https://www.taxtmi.com/caselaws?id=203655 The Tribunal upheld the Assessing Officer's decision to allow depreciation on goodwill, finding it a permissible legal course, not erroneous or prejudicial to revenue. The Commissioner's attempt to revise under Section 263 was quashed as the order was not flawed. The Tribunal also ruled there was no violation of natural justice principles. The Tribunal cited precedents supporting goodwill as an intangible asset eligible for depreciation under Section 32(1)(ii). The assessee's appeal was allowed, and the Assessing Officer's decision was upheld. en-us Fri, 13 Aug 2010 00:00:00 +0530 Wed, 01 Mar 2017 10:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=203655 The Tribunal upheld the Assessing Officer's decision to allow depreciation on goodwill, finding it a permissible legal course, not erroneous or prejudicial to revenue. The Commissioner's attempt to revise under Section 263 was quashed as the order was not flawed. The Tribunal also ruled there was no violation of natural justice principles. The Tribunal cited precedents supporting goodwill as an intangible asset eligible for depreciation under Section 32(1)(ii). The assessee's appeal was allowed, and the Assessing Officer's decision was upheld. Case-Laws Income Tax Fri, 13 Aug 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=203655