Depreciation @ 25% on toll way rights treating as intangible asset allowable

ACIT Vs M/s. PNG Tollway Ltd. (ITAT Chennai) ITAT held that CIT(A) rightly directed the Assessing Officer to allow the assessee’s claim of depreciation @ 25% treating the toll way rights as an intangible asset under section 32(1)(ii) of the Income Tax Act, 1961. FULL TEXT OF THE ITAT JUDGEMENT This appeal filed by the Revenue is directed against the order of the ld. Commissioner of Income Tax (Appeals) 3, Chennai dated 12.11.2018 relevant to the assessment year 2014-15. The Revenue has challenged the order of the ld. CIT(A) in deleting the addition made of ₹.150,81,78,012/-being the diffe...