Depreciation allowable on non-compete fee paid for acquisition of non-compete rights

IN THE ITAT AHMEDABAD BENCH ‘D’ ACIT  V/s.  GE Plastics India Ltd. IT APPEAL NOS. 483 & 573 (AHD.) OF 2007 [ASSESSMENT YEAR 2003-04] MARCH 23, 2012 ORDER A K Garodia, Accountant Member These are cross appeals filed by the Revenue and the assessee which are directed against the order of the learned CIT(A)-I, Baroda dated 24-11-2006 for Assessment Year 2003-04. These appeals were heard together and are being disposed of by this consolidated order for the sake of convenience. 2. First we take up the Revenue’s appeal i.e. ITA No. 483/Ahd/2007. Ground no. 1 ...