Expenditure incurred in acquisition of intangible asset is to be treated as revenue expenditure
Court :
Income Tax Appellate Tribunal
Brief :
On the facts and circumstances of the case, the learned CIT(A) ought not have deleted the addition of Rs. 4,49,95,728 representing expenses for acquisition of rights
The learned CIT(A) ought to have appreciate the fact that the provisions of sec. 32 amended by F.A. No. 2) Act, 1988 w.e.f. 1.4.1999 where the expenditure incurred on acquisition of ownership in intangible assets like, know-how, patents, copy rights, trademarks, licences etc., which are acquired on after 1.4.1998 are deemed to be in the nature of capital expenditure on which depreciation is allowable.
Citation :
DCIT Appellant Vs. M/s. Aditya Music (I) Respondent
You have reached your daily limit of 2 Free Judgements
Subscribe to CCI PRO for unlimited access
Why Upgrade to CCI PRO?
- No Ads
- WhatsApp Broadcasts
- Daily E-Newsletter
- Unlimited Judgements Access
Already a PRO member? Login here for an ad-free experience.
CS Bijoy
Published in Income Tax
Views : 1363
Comments
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
