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2021 (5) TMI 252 - ITAT PUNEDisallowance of depreciation on Intangible assets - Depreciation was claimed on certain Intangible assets: technical know-how, goodwill and non-compete fees - HELD THAT:- As decided in own case [2018 (1) TMI 12 - ITAT PUNE] Tribunal directed grant of depreciation on Intangible assets but on the reduced value imbibing the effect of increase in the value of the Panki land to ₹ 13.00 crore and consequently reducing the value of Intangible assets. In instant case, it is seen that the AO disallowed full depreciation on Intangible assets. However, the ld. CIT(A) overturned the assessment order without noticing the Tribunal order, by which dirction was given to increase the value of Panki plot to ₹ 13.00 crore from ₹ 1.00 lakh initially shown by the assessee and thereby correspondingly reducing the value of Intangible assets and the resultant claim of depreciation thereon. This position was fairly accepted by the ld. AR. Respectfully following the precedent, we set-aside the impugned order and restore the matter to the file of the AO for allowing depreciation on intangible assets but only after giving effect to the afore-extracted direction from para 69 of the Tribunal order. Needless to say, the assessee will be allowed opportunity of hearing in such fresh proceedings. Appeal allowed for statistical purposes.
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