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2015 (10) TMI 2307 - HC - Income TaxDepreciation on the written down values of assets after including the gratuity liability taken over - ITAT allowed the claim - Held that:- the question is no longer res integra since the point has already been decided in favour of the Revenue by the Supreme Court in the case of the assessee itself in the case of Commissioner of Income Tax vs. Hooghly Mills Co. Ltd. reported in (2006 (11) TMI 137 - SUPREME Court) wherein held section 32 of the Income-tax Act states that depreciation is allowable only in respect of buildings, machinery, plant or furniture, being tangible assets, and know how patents, copyrights, trade marks, licences, franchises or other business or commercial rights of similar nature being intangible assets. The gratuity liability taken over by the respondent does not fall under any of those categories specified in section 32. The matter needs re-consideration by Their Lordships. - Decided in favour of revenue as directed.
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