Bombay High Court’s Judgement on Depreciation on Intangible Assets: PCIT vs Piramal Glass Limited

COURT: Bombay High Court

CORAM: Akil Kureshi J, S. J. Kathawallla J

SECTION(S): 32(1)(ii)

GENRE: Domestic Tax

CATCH WORDS: Depreciation, intangible asset

COUNSEL: Atul Jasani, Mehul Agarwal

DATE: June 11, 2019 (Date of pronouncement)

DATE: June 20, 2019 (Date of publication)

CITATION:

[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”2″ ihc_mb_template=”1″ ]

Section 32(1)(ii)- Depreciation on Intangible asset: Rights acquired under a non-compete agreement gives enduring benefit & protects the assessee’s business against competition. The expression “or any other business or commercial rights of similar nature” used in Explanation 3 to sub-section 32(1)(ii) is wide enough to include non-compete rights (Ferromatice Milacron India 99 TM.com 154 (Guj) followed).

Please Click Here to View Full Post with File Download Link

[/ihc-hide-content]