TMI Blog2011 (3) TMI 1624X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee towards construction of a road on built, operate and transfer (BOT) basis in terms of an agreement with the State Government and thereafter an independent right in the form of a licence of toll collection was granted to the assessee for a fixed period of 16 years and 9 months. Applying the doctrine of ejusdem generic for the purpose of interpretation of sec. 32(1)(ii), the word licence could be read along with the words commercial rights of similar nature . Therefore, the licence granted by the State Government for collection of toll was held as an intangible asset and depreciation was held to be allowable thereon. Nothing contrary was brought to our knowledge - Facts being similar, so following the same reasoning, we hold t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... KUMAR YADAV, JM All these four appeals pertain to the same assessee. So they are being disposed off by a common order for the sake of convenience. First three appeals viz. ITA No. 222, 223 and 233/P/2009 arise against the consolidated order of the CIT(A) Kolhapur dated 17-9-2008 for A.Y. 2002-03, 2004-05 and 2003-04 respectively while appeal in ITA No. 857/PN/2009 is directed against the order of the CIT(A) Kolhapur dated 11-5-2009 for A.Y. 2006-07. ITA No. 222/PN/2009 for A.Y. 2003-04 2. In this appeal, the grounds raised by the assessee are as under: 1) On the facts and in the circumstances of the case and in law the exparte assessment completed under Section 144 of the Act is not justified and it be set aside. 2) On ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... without any income against it as according to ld. CIT(A) there was no capital expenditure at all. In view of this the said expenditure carried forward be allowed as revenue expenditure in the year under appeal. 6) On the facts and in the circumstances of the case and in law whether the appellant-assessee company was eligible for the claim of deduction under section 80-IA of the Act in the circumstances when the assessee itself makes the investment and itself executes the development work as has been done by this assessee and the amendment introduced by inserting an explanation retrospectively wef. A.Y. 2000-01 by Finance Act, 2007, and relevant C.B.D.T. Circular No.3 of 2008, becomes applicable to it? 7) On the facts and in the ci ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ht to our knowledge. Facts being similar, so following the same reasoning, we hold that the assessee was entitled to claim of depreciation on intangible asset viz. right to collect toll from the road over the bridge on the parity of reasoning that the assessee was not the owner inspite of the fact that the collection was treated as income of the assessee company and was also approved by the State Government. 5. In view of our finding on ground no. 3, the issue raised in grounds no. 4 and 5 goes academic and therefore, they were not addressed by the learned AR. So they are dismissed being academic in nature. 6. The next issue is with regards to allowability of claim of deduction u/s 80-IA of the Act. In this regard, learned AR drew our ..... X X X X Extracts X X X X X X X X Extracts X X X X
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