https://www.taxtmi.com/caselaws?id=353712 The Tribunal allowed the Revenue's appeal, upholding the disallowance of depreciation on non-compete fees claimed as an intangible asset by the assessee. The Tribunal ruled that non-compete fees did not qualify as an intangible asset for depreciation under section 32(1)(ii) of the Act, contrary to the ld CIT(A)'s decision. Despite the assessee's arguments and references to other court decisions, the Tribunal sided with the Hon'ble Delhi High Court's judgment in a similar case, reversing the CIT(A)'s order and reinstating the Assessing Officer's decision to disallow the depreciation. en-us Thu, 28 Dec 2017 00:00:00 +0530 Wed, 10 Jan 2018 09:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=353712 The Tribunal allowed the Revenue's appeal, upholding the disallowance of depreciation on non-compete fees claimed as an intangible asset by the assessee. The Tribunal ruled that non-compete fees did not qualify as an intangible asset for depreciation under section 32(1)(ii) of the Act, contrary to the ld CIT(A)'s decision. Despite the assessee's arguments and references to other court decisions, the Tribunal sided with the Hon'ble Delhi High Court's judgment in a similar case, reversing the CIT(A)'s order and reinstating the Assessing Officer's decision to disallow the depreciation. Case-Laws Income Tax Thu, 28 Dec 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=353712