https://www.taxtmi.com/caselaws?id=190625 The ITAT Mumbai allowed the appeal, ruling in favor of the assessee on both grounds. The Tribunal held that brands are eligible for depreciation under section 32(1)(ii) of the Income Tax Act, emphasizing the consistent treatment of brand names as intellectual property rights. Additionally, the Tribunal found the disallowance of contingent liabilities unwarranted as they were not claimed as expenditure, thus deciding in favor of the assessee on this issue as well. en-us Wed, 06 Apr 2016 00:00:00 +0530 Tue, 21 Feb 2017 10:43:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=190625 The ITAT Mumbai allowed the appeal, ruling in favor of the assessee on both grounds. The Tribunal held that brands are eligible for depreciation under section 32(1)(ii) of the Income Tax Act, emphasizing the consistent treatment of brand names as intellectual property rights. Additionally, the Tribunal found the disallowance of contingent liabilities unwarranted as they were not claimed as expenditure, thus deciding in favor of the assessee on this issue as well. Case-Laws Income Tax Wed, 06 Apr 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=190625