Depreciation on intangible toll collection rights u/s 32(1)(ii) of Income Tax Act upheld as legally valid.

Depreciation u/s 32(1)(ii) in respect of its “right to collect toll” - the claim of the assessee towards depreciation under Sec.32(1)(ii) in respect of its intangible rights i.e “right to collect toll” being in conformity with the mandate of law is found to be in order. - AT .....

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