Sum paid for acquisition of clients of another company is intangible asset and eligible for depreciation

Issue- The learned Commissioner of Income Tax (Appeals)-IV, Hyderabad, failed to note that “right to access the members of the society was an Intangible asset” falling within the meaning of the definition contained intangible asset as laid down in section 32(1) (ii) of the Income Tax Act, 1961 and therefore the Appellant was entitled to claim the depreciation at Rs.99,25,284/-. Fats :- Briefly the facts relating to the issue in dispute are, the assessee, a private limited company is engaged in the business of Micro Financial Lending Services to women in rural areas through small jo...