https://www.taxtmi.com/highlights?id=92476 The ITAT held that the assessee is entitled to claim depreciation on business/commercial rights arising from manufacturing, supply and maintenance contracts acquired from third parties, finding the disallowance untenable in light of the jurisdictional tribunal's identical prior conclusion in the assessee's own case; accordingly the claimed depreciation is allowable. The Tribunal further held that initiation or imposition of a penalty under s. 270A for alleged under-reporting/misreporting is premature and inadmissible at this stage because any liability for penalty is consequential upon a substantive disallowance which has not been sustained. en-us Sat, 13 Sep 2025 08:47:17 +0530 Sat, 13 Sep 2025 08:47:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=92476 The ITAT held that the assessee is entitled to claim depreciation on business/commercial rights arising from manufacturing, supply and maintenance contracts acquired from third parties, finding the disallowance untenable in light of the jurisdictional tribunal's identical prior conclusion in the assessee's own case; accordingly the claimed depreciation is allowable. The Tribunal further held that initiation or imposition of a penalty under s. 270A for alleged under-reporting/misreporting is premature and inadmissible at this stage because any liability for penalty is consequential upon a substantive disallowance which has not been sustained. Highlights Income Tax Sat, 13 Sep 2025 08:47:17 +0530 https://www.taxtmi.com/highlights?id=92476