Allowing the appeal, the Tribunal \u00a0held that\u00a0\u00a0\u00a0 under Explanation 3 to section\u00a032(1)\u00a0of the\u00a0Income-tax Act, 1961, asset includes intangible assets being know-how, patents, copyrights, trademarks, any other business or commercial rights of similar nature. Even the customer list had been treated as falling within the expression \u201cbusiness or commercial rights of similar nature\u201d contained in section\u00a032(1)(ii)\u00a0of the Act. The business transfer agreement was a composite agreement and the non-compete clause therein was a supporting clause to strengthen the commercial rights which had been transferred to the assessee. Further, the Tribunal had allowed the issue in favour of the assessee in the earlier and subsequent assessment years. Therefore, the assessee was entitled to depreciation on the intangible assets, the goodwill and customer list. (A.Y. 2013-14)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 32 : Depreciation-Intangible assets-Customer list and goodwill-Entitle for depreciation. [S. 32(1)(ii)]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-18044","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-4H2","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/18044","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=18044"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/18044\/revisions"}],"predecessor-version":[{"id":18045,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/18044\/revisions\/18045"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=18044"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=18044"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=18044"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}