Business information instrumental in carrying on newly acquired business and expense on such info eligible for depreciation

Brief of the case:

The Hon’ble Himachal Pradesh High Court in the case of RFCL Limited vs. Commissioner of Income Tax held that the important business information acquired by assessee in the course of business purchase are intangible assets as the same are in the nature of ‘’business or commercial rights of similar nature’’ on which the assessee is eligible to claim depreciation.
Facts of the case:

• The assessee company purchased Ani

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