Srivatsan Surveyors Pvt. Ltd. v. ITO

ASSISTANT COMMISSIONER OF INCOME TAX-16(1), MUMBAI vs. VIACOM18 MEDIA PRIVATE LIMITED, MUMBAI

…r but a restriction on the recipient, it cannot be deemed to be covered under\nthe residuary phrase \"any other business or commercial rights of similar nature\".\n8. 6. It is pertinent to note that in the case of Srivatsan Surveyors (P) Ltd V/s ITO\n(2009) (32 SOT 268) (Chennai-Tribunal), it has been held that \"Right as to know\nhow, patents, copyrights, trademarks, licences, franchises, etc can be construed to be\nright in rem which can be claimed against the world at large. Right in restrictive\ncovenant is 'right in personam' which is available against the contracting parties\nonly. As such right in restric…

IMCD GROUP B.V. - INDIA BRANCH (CURRENTLY KNON AS IMDC INDIA PVT. LTD.),MUMBAI vs. DCIT (IT) ,CIRCLE 2(2)(1), MUMBAI

In the result, appeals of the Revenue as well as the assessee are rejected

Bench: Shri C.N. Prasad, Hon'Ble & Shri G. Manjunatha, Hon'Ble

…ly placed reliance on the decision of the Hon'ble Delhi High Court in the case of the Sharp Business System v. CIT in ITA No. 492/2012 dated 05.11.2012 and the decision of the Chennai Bench of the Tribunal in the case of Srivatsan Surveyors Pvt. Ltd., v. ITO [32 SOT 268] and submitted that in this decision it has been held that depreciation on restrictive covenant is not allowable u/s. 32(1)(ii) of the Act. 6. We have heard the rival submissions and perused the orders of the authorities below and the decisions relied on. We find that the Tribunal in 4 ITA.NOs. 2433, 2735, 3078 & 3403/MUM/2018 IMCD Group B.V. Ind…

DCIT -14(2)(1), MUMBAI vs. IMCD GROUP B.V. INDIA BRANCH (NOW IMCD INDIA PRIVATE LIMITED), MUMBAI

In the result, appeals of the Revenue as well as the assessee are rejected

Bench: Shri C.N. Prasad, Hon'Ble & Shri G. Manjunatha, Hon'Ble

…ly placed reliance on the decision of the Hon'ble Delhi High Court in the case of the Sharp Business System v. CIT in ITA No. 492/2012 dated 05.11.2012 and the decision of the Chennai Bench of the Tribunal in the case of Srivatsan Surveyors Pvt. Ltd., v. ITO [32 SOT 268] and submitted that in this decision it has been held that depreciation on restrictive covenant is not allowable u/s. 32(1)(ii) of the Act. 6. We have heard the rival submissions and perused the orders of the authorities below and the decisions relied on. We find that the Tribunal in 4 ITA.NOs. 2433, 2735, 3078 & 3403/MUM/2018 IMCD Group B.V. Ind…