https://www.taxtmi.com/article/detailed?id=1001 The court held that a stock exchange membership right that confers access to trade, includes nomination rights, and vests in the exchange only on member default or demise, is a licence or business/commercial right akin to an intangible asset under the statute. Because the right has economic value and is used for business, it may be capitalized and amortized by claiming depreciation, subject to the statutory qualification that only intangible assets acquired within the prescribed period are eligible and subject to the specific bye laws and facts of the case. en-us Fri, 29 Oct 2010 00:00:00 +0530 Fri, 29 Oct 2010 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=1001 The court held that a stock exchange membership right that confers access to trade, includes nomination rights, and vests in the exchange only on member default or demise, is a licence or business/commercial right akin to an intangible asset under the statute. Because the right has economic value and is used for business, it may be capitalized and amortized by claiming depreciation, subject to the statutory qualification that only intangible assets acquired within the prescribed period are eligible and subject to the specific bye laws and facts of the case. Articles Income Tax Fri, 29 Oct 2010 00:00:00 +0530 https://www.taxtmi.com/article/detailed?id=1001