Depreciation allowable on payments to acquire skill and know-how of incoming employees as ‘business information’ classified as other intangiblle Asset

Court: Bangalore bench of the Income-tax Appellate Tribunal

Citation: Bosch Ltd. Vs. CIT [2009-TIOL-736-ITAT-BANG]

Brief :Bangalore bench of the Income Tax Appellate Tribunal (the Tribunal) in the case of Bosch Ltd. Vs. CIT [2009-TIOL-736-ITAT-BANG] held that the taxpayer company was entitled to claim depreciation on the skill and the know-how brought by the employees of the transferee company classified as ‘business information’ under the category of ‘other identifiable intangibles’ (goodwill) under section 32(ii) of the Income Tax Act, 1961 (the Act).

Facts of the case

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