https://www.taxtmi.com/caselaws?id=364874 The High Court dismissed the appeal by the Revenue challenging the disallowance of depreciation on intellectual property rights. The Court upheld the decision of the Commissioner of Income Tax (Appeals) that allowed depreciation, emphasizing that the assets were used for business activities, including trading. The Court found that the intellectual property rights were indeed utilized in the assessee's business, leading to increased sales and promotional activities. Consequently, the Court concluded that the assets being used for business purposes justified the allowance of depreciation, ultimately dismissing the appeal. en-us Wed, 25 Jul 2018 00:00:00 +0530 Mon, 06 Aug 2018 08:01:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=364874 The High Court dismissed the appeal by the Revenue challenging the disallowance of depreciation on intellectual property rights. The Court upheld the decision of the Commissioner of Income Tax (Appeals) that allowed depreciation, emphasizing that the assets were used for business activities, including trading. The Court found that the intellectual property rights were indeed utilized in the assessee's business, leading to increased sales and promotional activities. Consequently, the Court concluded that the assets being used for business purposes justified the allowance of depreciation, ultimately dismissing the appeal. Case-Laws Income Tax Wed, 25 Jul 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=364874