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2018 (7) TMI 2181 - AT - Income TaxDepreciation claim pertaining to its licence to collect tollway on the Second Vivekanand Bridge u/s 32(1)(ii) - depreciation on intangible asset - HELD THAT:- We find this question to be no more res integra as per tribunal’s Special Bench’s decision in M/s Progressive Construction Ltd. case [2017 (3) TMI 1167 - ITAT HYDERABAD] has on rejected Revenue’s similar arguments based on Board’s circular No. 9/2014 dated 23.04.2014. It is therefore sufficiently clear that the learned Special Bench has settled the issue treating a similar licence to collect tollway to be an intangible asset under the relevant statutory provision. We therefore adopt the above detailed reasoning mutatis mutandis to accept assessee’s instant former substantive ground. The impugned depreciation disallowance stands deleted accordingly. Leave encashment provision disallowance u/s 43B(f) - HELD THAT:- Both parties are ad idem during the course of hearing that hon'ble jurisdictional high court’s decision on Exide Industries Ltd. vs. Union of India ( [2007 (6) TMI 175 - CALCUTTA HIGH COURT]is both deleting the impugned disallowance as well as declaring the statutory provision itself as unconstitunal stands stayed in Revenue’s appeal preferred in hon'ble apex court. We therefore direct the assessing authority to keep the instant issue in abeyance till hon'ble apex court’s final verdict. This substantive ground is accepted for statistical purposes.
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