https://www.taxtmi.com/caselaws?id=402636 The Tribunal dismissed the Revenue's appeals, affirming the CIT(A)'s decision to allow depreciation on the expenditure incurred for the Amritsar Bus Terminal project on a BOT basis. It upheld that the right to collect adda fees constitutes an intangible asset eligible for depreciation under section 32(1)(ii) of the Act, directing the AO to recalculate the depreciation at the specified rate of 25%. The findings in ITA No. 53/PUN/2018 were applied mutatis mutandis to ITA Nos. 54 & 55/PUN/2018, resulting in the dismissal of all appeals. en-us Tue, 05 Jan 2021 00:00:00 +0530 Wed, 30 Oct 2024 15:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=402636 The Tribunal dismissed the Revenue's appeals, affirming the CIT(A)'s decision to allow depreciation on the expenditure incurred for the Amritsar Bus Terminal project on a BOT basis. It upheld that the right to collect adda fees constitutes an intangible asset eligible for depreciation under section 32(1)(ii) of the Act, directing the AO to recalculate the depreciation at the specified rate of 25%. The findings in ITA No. 53/PUN/2018 were applied mutatis mutandis to ITA Nos. 54 & 55/PUN/2018, resulting in the dismissal of all appeals. Case-Laws Income Tax Tue, 05 Jan 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=402636