https://www.taxtmi.com/caselaws?id=769506 The ITAT Jaipur allowed the assessee's claim for amortization of surface rights after finding that the mining company did not treat the amount received for acquiring mining rights as its asset or liability, showing the land at nominal value of Rs. 1 in its balance sheet. The AO had accepted no benefit accrued to the mining company. However, the tribunal dismissed the assessee's claim for depreciation on intangible assets arising from free equity share allocation, ruling the assessee failed to demonstrate any visible benefit or provide documentary evidence of technical support from this transaction. en-us Sun, 01 Dec 2024 00:00:00 +0530 Sat, 26 Apr 2025 08:30:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=769506 The ITAT Jaipur allowed the assessee's claim for amortization of surface rights after finding that the mining company did not treat the amount received for acquiring mining rights as its asset or liability, showing the land at nominal value of Rs. 1 in its balance sheet. The AO had accepted no benefit accrued to the mining company. However, the tribunal dismissed the assessee's claim for depreciation on intangible assets arising from free equity share allocation, ruling the assessee failed to demonstrate any visible benefit or provide documentary evidence of technical support from this transaction. Case-Laws Income Tax Sun, 01 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=769506