Loading judgment…
No AI summary yet for this case.
Income Tax Appellate Tribunal, “F” BENCH, MUMBAI
Before: SHRI NARENDRA KUMAR BILLAIYA, HONBLE & SHRI SANDEEP SINGH KARHAIL, HONBLE
आदेश/O R D E R
PER NARENDRA KUMAR BILLAIYA, AM:
This appeal by the assessee is preferred against the order dt. 29/01/2025 by NFAC, Delhi [hereinafter “the ld. CIT(A)”] pertaining to AY 2012-13.
The grievance of the assessee relates to the disallowance of depreciation on distribution network rights, non-compete rights and on good-will.
Representatives were heard at length, case records carefully perused and the relevant documentary evidence brought on record duly considered.
4.
4.1. A perusal of the above chart clearly shows that under the block tangible assets, comprising of good-will, trade marks, copy rights and patents and non-compete rights, written down value (WDV) as at 31st March, has been shown on which the depreciation has been claimed. The WDV is the broughtforward WDV as on 31/03/2011 which means that the assessee has claimed depreciation on the WDV of the assets there being no addition in the block. Therefore, we do not find any reason why the depreciation on the WDV should be disallowed when the depreciation has been allowed in the assessment year on the same block of assets. We accordingly direct the AO to allow the claim of depreciation. The substantial grievance of the assessee is allowed.