Case Law Details
Case Name : Kotak Forex Brokerage Ltd. Vs ACIT (ITAT Mumbai 'F' Bench)
Related Assessment Year :
Courts :
All ITAT ITAT Mumbai
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RELEVANT PARAGRAPH
7. Section 32 of the Income Tax Act allows depreciation on both tangible and intangible assets and clause [ii] thereof enumerates the intangible assets on which depreciation is allowable. The assets which are included in the definition of `intangible assets’ given in clause [ii] are know-how, patents, copy rights, trademarks, licenses, franchises etc., and any other business or commercial rights of similar nature are also included. The A
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