https://www.taxtmi.com/caselaws?id=216035 The SC upheld the allowance of depreciation under Section 32 on stock exchange membership cards, recognizing such membership rights as intangible assets akin to licences. It further ruled that goodwill qualifies as an intangible asset under Explanation 3 to Section 32(1)(ii), allowing depreciation claims post-amalgamation. Additionally, the Court allowed the deduction of bad debts under Section 36(1)(vii), holding that debts incurred in the normal course of business are deductible regardless of the assessee's accounting methods. All claims were decided in favor of the assessee. en-us Wed, 22 Aug 2012 00:00:00 +0530 Mon, 06 Apr 2026 14:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=216035 The SC upheld the allowance of depreciation under Section 32 on stock exchange membership cards, recognizing such membership rights as intangible assets akin to licences. It further ruled that goodwill qualifies as an intangible asset under Explanation 3 to Section 32(1)(ii), allowing depreciation claims post-amalgamation. Additionally, the Court allowed the deduction of bad debts under Section 36(1)(vii), holding that debts incurred in the normal course of business are deductible regardless of the assessee's accounting methods. All claims were decided in favor of the assessee. Case-Laws Income Tax Wed, 22 Aug 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=216035