https://www.taxtmi.com/article/detailed?id=7997 Section 32(1)(ii) allows depreciation for specified intangible assets and "any other business or commercial rights of similar nature." Courts have held that the residual phrase encompasses intangible rights that, while not literally patents, licences or trademarks, function as tools of trade facilitating business operations. Authorities have treated goodwill, exchange membership rights and concessionary rights to operate infrastructure and collect tolls as business or commercial rights within Explanation 3(b), making them eligible for depreciation under the Act. en-us Thu, 10 May 2018 05:51:24 +0530 Thu, 10 May 2018 05:51:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=7997 Section 32(1)(ii) allows depreciation for specified intangible assets and "any other business or commercial rights of similar nature." Courts have held that the residual phrase encompasses intangible rights that, while not literally patents, licences or trademarks, function as tools of trade facilitating business operations. Authorities have treated goodwill, exchange membership rights and concessionary rights to operate infrastructure and collect tolls as business or commercial rights within Explanation 3(b), making them eligible for depreciation under the Act. Articles Income Tax Thu, 10 May 2018 05:51:24 +0530 https://www.taxtmi.com/article/detailed?id=7997