https://www.taxtmi.com/caselaws?id=297479 The Appellate Tribunal ITAT Chennai upheld the Commissioner of Income Tax (Appeals) decision allowing 25% depreciation on non-compete fees for the assessment years 2002-2003, 2004-2005, and 2005-2006. Relying on the precedent established by the Jurisdictional High Court, the Tribunal considered non-compete fees as intangible assets falling under section 32(1)(ii) of the Act, making them eligible for depreciation. The appeals by the Revenue were dismissed, affirming the allowance of depreciation on non-compete fees as capital assets. en-us Wed, 08 Apr 2015 00:00:00 +0530 Mon, 06 Sep 2021 22:10:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=297479 The Appellate Tribunal ITAT Chennai upheld the Commissioner of Income Tax (Appeals) decision allowing 25% depreciation on non-compete fees for the assessment years 2002-2003, 2004-2005, and 2005-2006. Relying on the precedent established by the Jurisdictional High Court, the Tribunal considered non-compete fees as intangible assets falling under section 32(1)(ii) of the Act, making them eligible for depreciation. The appeals by the Revenue were dismissed, affirming the allowance of depreciation on non-compete fees as capital assets. Case-Laws Income Tax Wed, 08 Apr 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=297479