Depreciation on brand value allowed taking it as an intangible asset

Advocate Akhilesh Kumar Sah In DCIT, Ghaziabad vs. Kuantum Papers Ltd. (ITAT Delhi) decided on 1.09.2017, Revenue contended that CIT(A) has erred in law and on facts in allowing the depreciation on paper brands, which is a non-depreciable asset because its life is not limited. The brief facts of the case were that a search and seizure action was conducted under section 132 of the Income Tax Act, 1961 (hereinafter referred as ‘the Act’) on 4.5.2011 on the premises of the assessee. Further, in response to notice under section 153A of the Act, assessee filed his return declaring income of R...