https://www.taxtmi.com/caselaws?id=215187 ITAT, Mumbai held that where no demonstrable excess payment over the fair market value of net assets is shown, amounts recorded as goodwill on amalgamation cannot be treated as commercial goodwill eligible for depreciation. The tribunal found the alleged goodwill to be a mere book entry reflecting intrinsic value of fixed assets rather than a separate purchase of intangible commercial rights, and accordingly disallowed depreciation claimed by the assessee. Decision entered against the assessee. en-us Fri, 25 May 2012 00:00:00 +0530 Mon, 15 Sep 2025 13:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=215187 ITAT, Mumbai held that where no demonstrable excess payment over the fair market value of net assets is shown, amounts recorded as goodwill on amalgamation cannot be treated as commercial goodwill eligible for depreciation. The tribunal found the alleged goodwill to be a mere book entry reflecting intrinsic value of fixed assets rather than a separate purchase of intangible commercial rights, and accordingly disallowed depreciation claimed by the assessee. Decision entered against the assessee. Case-Laws Income Tax Fri, 25 May 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=215187