The Tax Publishers2020 TaxPub(DT) 2781 (Mum-Trib)

INCOME TAX ACT, 1961

Section 32(1)(ii)

Depreciation on non-compete fee was to be allowed @ 25% considering it as intangible asset.

Depreciation - Under section 32(1)(ii) - Intangible asset - Non-compete fee

Assessee computed depreciation on non-compete fee paid and allocated over various fixed assets taken over on slump sale basis AO disallowed depreciation. Held: Depreciation on non-compete fee had to be allowed @ 25% considering it as intangible asset.

REFERRED :

FAVOUR : In assessee's favour.

A.Y. :

INCOME TAX ACT, 1961

Section 36(1)(iii)

SUBSCRIBE TaxPublishers.inSUBSCRIBE FOR FULL CONTENT

OR Try Reload the Page