https://www.taxtmi.com/caselaws?id=215591 The ITAT dismissed both appeals, upholding the disallowance of depreciation on goodwill and the disallowance of the liability claim under section 41 for the relevant year. The ITAT concluded that the claimed goodwill depreciation was merely a book entry and not a commercial right, thus rejecting the depreciation claim. Additionally, the liability for rent payable was disallowed as it had not crystallized in the year under consideration, in line with section 41(1) of the Income Tax Act. en-us Wed, 11 Jul 2012 00:00:00 +0530 Fri, 10 Aug 2012 23:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=215591 The ITAT dismissed both appeals, upholding the disallowance of depreciation on goodwill and the disallowance of the liability claim under section 41 for the relevant year. The ITAT concluded that the claimed goodwill depreciation was merely a book entry and not a commercial right, thus rejecting the depreciation claim. Additionally, the liability for rent payable was disallowed as it had not crystallized in the year under consideration, in line with section 41(1) of the Income Tax Act. Case-Laws Income Tax Wed, 11 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=215591