Case Law Details
Pr. CIT Vs Piramal Glass Limited (Bombay High Court)
Section 32(1)(ii) Rights acquired by the assessee under the said agreement not only give enduring benefit, protected the assessee’s business against competence, that too from a person who had closely worked with the assessee in the same business. The expression ‘or any other business or commercial rights of similar nature’ used in Explanation 3 to sub-section 32(1)(ii) is wide enough to include the present situation and make Assess eligible to claim depreciation on Non-compete rights.
FULL TEXT OF THE HIGH COURT ORDER / JUDGEMENT
1. This Appeal filed by the Revenue to challenge the Judgement of the Income Tax Appellate Tribunal (‘the Tribunal’ for short). Following questions of law are presented for our consideration :
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