https://www.taxtmi.com/caselaws?id=418329 The High Court of Madras dismissed the Tax Case Appeal, ruling in favor of the Assessee and against the Revenue. The court held that expenditure on Technology Parks should be allocated based on profit earned by respective units, not turnover. Additionally, Intellectual Property rights and Non-Compete fee are eligible for depreciation under Section 32(1)(ii) of the Income Tax Act 1961, as they are considered commercial rights related to the transfer of copyrights and patents. The court's decision was based on precedents and detailed analysis, affirming the Tribunal's order in both aspects. en-us Tue, 11 Jan 2022 00:00:00 +0530 Mon, 14 Feb 2022 08:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=418329 The High Court of Madras dismissed the Tax Case Appeal, ruling in favor of the Assessee and against the Revenue. The court held that expenditure on Technology Parks should be allocated based on profit earned by respective units, not turnover. Additionally, Intellectual Property rights and Non-Compete fee are eligible for depreciation under Section 32(1)(ii) of the Income Tax Act 1961, as they are considered commercial rights related to the transfer of copyrights and patents. The court's decision was based on precedents and detailed analysis, affirming the Tribunal's order in both aspects. Case-Laws Income Tax Tue, 11 Jan 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=418329