https://www.taxtmi.com/caselaws?id=296457 The Tribunal upheld the CIT(A)'s decision to allow depreciation on customer contracts, supporting the assessee's position based on the intangible nature of such contracts. Relying on precedents and interpreting Section 32(1)(ii) of the Income Tax Act, the Tribunal concluded that customer contracts qualify for depreciation as "any other business or commercial rights of similar nature." The decision favored the assessee, dismissing the revenue's appeal and emphasizing consistency with past rulings, including India Capital Markets P. Ltd. Vs. DCIT (2013) and CIT Vs. Smifs Securities Ltd. (2012). en-us Wed, 29 Aug 2018 00:00:00 +0530 Wed, 21 Jul 2021 21:24:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=296457 The Tribunal upheld the CIT(A)'s decision to allow depreciation on customer contracts, supporting the assessee's position based on the intangible nature of such contracts. Relying on precedents and interpreting Section 32(1)(ii) of the Income Tax Act, the Tribunal concluded that customer contracts qualify for depreciation as "any other business or commercial rights of similar nature." The decision favored the assessee, dismissing the revenue's appeal and emphasizing consistency with past rulings, including India Capital Markets P. Ltd. Vs. DCIT (2013) and CIT Vs. Smifs Securities Ltd. (2012). Case-Laws Income Tax Wed, 29 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=296457