https://www.taxtmi.com/caselaws?id=180227 The Tribunal dismissed the revenue's appeal and partly allowed the assessee's cross objection regarding the depreciation treatment of the acquired business database and goodwill. It ruled that the database should be treated as an intangible asset eligible for full depreciation under section 32 of the Income Tax Act, overruling the CIT(A)'s decision for partial depreciation. The Tribunal upheld the disallowance of depreciation on goodwill, agreeing with the AO's stance. An alternative plea to claim the database payment as revenue expenditure was dismissed as it was not pursued by the assessee. en-us Fri, 03 Feb 2012 00:00:00 +0530 Wed, 10 Jan 2024 16:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=180227 The Tribunal dismissed the revenue's appeal and partly allowed the assessee's cross objection regarding the depreciation treatment of the acquired business database and goodwill. It ruled that the database should be treated as an intangible asset eligible for full depreciation under section 32 of the Income Tax Act, overruling the CIT(A)'s decision for partial depreciation. The Tribunal upheld the disallowance of depreciation on goodwill, agreeing with the AO's stance. An alternative plea to claim the database payment as revenue expenditure was dismissed as it was not pursued by the assessee. Case-Laws Income Tax Fri, 03 Feb 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=180227