https://www.taxtmi.com/caselaws?id=399450 HC held that the assessee was entitled to claim depreciation under s.32(1) for trademarks acquired from a predecessor partnership, valuing depreciation with reference to actual cost borne by the assessee where transfer occurred by succession and allotment of shares falling within s.47(xiii). The court ruled the fifth proviso to s.32(1) only restricts aggregate deduction in the year of succession and does not apply absent aggregate deduction or in subsequent years. Explanation 3 to s.43(1) could not be invoked because the AO failed to follow required conditions, and the appeal was allowed in favor of the assessee. en-us Mon, 05 Oct 2020 00:00:00 +0530 Mon, 03 Nov 2025 17:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=399450 HC held that the assessee was entitled to claim depreciation under s.32(1) for trademarks acquired from a predecessor partnership, valuing depreciation with reference to actual cost borne by the assessee where transfer occurred by succession and allotment of shares falling within s.47(xiii). The court ruled the fifth proviso to s.32(1) only restricts aggregate deduction in the year of succession and does not apply absent aggregate deduction or in subsequent years. Explanation 3 to s.43(1) could not be invoked because the AO failed to follow required conditions, and the appeal was allowed in favor of the assessee. Case-Laws Income Tax Mon, 05 Oct 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=399450