https://www.taxtmi.com/caselaws?id=177670 The appeal by the revenue challenging the disallowance of depreciation on goodwill under section 32 of the IT Act for the assessment year 2006-07 was dismissed by the ITAT. The ITAT upheld the allowance of depreciation on goodwill as an intangible asset, in line with decisions from the Kerala High Court and Delhi High Court recognizing goodwill as eligible for depreciation under section 32 of the IT Act. The CIT(A) had allowed the claim, emphasizing the benefits derived from acquiring business rights and goodwill, contrary to the AO's disallowance based on the absence of "goodwill" in the relevant section. en-us Fri, 17 Jun 2011 00:00:00 +0530 Thu, 14 Jan 2016 17:13:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=177670 The appeal by the revenue challenging the disallowance of depreciation on goodwill under section 32 of the IT Act for the assessment year 2006-07 was dismissed by the ITAT. The ITAT upheld the allowance of depreciation on goodwill as an intangible asset, in line with decisions from the Kerala High Court and Delhi High Court recognizing goodwill as eligible for depreciation under section 32 of the IT Act. The CIT(A) had allowed the claim, emphasizing the benefits derived from acquiring business rights and goodwill, contrary to the AO's disallowance based on the absence of "goodwill" in the relevant section. Case-Laws Income Tax Fri, 17 Jun 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=177670