ITAT Confirms Non-Compete Fees as Intangible Assets Eligible for Depreciation u/s 32(1)(ii), Supported by High Court.

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....Claim of depreciation - Payment of non-compete fee - Whether non-compete fees is an intangible asset of any other business or commercial rights of similar nature as per section 32 (1) (ii)? - ITAT answered the question as Yes - The tribunal has not committed any perversity or applied incorrect principles to the given facts and when the facts and circumstances are properly analysed and correct test is applied to decide the issue at hand, then, we do not think that question as pressed raises any substantial question of law. - HC....