Shares are not Intangible Assets U/S 32(1) (ii) and No Depreciation on Purchase Price of Shares: ITAT [Read Order]

By Taxscan Team - On June 28, 2022 12:24 pm - 2 mins read
Shares - Intangible Assets - Depreciation - Purchase Price of Shares - ITAT - Taxscan

The Income Tax Appellate Tribunal (ITAT), Mumbai Bench presided by Mr. Prashant Maharishi, AM, and Mr. Pavan Kumar Gadale, JM has held that shares are not intangible assets under section 32(1) (ii) and no depreciation on the purchase price of shares. The assessee, Sanjana Cryogenics Storages Ltd. is a company engaged in the business of…

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