https://www.taxtmi.com/caselaws?id=272357 The Tribunal allowed the assessee's appeals regarding the disallowance of claim of depreciation on "goodwill" under section 32(1)(ii) of the Income-tax Act for the assessment years 2002-03 to 2008-09. Citing legal precedents, including the Supreme Court's decision in CIT v. Smifs Securities Ltd., the Tribunal held that goodwill qualifies as an asset eligible for depreciation under Explanation 3(b) to section 32(1) of the Act. Consequently, the Assessing Officer was directed to allow the depreciation claim on goodwill for all relevant years, leading to a favorable outcome for the assessee. en-us Wed, 22 Jul 2015 00:00:00 +0530 Mon, 07 Mar 2016 06:31:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=272357 The Tribunal allowed the assessee's appeals regarding the disallowance of claim of depreciation on "goodwill" under section 32(1)(ii) of the Income-tax Act for the assessment years 2002-03 to 2008-09. Citing legal precedents, including the Supreme Court's decision in CIT v. Smifs Securities Ltd., the Tribunal held that goodwill qualifies as an asset eligible for depreciation under Explanation 3(b) to section 32(1) of the Act. Consequently, the Assessing Officer was directed to allow the depreciation claim on goodwill for all relevant years, leading to a favorable outcome for the assessee. Case-Laws Income Tax Wed, 22 Jul 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=272357