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2013 (11) TMI 1057 - HC - Income Tax
Depreciation on Non-compete Fee – Held that:- Non-compete is a commercial right because that right is relatable to the transfer of trade mark, copy rights and patents – The view taken by the Commissioner of Income Tax(Appeals) in this regard is acceptable - The transfer of the trade mark, patents and other rights in favour of the assessee was undoubtedly the transfer of intangible assets, which in terms of section 32(1)(ii) of the Act would be a capital asset entitled to depreciation – Decided in favour of the assessee.