https://www.taxtmi.com/caselaws?id=304855 The Tribunal allowed the additional grounds of appeal raised by the assessee, holding that the assessee is eligible for depreciation on Non-Compete Fee under Section 32 of the Income Tax Act, 1961, as it qualifies as an intangible asset. The Tribunal's decision was based on judicial precedents, including the Hon'ble Bombay High Court's ruling in the case of Piramal Glass Ltd. The Tribunal also upheld the treatment of Non-Compete Fee as deferred revenue expenditure as directed by the CIT(A). en-us Tue, 02 Aug 2022 00:00:00 +0530 Tue, 01 Nov 2022 11:43:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=304855 The Tribunal allowed the additional grounds of appeal raised by the assessee, holding that the assessee is eligible for depreciation on Non-Compete Fee under Section 32 of the Income Tax Act, 1961, as it qualifies as an intangible asset. The Tribunal's decision was based on judicial precedents, including the Hon'ble Bombay High Court's ruling in the case of Piramal Glass Ltd. The Tribunal also upheld the treatment of Non-Compete Fee as deferred revenue expenditure as directed by the CIT(A). Case-Laws Income Tax Tue, 02 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=304855