https://www.taxtmi.com/caselaws?id=235011 Depreciation under s.32(1) of the Income-tax Act on goodwill arising from acquisition of business or commercial rights was in issue. Applying Explanation 3(b) to s.32(1), the HC held that goodwill constitutes an "asset" falling within "intangible assets," and therefore qualifies for depreciation; reliance was placed on the SC ruling recognising depreciation on goodwill as a depreciable intangible. Consequently, the ITAT's allowance of depreciation on goodwill was upheld and the revenue's challenge was rejected, with the issue decided in favour of the assessee. en-us Mon, 01 Apr 2013 00:00:00 +0530 Mon, 29 Dec 2025 16:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=235011 Depreciation under s.32(1) of the Income-tax Act on goodwill arising from acquisition of business or commercial rights was in issue. Applying Explanation 3(b) to s.32(1), the HC held that goodwill constitutes an "asset" falling within "intangible assets," and therefore qualifies for depreciation; reliance was placed on the SC ruling recognising depreciation on goodwill as a depreciable intangible. Consequently, the ITAT's allowance of depreciation on goodwill was upheld and the revenue's challenge was rejected, with the issue decided in favour of the assessee. Case-Laws Income Tax Mon, 01 Apr 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=235011