https://www.taxtmi.com/caselaws?id=391492 The Tribunal allowed the appellant's appeal, overturning the disallowance of depreciation on goodwill acquired from Lee & Muirhead Pvt. Ltd. The Tribunal held that goodwill qualifies as an intangible asset eligible for depreciation under Section 32 of the Income Tax Act, citing legal precedents and previous decisions in the appellant's favor. The Tribunal emphasized that the failure to claim depreciation through a revised return did not bar consideration of the claim if relevant facts were on record. Consequently, the appellant's claim for depreciation on goodwill was upheld, and the disallowance by lower authorities was deleted. en-us Tue, 07 Jan 2020 00:00:00 +0530 Thu, 30 Jan 2020 10:14:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=391492 The Tribunal allowed the appellant's appeal, overturning the disallowance of depreciation on goodwill acquired from Lee & Muirhead Pvt. Ltd. The Tribunal held that goodwill qualifies as an intangible asset eligible for depreciation under Section 32 of the Income Tax Act, citing legal precedents and previous decisions in the appellant's favor. The Tribunal emphasized that the failure to claim depreciation through a revised return did not bar consideration of the claim if relevant facts were on record. Consequently, the appellant's claim for depreciation on goodwill was upheld, and the disallowance by lower authorities was deleted. Case-Laws Income Tax Tue, 07 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=391492