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:
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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).
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