https://www.taxtmi.com/caselaws?id=211688 The HC held that intangible assets acquired under a slump sale agreement, including business claims, information, records, contracts, employees, and know-how, qualify as business or commercial rights of a similar nature under Section 32(1)(ii) of the Act and are eligible for depreciation. Applying the ejusdem generis principle, the court found these assets comparable to a license enabling the assessee to carry on the business without interruption. The decision aligns with SC precedent recognizing intangible assets that facilitate market access and have economic value as depreciable. The disallowance of depreciation by Revenue was overturned, and the claim for depreciation on these intangible assets was allowed. en-us Fri, 30 Mar 2012 00:00:00 +0530 Thu, 14 Aug 2025 18:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=211688 The HC held that intangible assets acquired under a slump sale agreement, including business claims, information, records, contracts, employees, and know-how, qualify as business or commercial rights of a similar nature under Section 32(1)(ii) of the Act and are eligible for depreciation. Applying the ejusdem generis principle, the court found these assets comparable to a license enabling the assessee to carry on the business without interruption. The decision aligns with SC precedent recognizing intangible assets that facilitate market access and have economic value as depreciable. The disallowance of depreciation by Revenue was overturned, and the claim for depreciation on these intangible assets was allowed. Case-Laws Income Tax Fri, 30 Mar 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=211688