‘Non-compete right’ acquired by an assessee is eligible for depreciation under clause (ii) of section 32(1) of IT Act

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12.2 One can see very clearly that the clause (ii), introduced in section 32(1), w.e.f.01-04- 1999, not only extended the benefit of section 32 to the `intangible assets’ but also gave therein an `inclusive’ definition of the `intangible assets’, for this purpose.

15.4 It becomes clear from the above discussion that capability to have a market value, assi

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