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2022 (7) TMI 850 - AT - Income TaxDepreciation u/s 32 - non-compete fee paid to Dr.PV Venugopal is an intangible asset - HELD THAT:- We observed that the non compete fee paid to Dr.P.V.Venugopal upon the letter agreeing to refrain for a period of 18 months from entering into agreement as a non-compete fee has been held as capital expenditureand the issue has been examined by the AO and not allowed the depreciation on the capital expenditure incurred by the assessee and ld.CIT(A) has confirmed the order of the AO. We hold that the assessee is eligible to claim of depreciation on non-compete fee as intangible assets. Eligibility of deduction u/s. 80HHC - During the course of arguments the ld. AR undertook that if a chance is given again to the assessee, he would be eligible to produce the details whether it comes u/s. 28(iiib) or 28(iiid). Considering the prayer of the assessee, we are sending back again to the AO for computation of the eligibility deduction u/s.80HHC. In the result, the ground No. 2 is allowed for statistical purposes.
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