Case Law Details
CIT Vs M/s. Radaan Media Works (Madras High Court)
Department fairly admitted that the brand equity of a sum of Rs.75 lakhs valued at a sum of Rs.75 lakhs would be an intangible right coming within the purview of ‘business or commercial rights’ of a similar nature. He also brought to our notice the decision of this High Court in the case of Penta Media Graphics and Delhi High Court in the case of Sharp Business Systems Vs. Commissioner of Income Tax, that support the stand of the assessee.
The substantial questions of law in T.C.No.1175 of 2008 are thus decided in favour of the assessee and against the Revenue holding that brand equity constitutes an intangible asset in terms of Section 32(1)(ii) of the Act upon which depreciation is liable to be granted.
FULL TEXT OF THE HIGH COURT ORDER / JUDGMENT
(Judgment of the Court was delivered by M.M.SUNDRESH, J.)
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