Depreciation on IPR cannot be disallowed merely for non use in Manufacturing

CIT Vs Sinochem India co. Pvt. Ltd. (ITAT Delhi) The purchase of intellectual property rights by the assess are not disputed. Consideration paid is also not disputed. The nature and character of the intellectual property rights, as noticed in the order passed by the Commissioner of Income Tax (Appeals), are again not disputed. The intellectual property rights purchased by the assessee included trademarks „Lasso‟, „Machete‟and „Fast Mix‟, rights to reference and use of registration data in support of product registration, benefits of business contracts, business information, busines...