https://www.taxtmi.com/caselaws?id=178755 The High Court upheld the Tribunal's decision that the non-compete fee paid by the assessee qualifies as a business or commercial right under Section 32(1)(ii) of the Income Tax Act, allowing for depreciation. The Court interpreted the term broadly to include rights enhancing business efficiency, such as non-compete agreements. Relying on precedents, the Court affirmed that non-compete fees are intangible assets eligible for depreciation, dismissing the Revenue's appeal and ruling in favor of the assessee. en-us Mon, 30 Jun 2014 00:00:00 +0530 Fri, 12 Feb 2016 10:05:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=178755 The High Court upheld the Tribunal's decision that the non-compete fee paid by the assessee qualifies as a business or commercial right under Section 32(1)(ii) of the Income Tax Act, allowing for depreciation. The Court interpreted the term broadly to include rights enhancing business efficiency, such as non-compete agreements. Relying on precedents, the Court affirmed that non-compete fees are intangible assets eligible for depreciation, dismissing the Revenue's appeal and ruling in favor of the assessee. Case-Laws Income Tax Mon, 30 Jun 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=178755