https://www.taxtmi.com/caselaws?id=402361 The Karnataka High Court ruled in favor of the assessee, holding that depreciation on intellectual property rights is not subject to disallowance under Section 40(a)(ia) of the Income Tax Act. The Court emphasized that depreciation is a statutory deduction available to the assessee on assets used for business purposes and does not fall under the provisions of Section 40 regarding amounts subject to tax deduction at source. The Court also clarified that depreciation is not considered an outgoing expenditure subject to disallowance under Section 40(a)(ia). en-us Wed, 16 Dec 2020 00:00:00 +0530 Sat, 20 Feb 2021 11:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=402361 The Karnataka High Court ruled in favor of the assessee, holding that depreciation on intellectual property rights is not subject to disallowance under Section 40(a)(ia) of the Income Tax Act. The Court emphasized that depreciation is a statutory deduction available to the assessee on assets used for business purposes and does not fall under the provisions of Section 40 regarding amounts subject to tax deduction at source. The Court also clarified that depreciation is not considered an outgoing expenditure subject to disallowance under Section 40(a)(ia). Case-Laws Income Tax Wed, 16 Dec 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=402361