‘Right to collect toll’ being intangible asset eligible to depreciation U/s. 32(1)(ii)

ITO Vs M/s. Ashoka Highways (Bhandara) Ltd. (ITAT Pune) It is not disputed that the assessee has been given license/commercial right over the project to receive the toll. The assessee may not be the owner of the toll road, but he, certainly, is owner in possession of the right to collect the toll. The said right has been given to the assessee for a specified period with enduring benefit. It is also not disputed that on the expiry of the time period of the agreement, the said right of the assessee will cease to have effect which means it slowly will depreciate to the nil value. As per the provi...