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2018 (7) TMI 2071 - AT - Income TaxDepreciation on intangible assets @ 25% - HELD THAT:- As decided in own case for assessment year 2011-12 [2017 (11) TMI 1862 - ITAT CHENNAI] Business Transfer Agreement is a composite agreement and the non-compete clause therein was supporting clause to strengthen the commercial rights which had been transferred to the assessee herein. A perusal of the decision of M/s.Cosmos Co-op Bank Ltd. [2014 (1) TMI 1696 - ITAT PUNE] shows that even the customer list has been treated as falling within the expression “business or commercial rights of similar nature” contained in Sec.32(1)(ii) as relied upon the decision of M/s.Areva T & D India Ltd.[2012 (4) TMI 79 - DELHI HIGH COURT] Assessee is entitled to the depreciation on the intangible asset viz., goodwill/customer list as claimed by him - Our view is also on account of the fact that Sec.92B in respect of international transactions under the Explanation thereto has provided that the expression intangible property would include under clause-(f) “customer related intangible assets such as customer list, customer contacts”, thus, the legislature in its wisdom in respect of the international transactions provided for the expression intangible property to include intangible assets such as customer list in Sec.92B then an interpretation difference from the same cannot be taken that under the same applicable act and that too to the detriment of local business and citizens. - Decided in favour of assessee
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