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)


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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 99 154 (Guj) followed).

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