https://www.taxtmi.com/caselaws?id=326055 The High Court dismissed the appeals challenging the treatment of payments to retiring partners as goodwill and eligibility for depreciation under the Income Tax Act. The Tribunal's decision to allow depreciation on goodwill was upheld, aligning with the Supreme Court's interpretation that goodwill falls under intangible assets. The High Court found no legal infirmity in the Tribunal's decision, stating it correctly applied the law as per the Supreme Court's guidance in Commissioner of Income Tax v. SMIFS Securities Ltd. en-us Mon, 21 Mar 2016 00:00:00 +0530 Tue, 05 Apr 2016 08:13:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=326055 The High Court dismissed the appeals challenging the treatment of payments to retiring partners as goodwill and eligibility for depreciation under the Income Tax Act. The Tribunal's decision to allow depreciation on goodwill was upheld, aligning with the Supreme Court's interpretation that goodwill falls under intangible assets. The High Court found no legal infirmity in the Tribunal's decision, stating it correctly applied the law as per the Supreme Court's guidance in Commissioner of Income Tax v. SMIFS Securities Ltd. Case-Laws Income Tax Mon, 21 Mar 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=326055