https://www.taxtmi.com/caselaws?id=182172 The Tribunal set aside the revision order under Section 263 of the Income Tax Act, 1961, in favor of the assessee, ruling that the Commissioner cannot substitute the Assessing Officer's view with his own. The Tribunal found that goodwill qualifies for depreciation as an intangible asset under Section 32, supported by judicial precedents. The Tribunal emphasized that the Assessing Officer had previously accepted the depreciation claim on goodwill and that the revision order was unfounded. The appeal was allowed, and the decision was announced on 28th January 2011. en-us Fri, 28 Jan 2011 00:00:00 +0530 Wed, 04 May 2016 11:59:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=182172 The Tribunal set aside the revision order under Section 263 of the Income Tax Act, 1961, in favor of the assessee, ruling that the Commissioner cannot substitute the Assessing Officer's view with his own. The Tribunal found that goodwill qualifies for depreciation as an intangible asset under Section 32, supported by judicial precedents. The Tribunal emphasized that the Assessing Officer had previously accepted the depreciation claim on goodwill and that the revision order was unfounded. The appeal was allowed, and the decision was announced on 28th January 2011. Case-Laws Income Tax Fri, 28 Jan 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=182172