https://www.taxtmi.com/caselaws?id=353649 The ITAT upheld the CIT(A)'s decision to allow depreciation on the non-compete fee paid by the assessee, treating it as a capital asset under section 32(1)(ii) of the Income Tax Act for the assessment year 2004-05. The ITAT rejected the Revenue's appeal and the Assessee's cross objection, affirming the CIT(A)'s directive on the issue in dispute. The ITAT determined that the non-compete fee constituted a capital asset eligible for depreciation, dismissing the Assessee's argument for treating it as a revenue expenditure under section 37(1) of the Act. en-us Thu, 07 Dec 2017 00:00:00 +0530 Tue, 09 Jan 2018 08:19:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=353649 The ITAT upheld the CIT(A)'s decision to allow depreciation on the non-compete fee paid by the assessee, treating it as a capital asset under section 32(1)(ii) of the Income Tax Act for the assessment year 2004-05. The ITAT rejected the Revenue's appeal and the Assessee's cross objection, affirming the CIT(A)'s directive on the issue in dispute. The ITAT determined that the non-compete fee constituted a capital asset eligible for depreciation, dismissing the Assessee's argument for treating it as a revenue expenditure under section 37(1) of the Act. Case-Laws Income Tax Thu, 07 Dec 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=353649