https://www.taxtmi.com/caselaws?id=399171 The Madras High Court dismissed the appeal challenging the higher depreciation rate on intangible assets for the assessment year 2013-14 under the Income Tax Act, 1961. The court cited the low tax effect falling below the prescribed limit as the reason for dismissal, in accordance with Circular No.17/2019 by the Central Board of Direct Taxes. Despite the dismissal, the court left the substantial legal questions open for future consideration if the tax effect exceeds the threshold, allowing the Revenue to seek restoration of the appeal for a hearing on merits. en-us Wed, 26 Aug 2020 00:00:00 +0530 Mon, 05 Oct 2020 08:46:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=399171 The Madras High Court dismissed the appeal challenging the higher depreciation rate on intangible assets for the assessment year 2013-14 under the Income Tax Act, 1961. The court cited the low tax effect falling below the prescribed limit as the reason for dismissal, in accordance with Circular No.17/2019 by the Central Board of Direct Taxes. Despite the dismissal, the court left the substantial legal questions open for future consideration if the tax effect exceeds the threshold, allowing the Revenue to seek restoration of the appeal for a hearing on merits. Case-Laws Income Tax Wed, 26 Aug 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=399171