commercial asset

Even if an asset is described as goodwill but it fits in the description of section 32(1)(ii), depreciation is to be granted on the same; the true basis of depreciation allowance is the character of the asset and not it's description. Full Article

SUMMARY OF CASE LAW Exploitation of the property by one of the group concerns cannot be construed as exploitation by the assessee-company; the commercial asset has to be exploited by the assessee in the course of its business activity for the purpose of claiming the income as business income.  CASE LAW DETAILS Decided by: ITAT, [...] Full Article