https://www.taxtmi.com/caselaws?id=314446 ITAT Mumbai held that an infrastructure development company constructing a toll road on BOT basis on government land is entitled to depreciation at 25% on intangible assets, specifically the right to collect annuity under section 32(1)(ii). The AO's rejection based on lack of ownership rights was overruled, following the Progressive Construction Ltd precedent. Additionally, the tribunal confirmed that interest income from permitted investments made from escrow account deposits should be treated as business income rather than income from other sources, given its direct nexus with business activities. Both issues were decided in favor of the assessee. en-us Fri, 25 Aug 2023 00:00:00 +0530 Tue, 11 Jun 2024 13:44:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=314446 ITAT Mumbai held that an infrastructure development company constructing a toll road on BOT basis on government land is entitled to depreciation at 25% on intangible assets, specifically the right to collect annuity under section 32(1)(ii). The AO's rejection based on lack of ownership rights was overruled, following the Progressive Construction Ltd precedent. Additionally, the tribunal confirmed that interest income from permitted investments made from escrow account deposits should be treated as business income rather than income from other sources, given its direct nexus with business activities. Both issues were decided in favor of the assessee. Case-Laws Income Tax Fri, 25 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=314446