtmi.com/caselaws?id=349771 The ITAT upheld the CIT(A)'s decision, ruling that tenancy rights did not qualify as intangible assets for depreciation under section 32(1)(ii) of the Income Tax Act. The appeal was dismissed, affirming the addition of disallowed depreciation to the assessee's income. The ITAT found that the payment made by the assessee was not specifically for acquiring tenancy rights but to settle a dispute, lacking evidence to support the claim. The decision was based on a thorough analysis of relevant provisions and case law, concluding that the lower authorities' interpretation was correct. en-us Wed, 04 Oct 2017 00:00:00 +0530 Wed, 25 Oct 2017 08:18:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=349771 The ITAT upheld the CIT(A)'s decision, ruling that tenancy rights did not qualify as intangible assets for depreciation under section 32(1)(ii) of the Income Tax Act. The appeal was dismissed, affirming the addition of disallowed depreciation to the assessee's income. The ITAT found that the payment made by the assessee was not specifically for acquiring tenancy rights but to settle a dispute, lacking evidence to support the claim. The decision was based on a thorough analysis of relevant provisions and case law, concluding that the lower authorities' interpretation was correct. Case-Laws Income Tax Wed, 04 Oct 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=349771