DEPUTY COMMISSIONER OF INCOME-TAX, CENTRAL CIRCLE -1, NASHIK vs. MAHAKALESHWAR TOLLWAYS PRIVATE LIMITED, UJJAIN

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ITA 123/IND/2021Status: DisposedITAT Indore30 January 2023AY 2017-18Bench: SHRI C.M. GARG, JUDICIAL MEMEBR, SHRI BHAGIRATH MAL BIYANI (Accountant Member)9 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that the 'right to collect toll' is an intangible asset eligible for depreciation under Section 32(1)(ii) of the Income Tax Act. Previous ITAT decisions consistently supported this view.

What were the facts?

The assessee company claimed depreciation on the 'right to collect toll' as an intangible asset, incurred for a Build Operate and Transfer (BOT) project. The Assessing Officer disallowed this claim, treating the expenditure as amortizable over the concession period.

What were the issues?

Whether the 'right to collect toll' is an intangible asset eligible for depreciation under the Income Tax Act.

Which sections of the Income-tax Act were involved?

Section 32(1)(ii)

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Income Tax Appellate Tribunal, INDORE BENCH, INDORE

Before: SHRI C.M. GARG, JUDICIAL MEMEBR & SHRI BHAGIRATH MAL BIYANI

For Appellant: Shri P.K. Mishra, CIT-D.R
Pronounced: 30/01/2023

आदेशकी�ितिलिपअ�ेिषत / Copy of Order Forwarded to:- 1. राज�/ Revenue 2. आवेदक / Assessee 3. संबंिधतआयकरआयु$/ Concerned CIT 4.आयकरआयु$- अपील / CIT (A) 5. िवभागीय�ितिनिध,आयकरअपीलीयअिधकरण, अहमदाबाद/ DR, ITAT, Ahmedabad 6. गाड*फाइल / Guard file. By order UE COPY

Assistant Registrar Income Tax Appellate Tribunal Indore Bench, Indore

Date 1. Draft dictated on 20.12.2022 2. Draft placed before the author 21.12.2022 3. Draft placed before the other Member 4. Approved Draft comes to the Sr.PS/PS 5. Order uploaded on 6. File sent to the Bench Clerk 7. Date on which file goes to the Head Clerk. 8. Date on which file goes to the AR 9. Date of dispatch of Order.

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