Depreciation allowable on Marketing Information and Non-Compete Fee: ITAT [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has held that the depreciation is allowable on intangible assets such as marketing information comprising of Commercial information, Customer data, Distribution network and Suppliers contract and Non-compete fees. The assessee, Chemetall Rai India Limited, acquired Chemical business of Gramos Chemicals India Pvt. Ltd. vide agreement…