Depreciation on business/commercial rights from manufacturing, supply and maintenance contract allowed

Thermo Fisher Scientific India Private Limited Vs DCIT (ITAT Mumbai) ITAT Mumbai held that depreciation on the business/commercial rights arising from the manufacturing contracts, supply contracts and maintenance contracts as claimed by the assessee is allowable. Accordingly, appeal allowed. Facts- The assessee is engaged in the business of manufacturing, installation and sale (including trading) of scientific/medical laboratories equipment. The case of the assessee was selected for complete scrutiny under the faceless assessment regime wherein the assessment unit had passed the assessment or...