Brand is an intellectual property eligible for depreciation U/s. 32

DCIT Vs Kuantum Papers Ltd. (ITAT Delhi)

As per para 7, 8 and 9 of the Accounting Standard 26 (AS 26) issued by the ICAI, the definition of “intangible asset” and trade mark specifically includes “brand names”. Even, the dictionary meaning of “brand name” as per the Illustrated Oxford Dictionary is “an identifying trade mark”, “label” etc. The Ld. AR has also relied upon a large number of case laws, viz. in the case of KEC International Ltd. Vs. Addl. CIT (ITA no. 442

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