https://www.taxtmi.com/caselaws?id=180492 The Tribunal dismissed the department's appeals, confirming the assessee's entitlement to depreciation on declared franchise and license rights. It upheld the CIT (A)'s decision that the payment was for intangible assets eligible for depreciation under Section 32(1)(ii) of the Income-tax Act, 1961. Additionally, the Tribunal supported the allowance of depreciation on goodwill, in line with judicial precedents recognizing goodwill as an intangible asset. The order emphasized the genuine nature of the transaction and the acquisition of essential intangible assets for the business. en-us Fri, 30 Sep 2011 00:00:00 +0530 Tue, 26 Sep 2017 11:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=180492 The Tribunal dismissed the department's appeals, confirming the assessee's entitlement to depreciation on declared franchise and license rights. It upheld the CIT (A)'s decision that the payment was for intangible assets eligible for depreciation under Section 32(1)(ii) of the Income-tax Act, 1961. Additionally, the Tribunal supported the allowance of depreciation on goodwill, in line with judicial precedents recognizing goodwill as an intangible asset. The order emphasized the genuine nature of the transaction and the acquisition of essential intangible assets for the business. Case-Laws Income Tax Fri, 30 Sep 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=180492