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of <h1>High Court remits cases to Tribunal for fresh examination on depreciation & non-compete fees</h1> <h3>M/s Pentasoft Technologies Ltd. Versus The ITO (OSD), Company Circle V (2), Chennai.</h3> The Hon'ble High Court remitted the cases back to the Tribunal for a fresh examination of the issue within twelve weeks. The original orders disallowed ... - Issues involved: Remittal of cases back to the Tribunal by the Hon'ble High Court for fresh examination of the issue within a specified timeframe.Summary:The Hon'ble High Court remitted the cases back to the Tribunal directing a fresh examination of the issue within twelve weeks. The original orders disallowed depreciation claimed on IPRs and non-compete fee based on a previous decision. The Sr. Counsel argued that the case was distinguishable and cited other decisions where depreciation on non-compete fee was allowed. The High Court's direction necessitated a reevaluation of the issue. Since certain decisions were not considered previously, the Tribunal decided to remit the issue back to the Assessing Officer for a fresh decision based on relevant case law. Consequently, the appeals were allowed for statistical purposes. The miscellaneous petitions were dismissed as they had become infructuous. The final order was pronounced on 21.12.2011.
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