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November 18, 2023

Legal Issues Seminar-General IP (LIS-GIP) On ‘Is Proprietary Business Information Eligible As Depreciable Intangible Asset Under The Income Tax Act?’

Featuring: Priyanshi Rastogi

A ‘Legal Issues Seminar – General IP’ (LIS-GIP) was conducted by Priyanshi Rastogi, Associate, on “Is Proprietary Business Information eligible as depreciable intangible asset under the Income Tax Act?”. The seminar explored how the Courts/Tribunals have interpreted the term “any other business or commercial rights of similar nature” featuring in the definition of an intangible asset eligible for depreciation. The session included a discussion on the right in rem / right in personam criteria developed by courts to determine eligibility of an intangible asset for depreciation under the Income Tax Act. The session also delved into contrary judicial decisions from recent times, that have adopted a broader interpretation for the term “any other business or commercial rights of similar nature” and included proprietary business information and other rights accruing from restrictive covenants within the definition of depreciable intangible assets. The session concluded with a discussion on the 2021 amendment to the Income Tax Act which amended the definition of a depreciable intangible asset to exclude goodwill from its ambit, thereby leading to an influx of cases considering the depreciation of intangibles such as proprietary business information which were earlier bundled into goodwill.

The presentation can be accessed here.

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