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Purchase of business rights covered within meaning of ‘intangible asset’ is eligible for depreciation
Case Law Details
- Case Name
- CIT Vs Daikin Shri Ram Aircon Pvt Ltd (Delhi High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2001-02
- Courts
- All High Courts, Delhi High Court
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CIT Vs Daikin Shri Ram Aircon Pvt Ltd (Delhi High Court)
Delhi High Court held that the consideration for the purchase of marketing and business rights for a period of twenty years is capital in nature and constitutes an intangible asset within the meaning of section 32(1)(ii) of the Income Tax Act and therefore eligible to claim depreciation.
Facts-
The Respondent, Assessee, entered into a Business Purchase Agreement with M/s Usha International Ltd. for the purchase of marketing and business rights for a period of twenty years. In consideration for the transfer of the said marketing and busin...
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