Depreciation on intangible assets transferred by Firm allowable to Company

Padmini Products Pvt. Ltd. Vs DCIT (Karnataka High Court) The business of manufacture and sale of incense sticks is built on an intangible experience of aroma which can rarely be secured in the form of trade name / trade mark. It is pertinent to mention here that Assessing Officer himself has found that the erstwhile partnership firm was the registered owner of various trade marks. It is also pertinent to mention here that valuation of the shares was made by the assessee as per the accounting standards 10 & 26. It is also noteworthy that none of the authorities have either questioned the v...