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Income Tax - Highlights / Catch Notes

Home Highlights August 2013 Year 2013 This

Specified intangible assets acquired under slump sale agreement ...

Income Tax

August 22, 2013

Specified intangible assets acquired under slump sale agreement were in the nature of “business or commercial rights of similar nature” specified in Section 32(1)(ii) and were accordingly eligible for depreciation. It is not necessary to decide the alternative submission made on behalf of the assessee that goodwill per se is eligible for depreciation u/s 32(1)(ii) - AT

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  1. Deprecation u/s 32 on goodwill - Depreciation could not be denied to the Taxpayer merely for the reason that the assets were classified as ‘goodwill’ in the books of...

  2. Depreciation on intangible assets being “business and commercial rights” - pecified intangible assets acquired under slump sale agreement were in the nature of “business...

  3. Disallowance of Depreciation on Goodwill – The specified intangible assets acquired under slump sale agreement were in the nature of “business or commercial rights of...

  4. Specified intangible assets acquired under slump sale agreement were in the nature of “business or commercial rights of similar nature“ specified in section 32(1)(ii)...

  5. The assessee is eligible for the claim of depreciation u/s 32(1)(ii) on the amount of intangible assets acquired by it as per Business Transfer Agreement - AT

  6. Depreciation on intangibles - sale as slump sale - All these intangible assets transferred to the assessee have a commercial value - assessee is eligible to claim...

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