INCOME TAX ACT, 1961

Section 32

Depreciation - Paper brand - Denial on the ground that brands were not covered under intangible assets -

Assessee had purchased paper brand and claimed depreciation thereon. AO disallowed depreciation on the ground that brands were not covered under intangible assets as per section 32(1). Tribunal allowed the depreciation claimed by assessee. Held: The High Court vide its order in ITA No. 130 of 2018 : 2019 TaxPub(DT) 1936 (P&H-HC) passed in Pr. CIT v. ABC Papers Ltd., decided on 7-2-2019 had already disposed of the matter involving the identical issues. This Court would be bound by the decision of the Division Bench of this Court which was rendered in CIT v. Motorola India Ltd., [2010] 326 ITR 156 (P&H) : 2010 TaxPub(DT) 0019 (P&H-HC) and ABC Papers Ltd.'s case and consequently return the same in original for presentation in the competent Court of jurisdiction.