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2017 (8) TMI 662 - HC - Income TaxPayment of non-compete fee - allowable business expenditure - ingenuity of expenditure - Held that:- In order to ascertain the legal nature of a transaction, one has to look at the entire transaction as a whole and cannot adopt a dissecting approach. The burden on the assessee to establish that the transaction is bonafide and genuine has not been discharged, particularly in the light of the admitted facts set out by the assessing officer relating to the continued control exercised by the assessee in the business. - Decided against assessee. Brand equity intangible asset eligible for depreciation in terms of Section 32(1)(ii) - Held that:- Decided in favour of the assessee and against the Revenue holding that brand equity constitutes an intangible asset in terms of Section 32(1)(ii) of the Act upon which depreciation is liable to be granted.
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