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2012 (8) TMI 116 - AT - Income TaxDepreciation on non-compete fee - treating the same as intangible asset u/s 32(1)(ii) – Held that:- Non-compete Right is clearly in the nature of a business or commercial right and since it is capable of being owned and transferred, it is "of similar nature' as know how, patents, copyrights etc. as contained in clause (ii) of sub section (1) of sec. 32 of the Act - claim of depreciation allowed - decision in the case of Medicorp Technologies India Ltd. (2009 (1) TMI 332 - ITAT MADRAS-A) followed. Deduction u/s.80HHC – whether sales-tax is to be excluded from total turnover for purpose of computing deduction under section 80HHC – Held that:- Total turnover in clause (ba) of the Explanation below section 80HHC, excluding only freight & insurance up to the customs station
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