Bombay HC rules for appellant-assessee on depreciation of goodwill under Income Tax Act

The Bombay HC ruled in favor of the appellant-assessee in an appeal under Section 260A of the Income Tax Act, 1961 concerning depreciation on goodwill. The appeal was admitted on a substantial question of law and the Court relied on a SC judgment in a similar case. No costs were awarded.

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The Bombay High Court heard an appeal under Section 260A of the Income Tax Act, 1961 regarding depreciation on goodwill. The appeal was admitted based on a substantial question of law. The Court ruled in favor of the appellant-assessee, citing a Supreme Court judgment in a similar case. No costs were awarded.

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