Assistant Commissioner Of Income Tax vs Ge Plastics India Ltd.

Whether depreciation is allowable on non-compete fee as an intangible asset under section 32(1)(ii) of the Income Tax Act, 1961 --- Held Yes; Whether sales tax should be excluded from total turnover for computing deduction under section 80HHC --- Held Yes; Whether expenses on due diligence for business acquisition are revenue or capital expenditure --- Held Capital; Whether non-compete fee is allowable as revenue expenditure under section 37 --- Held No; Whether unabsorbed depreciation should be set off against income for computing deduction under section 80HHC --- Held Yes; Whether deduction under section 80HHC should be computed after setting off unabsorbed depreciation against income under MAT provisions --- Held No; Whether provision for doubtful debts should be added to book profits under section 115JB --- Held Yes.