MANGALORE GANESH BEEDI WORKS vs COMMISSIONER OF INCOME TAX

Whether legal expenses incurred by an Association of Persons (AOP) for protecting its business as a going concern are allowable as revenue expenditure under Section 37 of the Income Tax Act, 1961 --- Held Yes. Whether the Assessee is entitled to claim deduction/depreciation on acquisition of intellectual property rights (trademarks, copyrights, know-how) under Sections 35A and 35AB of the Act --- Held (Left open). Whether the Tribunal erred in directing the Assessing Officer to capitalize the value of trademarks, copyright, and technical know-how by treating them as plant and grant depreciation under Section 32 read with Section 43(3) of the Act --- Held No.