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2016 (2) TMI 922 - AT - Income TaxRectification of apparent mistake in the order of Tribunal - claim of depreciation on management rights denied - Held that:- We have considered rival contentions and gone through the order of the Tribunal wherein the Tribunal has restored assessee’s ground for claim of depreciation on management rights for deciding as per the order of the Tribunal in assessee’s own case in the preceding year. However, there is no order of the Tribunal in assessee’s own case, therefore, it amounts to mistake apparent from record. The Tribunal in its order has quoted various decisions of the Hon’ble High Courts and Tribunal, wherein depreciation was allowed in case of intangible assets. Accordingly, we rectify the order dated 10-7-2015 to the extent of observation made in para 10 of the order and direct the AO to allow assessee’s claim of depreciation following the decisions of Hon’ble High Court and Tribunal. Before parting with the matter, it is pertinent to mention that recently the Hon’ble Supreme Court in the case of Smifs Securities Ltd.[2012 (8) TMI 713 - SUPREME COURT ] held that intangible assets in the form of goodwill is eligible for claim of depreciation. - Decided in favour of assessee.
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