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2017 (4) TMI 1417 - AT - Income TaxEmployee's contribution to PF and ESI beyond period stipulated in Sec.36(1)(va) r.w.s 2(24)(x) and Sec.43B - amount paid on or before the due date for furnishing return u/s 139(1) - Held that:- the impugned ground is squarely covered by the judgment of the Hon'ble jurisdictional High Court in the case of Sabari Enterprises [2007 (7) TMI 169 - KARNATAKA HIGH COURT] in which it was held that contributions to the Provident Fund and Employee State Insurance beyond the period stipulated in section 36(1)(VA) r.w.s. 2(24)(x) and section 43B of the Act, but paid on or before the due date for furnishing return u/s. 139(1) is deductible. The CIT(Appeals) has correctly decided the issue following the judgment of the Hon'ble jurisdictional High Court. - decided against revenue Depreciation on intangible assets - partnership firm conversion into a company - determination of WDV - Held that:- We find that this issue has been raised before the Tribunal in earlier AY 2012-13. The Tribunal following its order for earlier years had decided the issue in favour of assessee, after holding that depreciation is allowable on intangible assets holding The two conditions mentioned in sec. 32 are that the assets should be owned by the assessee and should have been used for the purposes of the business or profession of the assessee. The sub-clauses thereto enumerate the deductions allowable u/s 32. Sub-clause (ii) thereof provides for a deduction at a prescribed percentage of the written down value of the block of assets. 5th proviso thereto provides that in respect of circumstances such as succession, amalgamation or demerger, the average deduction on account of depreciation on tangible or intangible assets shall not exceed, in any previous year, the deduction calculated at the prescribed rates as if the succession, amalgamation or demerger has not taken place - decided in favour of assessee
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