Assessee-company is\u00a0 engaged in business of manufacturing and trading of high tech machinery and technology.\u00a0 During year, a company merged with assessee company on direction of High Court and all of its assets and liabilities were transferred to assessee which included patented technology. Assessee, accordingly, declared same as value of its assets and claimed depreciation. Assessing Officer disallowed depreciation on ground that there was no documentary evidence of expenditure incurred by amalgamating company on development of patented technology and valuation report of valuer could not be a basis to allow such expenditure.\u00a0 The AO disallowed the depreciation. CIT(A) allowed the depreciation.\u00a0 Tribunal held that once value of patented technology had been approved by High Court as part of scheme of amalgamation, then it could not be doubted or rejected by revenue authorities.\u00a0\u00a0 Order of CIT(A) is affirmed. (AY. 2015-16)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 32 : Depreciation-Amalgamation-Intangible assets-Depreciation on patented technology-Order of CIT(A) deleting the depreciation is affirmed. <\/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-55050","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-ejU","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/55050","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=55050"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/55050\/revisions"}],"predecessor-version":[{"id":55051,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/55050\/revisions\/55051"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=55050"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=55050"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=55050"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}