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Licenses / Approvals are Intangible asset and eligible for depreciation
Case Law Details
- Case Name
- Piem Hotels Limited Vs. Dy. Commissioner of Income Tax (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2004- 05
- Courts
- All ITAT, ITAT Mumbai
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Licenses and Approvals are “intangible asset and eligible for depreciation under Section 32 of the Income Tax Act, 1961, Section 263 Revision only on ground of non-application of mind
Brief : The assessee, a hotel, incurred expenditure on acquiring licenses and permissions from various government bodies. This was classified as “goodwill” in the books and depreciation was claimed on the ground that it was an “intangible asset” u/s 32(1)(ii). The AO allowed the claim. The CIT passed an order u/s 263 in which he took the view that the AO had not applied his mind to the issue and that th...
