https://www.taxtmi.com/caselaws?id=297478 The Tribunal upheld the decision of the Commissioner of Income Tax (Appeals) to allow depreciation on non-compete fees, considering them as intangible assets eligible for depreciation. Relying on established precedents and the specific agreement between the parties, the Tribunal dismissed the Revenue's appeal, emphasizing the nature of the non-compete fee and its treatment as an asset. The assessee's position was supported by the Tribunal, leading to the rejection of the Revenue's argument that certain rights lack market value and cannot be classified as assets. en-us Wed, 11 Feb 2015 00:00:00 +0530 Mon, 06 Sep 2021 22:10:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=297478 The Tribunal upheld the decision of the Commissioner of Income Tax (Appeals) to allow depreciation on non-compete fees, considering them as intangible assets eligible for depreciation. Relying on established precedents and the specific agreement between the parties, the Tribunal dismissed the Revenue's appeal, emphasizing the nature of the non-compete fee and its treatment as an asset. The assessee's position was supported by the Tribunal, leading to the rejection of the Revenue's argument that certain rights lack market value and cannot be classified as assets. Case-Laws Income Tax Wed, 11 Feb 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=297478