Licenses / Approvals are Intangible asset and eligible for depreciation

Licenses and Approvals are “intangible asset and eligible for depreciation under Section 32 of the Income Tax Act, 1961, Section 263 Revision only on ground of non-application of mind Brief : The assessee, a hotel, incurred expenditure on acquiring licenses and permissions from various government bodies. This was classified as “goodwill” in the books and depreciation was claimed on the ground that it was an “intangible asset” u/s 32(1)(ii). The AO allowed the claim. The CIT passed an order u/s 263 in which he took the view that the AO had not applied his mind to the issue and that th...