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2018 (4) TMI 1422 - AT - Income TaxUnabsorbed depreciation carry forward beyond eight years as per section 32(2) - Held that:- Carry forward of unabsorbed depreciation concerning impugned assessment years could be set off in subsequent years without any set time limit. See case of Gujarat Lease Finance Ltd.[2017 (5) TMI 1555 - ITAT AHMEDABAD] Depreciation on Agmark Charges [intangible asset] - Held that:- Agmark is a kind of brand which certify the quality benchmark for all agricultural products produced in India. Agmark certification process helps to make certified all the agricultural products to be available in the market. India exports its large number of agricultural products and commodities which are required to be certified under AGMARK Act as per the World Trade Organization (WTO). It is provided to those agricultural products that have passed through quality tests as mark of reliable products. Corporate intellectual property, including items such as patents, trademarks, copyrights and business methodologies, are intangible assets, as are goodwill and brand recognition. In view of the above we consider that Agmark is also a kind of brand recognition therefore the same is of the nature of intangible asset on which the depreciation is to be allowed. Reopening of assessment u/s 147 - Held that:- We are inclined with the findings of the Ld.CIT(A) that the assessing officer has carried out the fresh assessment as per the direction of Hon’ble High Court, therefore, we do not find any error in the decision of the Ld.CIT(A) on this issue. Accordingly, this ground of appeal of the assessee is dismissed.
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