Depreciation claim on Non Compete Fee Allowable Under Income Tax Act: ITAT Deletes Penalty Imposed [Read Order]

The tribunal overturns penalty on non-compete fee depreciation amidst conflicting High Court judgments
By Sneha Sukumaran Mullakkal - On July 28, 2024 11:53 am - 2 mins read
Depreciation claim - Depreciation claim on Non Compete Fee - Under Income Tax Act - Income Tax Act - income tax news - ITAT delhi - ITAT - Income Tax Appellate Tribunal - Penalty Imposed - taxscan

In the recent ruling, the Delhi bench Of Income Tax Appellate Tribunal (ITAT) quashed the penalty for disallowing Rs. 21,89,970 in non-compete fee depreciation due to conflicting High Court rulings and the Supreme Court’s pending review. Metro Tyres Limited, the appellant assessee, an assessment order was issued disallowing depreciation on a non-compete fee of Rs….

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