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2018 (4) TMI 859 - AT - Income TaxAllowability of the non-compete fee - Held that:- Coordinate Bench of this Tribunal has considered the issue at length in the case of Prism T.V Pvt. Ltd [2016 (6) TMI 419 - ITAT HYDERABAD] for A.Y 2011- 12 to which one of us i.e. J.M is a signatory and has remanded the issue to the file of the AO for reconsideration after a decision is taken on the allowability of the non-compete fee in the case of Ushodaya Enterprises (P) Ltd. The assessee being a resultant company out of demerger of M/s. Ushodaya Enterprises as in the case of Prism TV Pvt Ltd and the facts and circumstances being enact by the same, this ground of appeal of the assessee is also accordingly remanded to the file of the AO with similar direction and is treated as allowed for statistical purposes. Cost of production of T.V. serials and programmes - Held that:- It is seen that the issue is fairly covered in favour of the assessee by the above decision in Prism T.V [above] and the A.O. is directed to treat the expenditure incurred by the assessee on cost of production of TV programmes as revenue expenditure. Depreciation on the film software library at 25% treating it as an intangible asset - Held that:- Remand the issue to the file of the AO to examine the issue of valuation of the asset and thereafter to allow depreciation @ 25% treating the software library as an intangible asset.
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