https://www.taxtmi.com/caselaws?id=366072 The appeal was dismissed, affirming the CIT(A)'s decision to allow depreciation on intangible assets acquired by the assessee through conversion under section 47(xiv) of the Income Tax Act 1961. The Tribunal held that once assets are part of a block and depreciation is granted, the issue cannot be revisited in subsequent years, citing relevant case law precedents. The Revenue's argument that the proprietary concern did not possess qualifying intangible assets was not accepted, and the depreciation claim was upheld. en-us Tue, 31 Jul 2018 00:00:00 +0530 Wed, 29 Aug 2018 06:44:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=366072 The appeal was dismissed, affirming the CIT(A)'s decision to allow depreciation on intangible assets acquired by the assessee through conversion under section 47(xiv) of the Income Tax Act 1961. The Tribunal held that once assets are part of a block and depreciation is granted, the issue cannot be revisited in subsequent years, citing relevant case law precedents. The Revenue's argument that the proprietary concern did not possess qualifying intangible assets was not accepted, and the depreciation claim was upheld. Case-Laws Income Tax Tue, 31 Jul 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=366072