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2015 (12) TMI 1375 - AT - Income TaxRectification of error u/s 254 - Depreciation in respect of non-compete fee paid - Held that:- The depreciation cannot be allowed on an amount of non-compete fee, which was in fact paid to the Managing Director of the Company for not taking any employment. This cannot be considered under section 32(1) as an intangible asset. Thus we reject the contentions of the assessee on this issue, and direct the Assessing Officer to disallow the claim of the assessee for depreciation on brought forward written down value in respect of non-compete fee paid in assessment year 2007-08 to Sudhir Vaid in relation to Concord Biotech Limited. - Decided against assessee
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