Brand names being intangible assets are amenable to depreciation u/s 32(1)(ii)

PCIT Vs Kuantum Papers Ltd. (Delhi High Court)

Delhi High Court held that ‘brand names’ falls within the scope of intangible assets and, accordingly, are amenable to deprecation under Section 32(1)(ii) of the Income Tax Act.

Facts- Two issues arise for consideration, in the present appeal, is that whether the respondent/assessee has rightly claimed depreciation amounting to Rs.7,44,36,019/- concerning the chemical recovery plant and whether the claim for depreciation o

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