Depreciation Claim of 30.23 Cr on Intangible Assets Disallowed: ITAT upholds Revision of Assessment u/s 263

The ITAT upheld the disallowance of a depreciation claim of ₹30.23 crores on intangible assets, which was revised under section 263 of the Income Tax Act. The case involved the taxpayer’s claim for depreciation on intangible assets, which was disallowed by the tax authorities. The ITAT supported the revision of the assessment, noting that the taxpayer had not provided adequate justification for the depreciation claim. This ruling reinforces the need for businesses to substantiate their claims for tax benefits, particularly in the case of intangible assets, to ensure compliance with tax regulations.