https://www.taxtmi.com/caselaws?id=397128 Stamp duty paid on an unregistered lease deed was held not to create a business or commercial right of the kind covered by section 32(1)(ii), because it did not belong to the same genus as know-how, patents, copyrights, trademarks, licences or franchises. Depreciation on that payment was therefore disallowed. The Tribunal also stated that section 263 can be invoked only when the assessment order is both erroneous and prejudicial to the Revenue, and upheld revision because allowing depreciation on this basis was not a possible view in law. The revisional order and disallowance of depreciation were sustained. en-us Fri, 31 Jul 2020 00:00:00 +0530 Wed, 05 Aug 2020 09:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=397128 Stamp duty paid on an unregistered lease deed was held not to create a business or commercial right of the kind covered by section 32(1)(ii), because it did not belong to the same genus as know-how, patents, copyrights, trademarks, licences or franchises. Depreciation on that payment was therefore disallowed. The Tribunal also stated that section 263 can be invoked only when the assessment order is both erroneous and prejudicial to the Revenue, and upheld revision because allowing depreciation on this basis was not a possible view in law. The revisional order and disallowance of depreciation were sustained. Case-Laws Income Tax Fri, 31 Jul 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=397128