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CIT(LTU) v. Areva T & D India Ltd. (2021)434 ITR 604 (Mad.)(HC)

S. 32 : Depreciation-Property acquired in exchange of extinguishment of tenancy rights-Depreciation allowable-Non-Compete fee-Depreciation allowable on principle of consistency.

Dismissing the appeal of the revenue the Court held that depreciation is allowable in respect of property acquired in exchange of relinquishment of tenancy rights in another property. Court also held that depreciation on non-compete fees is held to be allowable. Followed CIT v. Areva T & D India Ltd.

(2012)  26 taxmann.com 266 (Mad.)(HC). (AY.2006-07)