https://www.taxtmi.com/caselaws?id=398310 Following the co-ordinate bench's earlier view in the assessee's own case, depreciation on goodwill was treated as allowable because goodwill can constitute an intangible asset eligible for depreciation, and the related disallowance was deleted. On the same parity of reasoning, mark-to-market foreign exchange loss on revaluation of forward exchange contracts was accepted as allowable, and that disallowance was also directed to be deleted. The Revenue's appeal therefore failed in full. en-us Fri, 28 Aug 2020 00:00:00 +0530 Fri, 11 Sep 2020 15:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=398310 Following the co-ordinate bench's earlier view in the assessee's own case, depreciation on goodwill was treated as allowable because goodwill can constitute an intangible asset eligible for depreciation, and the related disallowance was deleted. On the same parity of reasoning, mark-to-market foreign exchange loss on revaluation of forward exchange contracts was accepted as allowable, and that disallowance was also directed to be deleted. The Revenue's appeal therefore failed in full. Case-Laws Income Tax Fri, 28 Aug 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=398310