No requirement under law for registration of knowhow to claim depreciation

Landis + Gyr Limited Vs DCIT (ITAT Kolkata) In the case of Landis + Gyr Limited vs. DCIT [ITA no. 37/Kol/2012 dated 03-08-2016], the assessee entered into a Business Transfer Agreement to acquire the business of TECRES. Pursuant to the agreement, the entire TECRES team, along with developed codes, domain repository, and other intellectual property including designs, software, database, technical knowhow, process knowhow, R&D material, and manuals, joined the assessee. The assessee contended that the acquired knowhow is an independent intangible asset covered u/s 32(1)(ii) of the Act and no...