2021 (4) TMI 1201

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....unting to Rs. 2,01,68,047/- on Intangible assets. 3. Succinctly, the facts of the case are that the assessee, during the previous year relevant to the assessment year 2012-13, acquired electroplating business of Chemetall Rai India Ltd. (CRIL) vide agreement dated 15.12.2011 for a total consideration of Rs. 11.80 crore including payment towards Intangible assets of Rs. 11.51 crores and Tangibles assets amounting to Rs. 29 lac. The assessee claimed depreciation of Rs. 2,01,68,047/- for the year under consideration in respect of such Intangible assets with opening written down value as on 01.04.2013 as increased by an addition of Rs. 1 crore made during the year. The Assessing Officer noticed the break-up of Rs. 11.51 crore: Non compete fe....

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.... towards Non compete fees, Goodwill, Distribution net work rights and Customers list. When the issue of granting depreciation came up for consideration before the Assessing Officer for the first time in the proceedings for the assessment year 2012-13, he disallowed such depreciation. Similar course was followed in the succeeding year as well. The instant assessment year is third year in line. Against the disallowance of depreciation for the immediately two preceding years i.e. 2012-13 and 2013-14, the assessee approached the Tribunal. Vide order dated 17.02.2020 in ITA Nos.974 &975/PUN/2017, a copy of which has been placed on record, the Tribunal allowed depreciation on Intangible assets of Non compete fees, Distribution net work rights and....