Case Law Details
Case Name : SWAWS Credit Corporation (P) Ltd., Hyderabad vs. DCIT (ITAT Hyderabad)
Related Assessment Year :
Courts :
All ITAT ITAT Hyderabad
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Advocate Akhilesh Kumar Sah
Section 32 of the Income Tax Act, 1961(herein referred to as ‘the Act’) deals with the depreciation. The Appendix I to the Income Tax Rules, 1962 classifies in two parts the assets entitled to depreciation. Part A describes assets in respect of tangible assets mentioned therein while Part B provides depreciation @ 25% in respect of intangible assets mentioned as know-how, patents, copyrights, trademarks, licences, franchises or any other business or commercial rights of similar nature.
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Under the Incometax Act Intangible Asset are entitled for depreciation @25%. When Revenue
expenditure are deferred for reasons that the
expenditure incurred for marketing the products
and other one time expenditure were deferred since the benefits are enduring in nature. Please
clarify whether Expenditure such as Advertisment
sales promotion which are treated as deferred can be treated as intangible asset ?