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

RELEVANT PARAGRAPH 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, assignability, transferability, diminution in value, are no more the `touch stones’ on which the admissibility for depreciation u/s 32 of the Act has to be tested. We are living in the commercial world of...