Depreciation u/s. 32 available on non-compete fees

Abbott Healthcare Private Limited Vs ACIT (ITAT Mumbai) Held that non-compete fees, being an intangible asset, paid in accordance with the terms of the agreement is eligible for depreciation u/s 32 Facts- During assessment proceedings AO questioned assessee’s claim of depreciation on Non-compete Fee and disallowed claim of deprecation of Rs.128.38 crores on Non-compete Fee. The assessee carried the issue in appeal before the CIT(A). Before the CIT(A) the assessee made primary claim of depreciation on Non-compete Fee. The assessee also raised an alternate ground without prejudice to the prima...