https://www.taxtmi.com/manuals?id=5235 The definition of Assets for depreciation under section 32(1)(ii) separates tangible (buildings, machinery, plant, furniture) and intangible assets (know how, patents, copyrights, trademarks, licences, franchises or other business or commercial rights of similar nature). The phrase "business or commercial rights of similar nature" is to be construed by nocitur a sociis with the listed categories, restricting depreciation to rights analogous to those categories. Rights under concession agreements were found not to be depreciable intangible assets where they do not fall within that genus, while brand names and comparable commercial rights may qualify when they function as tools of trade. en-us Thu, 19 Sep 2024 12:18:00 +0530 Thu, 12 Jun 2025 17:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/manuals?id=5235 The definition of Assets for depreciation under section 32(1)(ii) separates tangible (buildings, machinery, plant, furniture) and intangible assets (know how, patents, copyrights, trademarks, licences, franchises or other business or commercial rights of similar nature). The phrase "business or commercial rights of similar nature" is to be construed by nocitur a sociis with the listed categories, restricting depreciation to rights analogous to those categories. Rights under concession agreements were found not to be depreciable intangible assets where they do not fall within that genus, while brand names and comparable commercial rights may qualify when they function as tools of trade. Manuals Income Tax Thu, 19 Sep 2024 12:18:00 +0530 https://www.taxtmi.com/manuals?id=5235