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The Tax Publishers Asstt. CIT v. Zydus Wellness Ltd. [ITA No. 1674/Ahd/2012, dt. 6-4-2016] : 2016 TaxPub(DT) 2136 (Ahd-Trib) Depreciation on non-compete fee *Facts:* Assessee had to pay to its promoter a non-compete fee on which depreciation was claimed. The same was disallowed by assessing officer on the premise that there was nothing in the statute to allow depreciation on intangible assets especially on non-compete fee. On appeal Commissioner (Appeals) allowed the depreciation going by precedents. On further appeal: Held in favour of the assessee that they were entitled to depreciation on non-compete fee.

The Tax Publishers

Asstt. CIT v. Zydus Wellness Ltd. [ITA No. 1674/Ahd/2012, dt. 6-4-2016] : 2016 TaxPub(DT) 2136 (Ahd-Trib)

Depreciation on non-compete fee

Facts:

Assessee had to pay to its promoter a non-compete fee on which depreciation was claimed. The same was disallowed by assessing officer on the premise that there was nothing in the statute to allow depreciation on intangible assets especially on non-compete fee. On appeal Commissioner (Appeals) allowed the depreciation going by precedents. On further appeal:

Held in favour of the assessee that they were entitled to depreciation on non-compete fee.