https://www.taxtmi.com/caselaws?id=340800 The Tribunal allowed depreciation on goodwill, determining it as an intangible asset eligible for depreciation despite the Assessing Officer's disallowance based on a previous Bombay High Court decision. Citing Supreme Court precedents and a Delhi High Court case, the Tribunal considered the excess payment over assets and liabilities as goodwill, directing the Assessing Officer to allow the depreciation. The Tribunal rejected the Revenue's reliance on a different case, affirming the appellant's grounds for appeal and ultimately permitting the depreciation on goodwill in the assessment year 2007-08. en-us Fri, 03 Mar 2017 00:00:00 +0530 Tue, 28 Mar 2017 06:46:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=340800 The Tribunal allowed depreciation on goodwill, determining it as an intangible asset eligible for depreciation despite the Assessing Officer's disallowance based on a previous Bombay High Court decision. Citing Supreme Court precedents and a Delhi High Court case, the Tribunal considered the excess payment over assets and liabilities as goodwill, directing the Assessing Officer to allow the depreciation. The Tribunal rejected the Revenue's reliance on a different case, affirming the appellant's grounds for appeal and ultimately permitting the depreciation on goodwill in the assessment year 2007-08. Case-Laws Income Tax Fri, 03 Mar 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=340800