Goodwill Considered Depreciable Intangible Asset u/s 32(1), Explanation 3(b) of Income Tax Act via Ejusdem Generis Principle.

Goodwill Considered Depreciable Intangible Asset u/s 32(1), Explanation 3(b) of Income Tax Act via Ejusdem Generis Principle. https://www.taxtmi.com/highlights?id=56847 Depreciation on intangible assets - a reading the words 'any other business or commercial rights of similar nature' in clause (b) of Explanation 3 indicates that goodwill would fall under the expression 'any other business or commercial right of a similar nature'. The principle of ejusdem generis would strictly apply while interpreting the said expression which finds place in Explanation 3(b). 'Goodwill' is an asset under Explanation 3(b) to Section 32(1) - AT en-us Mon, 22 Feb 2021 19:10:26 +0530 Mon, 22 Feb 2021 19:10:26 +0530 TaxTMI RSS Generator Goodwill Considered Depreciable Intangible Asset u/s 32(1), Explanation 3(b) of Income Tax Act via Ejusdem Generis Principle. https://www.taxtmi.com/highlights?id=56847 Depreciation on intangible assets - a reading the words 'any other business or commercial rights of similar nature' in clause (b) of Explanation 3 indicates that goodwill would fall under the expression 'any other business or commercial right of a similar nature'. The principle of ejusdem generis would strictly apply while interpreting the said expression which finds place in Explanation 3(b). 'Goodwill' is an asset under Explanation 3(b) to Section 32(1) - AT Highlights Income Tax Mon, 22 Feb 2021 19:10:26 +0530 https://www.taxtmi.com/highlights?id=56847