Exclusion of goodwill from specified asset classification narrows depreciation treatment to non-goodwill assets under Income-tax law.

Amendment narrows the scope of the provision by expressly excluding goodwill of a business or profession from clause (ii) of sub section (1) and from Explanation 3(b), clarifying that goodwill is not to be treated as an asset of the type addressed by section 32 and limiting depreciation/asset treatment to non goodwill items.

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