Court Rules Brand Names Depreciable as Intangible Assets u/s 32(1)(ii) of Income Tax Act.

Court Rules Brand Names Depreciable as Intangible Assets u/s 32(1)(ii) of Income Tax Act. https://www.taxtmi.com/highlights?id=72005 Claim of Depreciation on the brands used by assessee - intangible assets - A careful perusal of clause (b) of Explanation 3 extracted hereinabove shows that the definition of assets, as explained in the Explanation, includes commercial rights of similar nature. Brand names certainly invest in the owner commercial rights, and therefore, will fall within the scope of intangible assets, which are amenable to depreciation u/s 32(1)(ii) - HC en-us Thu, 14 Sep 2023 13:15:46 +0530 Fri, 15 Sep 2023 11:03:23 +0530 TaxTMI RSS Generator Court Rules Brand Names Depreciable as Intangible Assets u/s 32(1)(ii) of Income Tax Act. https://www.taxtmi.com/highlights?id=72005 Claim of Depreciation on the brands used by assessee - intangible assets - A careful perusal of clause (b) of Explanation 3 extracted hereinabove shows that the definition of assets, as explained in the Explanation, includes commercial rights of similar nature. Brand names certainly invest in the owner commercial rights, and therefore, will fall within the scope of intangible assets, which are amenable to depreciation u/s 32(1)(ii) - HC Highlights Income Tax Thu, 14 Sep 2023 13:15:46 +0530 https://www.taxtmi.com/highlights?id=72005