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Allowability of depreciation on non-compete fee u/s. 32 of the Income Tax Act, 1961
Case Law Details
- Case Name
- Srivatsan Surveyors Pvt. Ltd. Vs ITO (ITAT Chennai 'C' Bench)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All ITAT, ITAT Chennai
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RELEVANT PARAGRAPH
3. We have heard the rival submissions in the light of the material placed before us and the precedents relied upon. The assessee company was carrying on the business as licensed surveyors and loss assessors under the Insurance Act, 1938. During the relevant year the assessee did claim depreciation amounting to Rs. 12,50,000/- in relation to payment of non compete fee arising out of a restrictive covenants. In the schedule of fixed assets an item was reflected under the caption restrictive covenant valued at Rs. 1 crore, on which depreciation at the rate of 12.5 % (relatin...
