https://www.taxtmi.com/caselaws?id=770907 ITAT Cochin allowed appellant's claim for depreciation on non-compete agreement payment of Rs.5 crore, ruling it constituted an intangible asset qualifying for depreciation under section 32(1)(ii). The tribunal upheld disallowance of belated ESI and Labour Welfare Fund contributions following SC precedent in Checkmate Services. Section 14A disallowance was reversed as explanation inserted by Finance Act 2022 applies prospectively from AY 2023-24. Rights issue expenditure disallowance was confirmed as capital expenditure per SC rulings. MAT credit claim was rejected for lack of supporting material. en-us Wed, 14 May 2025 00:00:00 +0530 Sat, 17 May 2025 08:39:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=770907 ITAT Cochin allowed appellant's claim for depreciation on non-compete agreement payment of Rs.5 crore, ruling it constituted an intangible asset qualifying for depreciation under section 32(1)(ii). The tribunal upheld disallowance of belated ESI and Labour Welfare Fund contributions following SC precedent in Checkmate Services. Section 14A disallowance was reversed as explanation inserted by Finance Act 2022 applies prospectively from AY 2023-24. Rights issue expenditure disallowance was confirmed as capital expenditure per SC rulings. MAT credit claim was rejected for lack of supporting material. Case-Laws Income Tax Wed, 14 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=770907