https://www.taxtmi.com/caselaws?id=421597 The Tribunal dismissed the appeal against the Commissioner's order, upholding the disallowance of depreciation claimed on non compete fee. The Tribunal held that non compete fee does not qualify as an intangible asset under Section 32(1)(ii) of the Income Tax Act, following the decision of the jurisdictional High Court. The Rule of Consistency was deemed inapplicable, as the departmental authorities were not aware of the High Court's decision in previous assessment years. The Tribunal emphasized the binding nature of the High Court's decision and upheld the disallowance of depreciation on non compete fee for the current assessment year. en-us Thu, 31 Mar 2022 00:00:00 +0530 Wed, 27 Apr 2022 16:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=421597 The Tribunal dismissed the appeal against the Commissioner's order, upholding the disallowance of depreciation claimed on non compete fee. The Tribunal held that non compete fee does not qualify as an intangible asset under Section 32(1)(ii) of the Income Tax Act, following the decision of the jurisdictional High Court. The Rule of Consistency was deemed inapplicable, as the departmental authorities were not aware of the High Court's decision in previous assessment years. The Tribunal emphasized the binding nature of the High Court's decision and upheld the disallowance of depreciation on non compete fee for the current assessment year. Case-Laws Income Tax Thu, 31 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=421597