https://www.taxtmi.com/caselaws?id=326469 The Tribunal allowed the appeals in part, directing the Assessing Officer to permit depreciation on non-compete fees as an intangible asset. It also upheld the allowance of interest on borrowed funds for controlling interest and interest on amounts given to sister concerns and directors based on commercial expediency. Disallowance of foreign travel expenses for a trip to the USA was confirmed. The issue of fair market value for depreciation on assets acquired on slump sale was remanded to the AO. The addition under Section 41(1) for outstanding amounts was deleted, and the exclusion of provisions for debenture redemption from book profit calculation was upheld. en-us Wed, 02 Mar 2016 00:00:00 +0530 Sat, 16 Apr 2016 10:40:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=326469 The Tribunal allowed the appeals in part, directing the Assessing Officer to permit depreciation on non-compete fees as an intangible asset. It also upheld the allowance of interest on borrowed funds for controlling interest and interest on amounts given to sister concerns and directors based on commercial expediency. Disallowance of foreign travel expenses for a trip to the USA was confirmed. The issue of fair market value for depreciation on assets acquired on slump sale was remanded to the AO. The addition under Section 41(1) for outstanding amounts was deleted, and the exclusion of provisions for debenture redemption from book profit calculation was upheld. Case-Laws Income Tax Wed, 02 Mar 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=326469