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2016 (3) TMI 590 - AT - Income TaxExpenses incurred during the year on account of advertisement and publicity - assessee submitted that marketing costs incurred during the product campaign were deferred and amortized over a period of 4 years - Held that:- As decided in assessee's own case the revenue has failed to bring out a case to establish that any capital assets had come into existence. Further, as held by the Hon'ble High Court, there is no concept of deferred revenue expenditure in Income-tax laws. The genuineness of the expenditure has not been doubted by the revenue authorities. Keeping all these facts in view expenditure to be allowed - Decided in favour of assessee Depreciation on goodwill - Held that:- As decided in assessee's own case AO is directed to grant the depreciation on the consideration for the purchase of the exclusive business rights which are to be treated as intangible assets - Decided in favour of assessee Depreciation on WDV of patent, trademark and intellectual property rights paid to Ciel Aircon Ltd - Held that:- once the completion of the agreement is done by payment of the consideration as on the completion date specified in the agreement the assessee would be in possession of the duly executed instruments of transfer, assignment and Conveyances of the assets as specified in the agreement which are basically the intellectual property' rights and the fixed assets. This being so, as also the principles as laid down by the Hon'ble Supreme Court in the case of Mysore Minerals Ltd. [1999 (9) TMI 1 - SUPREME Court ] it would have to be held that the assessee was the owner of the property and the assessee having used the same in its business was entitled to depreciation on the same. - Decided in favour of assessee
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