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

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....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....

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