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2013 (12) TMI 1009 - AT - Income TaxDepreciation on tenancy rights - Held that:- There is a vast difference between know-how, patents, copyrights, trade marks, licences, franchises etc. on one hand and tenancy rights on the other - Tenancy rights cannot be construed as "intangible" assets falling within the meaning of Explanation 3 to section 32(1) - The tenancy right cannot be treated as an intangible asset, there is no question of allowing depreciation on it - Decided against assessee. Book profits u/s 115JB - Held that:- The amount disallowable u/s 14A is always part of the expenses specifically debited to the profit and loss account - It is axiomatic that unless any expenditure is incurred and claimed as deduction, there can be no question of any hypothetical disallowance u/s 14A - The amount disallowable u/s 14A is covered under clause (f) of Explanation (1) to section 115JB(2) - Following M/s. RBK Share Broking Pvt.Ltd. v. ITO [2013 (12) TMI 74 - ITAT MUMBAI] - Decided against assessee.
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