https://www.taxtmi.com/caselaws?id=288050 The Tribunal upheld the CIT (A)'s decision to allow depreciation on acquired intangible assets, including goodwill, in a case where the Revenue contested the disallowance of depreciation claimed by the assessee. The Tribunal found that the additional amount paid for goodwill was justified as it represented valuable commercial and business rights acquired from other concerns, making it eligible for depreciation under section 32 of the Income Tax Act. Citing relevant judicial precedents, the Tribunal dismissed the Revenue's appeal, affirming the allowance of depreciation on goodwill. en-us Tue, 28 Feb 2012 00:00:00 +0530 Fri, 15 May 2020 12:28:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=288050 The Tribunal upheld the CIT (A)'s decision to allow depreciation on acquired intangible assets, including goodwill, in a case where the Revenue contested the disallowance of depreciation claimed by the assessee. The Tribunal found that the additional amount paid for goodwill was justified as it represented valuable commercial and business rights acquired from other concerns, making it eligible for depreciation under section 32 of the Income Tax Act. Citing relevant judicial precedents, the Tribunal dismissed the Revenue's appeal, affirming the allowance of depreciation on goodwill. Case-Laws Income Tax Tue, 28 Feb 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=288050