Non-Compete Fee not eligible for depreciation or amortization

Gujarat Glass Private Limited Vs. Asst. Commissioner of Income Tax (ITAT Mumbai, ITA No. 4842/Mum/2004, Date of Pronouncement: 05-04-2013 When we take into consideration DR’s argument that in accordance with the decision of Delhi ITAT in the case of Sharp Business System (supra), non compete fee is not eligible for depreciation, we must accept that the order of the coordinate Bench is not only very detailed and well speaking, we must say that the coordinate Bench very logically explained the expression, ‘any other business or commercial rights of similar nature’. When we read the...