https://www.taxtmi.com/caselaws?id=410891 The Tribunal allowed the appeal, directing the Assessing Officer to delete the disallowed depreciation claimed on tenancy rights amounting to Rs. 5,41,406. The Tribunal held that unless the claim was disturbed in the initial assessment year, it cannot be disallowed in subsequent years if the facts remain the same. The decision was supported by a High Court judgment discussing the widened scope of section 32 for allowing depreciation on intangible assets, including goodwill. The Tribunal emphasized the assessing officer's plausible view and the expanded definition of intangible assets post-amendment in 1998, ultimately ruling in favor of the assessee. en-us Wed, 11 Aug 2021 00:00:00 +0530 Thu, 12 Aug 2021 08:40:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=410891 The Tribunal allowed the appeal, directing the Assessing Officer to delete the disallowed depreciation claimed on tenancy rights amounting to Rs. 5,41,406. The Tribunal held that unless the claim was disturbed in the initial assessment year, it cannot be disallowed in subsequent years if the facts remain the same. The decision was supported by a High Court judgment discussing the widened scope of section 32 for allowing depreciation on intangible assets, including goodwill. The Tribunal emphasized the assessing officer's plausible view and the expanded definition of intangible assets post-amendment in 1998, ultimately ruling in favor of the assessee. Case-Laws Income Tax Wed, 11 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=410891