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2019 (9) TMI 1663 - ITAT CHENNAIDepreciation claimed on brand value - AO disallowed depreciation on the brand value due to the fact that no cost has been incurred to acquire brand value - As submitted that petitioner had got strong prime facie case in its favour since depreciation on the brand value is intangible asset eligible for depreciation - HELD THAT:- From the perusal of the assessment order, it is clear that the AO had disallowed depreciation citing that no cost was incurred in acquisition of intangible asset namely brand value. It appears that the issue in the present appeal is covered against the assessee company by the decision of Co-ordinate Bench of the Tribunal in the case of RMKV Fabrcis. [2019 (4) TMI 2072 - ITAT CHENNAI] - Therefore, the submissions made on behalf of the petitioner that there is strong prime facie case in favour of the petitioner cannot be accepted. The petitioner had not made out any case satisfying other two factors namely balance of convenience and financial hardship. It is settled position of law that Tribunal or Court cannot grant stay of demand if the assessee fails to satisfy any of the factors enumerated above. We are not inclined to grant stay of demand and accordingly, the stay petition filed by the assessee stands dismissed.
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