https://www.taxtmi.com/caselaws?id=254179 The Tribunal dismissed the assessee's appeal, rejecting the claim for depreciation on 'Goodwill' as no new tangible or intangible asset was acquired. Additionally, the Tribunal found that the correct quantification of depreciation should not include the disallowed amount from the previous year, maintaining the written down value at Rs. 26.54 lakhs. The decision was based on the Supreme Court's ruling that 'Goodwill' is depreciable but only if actually acquired, leading to the denial of the depreciation claim and the appeal on correct quantification. en-us Wed, 10 Dec 2014 00:00:00 +0530 Mon, 15 Dec 2014 18:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=254179 The Tribunal dismissed the assessee's appeal, rejecting the claim for depreciation on 'Goodwill' as no new tangible or intangible asset was acquired. Additionally, the Tribunal found that the correct quantification of depreciation should not include the disallowed amount from the previous year, maintaining the written down value at Rs. 26.54 lakhs. The decision was based on the Supreme Court's ruling that 'Goodwill' is depreciable but only if actually acquired, leading to the denial of the depreciation claim and the appeal on correct quantification. Case-Laws Income Tax Wed, 10 Dec 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=254179