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2022 (6) TMI 1018 - AT - Income TaxDepreciation - intangible asset or not - payment made for purchase of shares of RRS mineral resources Ltd. - HELD THAT:- The issue before us is not the satisfaction of ‘user test’ or the fate of the asset, which already entered into a block of assets. The issue before us is simple that whether the shares purchased by the assessee can be held to be at depreciable intangible asset or not. None of the judicial precedents cited before us up or the case of the assessee. In the result, we reverse order of learned CIT – A and restore the order of the learned assessing officer disallowing depreciation on shares purchased by the assessee holding that it is not a depreciable intangible assets. Grounds no 1-3 of the appeal of revenue are allowed.
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