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2018 (8) TMI 2049 - AT - Income TaxDepreciation claim on customer contracts - revenue has argued that the claim of the depreciation of the assessee does not fall u/s 32 - HELD THAT:- As specifically held that the customer contract falls under the expression any other business or commercial right on similar nature as defined in explanation-3 to Section 32 (1)(ii) of the Act and hence eligible for depreciation. The factual position is also the same in the instant case also wherein the assessee company which is subsidiary of Blue Star Ltd. (including ₹ 60 Crs. for Intangible Assets & Goodwill) from D.S. Gupta Construction Pvt. Ltd. and thereafter the Blue Star Ltd. under a Deed of Adherence, assigned the business to the assessee company and the assessee company claimed the depreciation on the intangible and goodwill acquired out of the aforesaid acquisition. Since the nature of the case and transaction are the same, therefore, we are of the view that the CIT(A) has decided the matter of controversy judiciously and correctly which is not liable to be interfere at this appellate stage. Accordingly, this issue is being decided in favour of the assessee.
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