Non-Compete Agreement is an Intangible Asset, Depreciation allowable: ITAT [Read Order]

Non - Compete - Agreement - is - an - Intangible - Asset - Depreciation - ITAT - TAXSCAN

The Chennai bench of the Income Tax Appellate Tribunal (ITAT) has held that a non-compete agreement is an intangible asset and depreciation is allowable on the same. M/s.Pentasoft Technologies Ltd, the assessee company is engaged in the business of software development & services and is exporting software and services from Software Technology Park and claimed…

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