Case Law Details
DCIT Vs Ashoka Dhankuni Kharagpur Tollway Ltd (ITAT Pune)
Revenue’s sole substantive grievance raised in the instant appeal challenges correctness of the CIT(A)’s action reversing assessment findings dated 21.12.2019 disallowing the assessee’s depreciation claim amounting to Rs.3,47,61,85,194,/- pertaining to its ‘right to collect toll’ as an intangible asset under section 32(1)(ii) of the Act. The Assessing Officer appears to have amortized the assessee’s corresponding amount as per the CBDT’s circular issued on 09/2014. The CIT(A) on the other hand has adopted judicial consistency by placing reliance on the Tribunal’s various decisions deciding the issue in assessee’s favour.
The Revenue is fair enough in its pleadings in not pin-pointing any distinction of facts or law in all these assessment years so far as the assessee’s treatment of its right to collect toll as an intangible asset under section 32(1)(ii), is concerned. Faced with this situation, we affirm the CIT(A)’s findings under challenge.
FULL TEXT OF THE ORDER OF ITAT PUNE
This Revenue’s appeal for Assessment Year 2017-18 is directed against the Commissioner of Income Tax(Appeal), Pune-12’s order no.ITBA/APL/S/250/2020-21/1031080551(1) dated 28.02.2021, in proceedings u/s.250 of the Income Tax Act, 1961 [in short “the Act”].
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