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of <h1>SC Stays HC Judgment; Notice Returnable on Nov 8, 2021, with Dasti Service Allowed; Respondent Unrepresented.</h1> The SC issued an order staying the impugned judgment and orders of the HC. The notice was made returnable on 08.11.2021, and Dasti service was allowed. No ... Depreciation on intangibles - trademarks owned wholly or partly by the assessee - assessee succeeded to the business of the partnership firm, which had trademarks registered in its name - As decided by HC [2020 (10) TMI 424 - KARNATAKA HIGH COURT] assessee u/s 32(1) was entitled for depreciation with reference to actual cost incurred by it with reference to intangible assets - 5th proviso in any case will apply only in the year of succession and not in subsequent years and also in respect of overall quantum of depreciation in the year of succession and Tribunal committed an error of law in upholding the order of Commissioner of Income Tax (Appeals) in invoking Explanation 3 to Section 43(1) - HELD THAT:- Issue notice, returnable on 08.11.2021. Dasti service, in addition, is permitted.In the meantime, the impugned judgment and orders passed by the High Court are stayed. The Supreme Court issued an order to issue notice returnable on 08.11.2021, allowed Dasti service, and stayed the impugned judgment and orders passed by the High Court. No representation from the respondent was noted.
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