https://www.taxtmi.com/article/detailed?id=9742 The Supreme Court treated goodwill as an intangible business or commercial right eligible for depreciation when acquired (for example on amalgamation), and tribunals have required factual verification of such claims rather than automatic disallowance. Administrative objections have included non revision of returns and assertions that goodwill is a mere accounting balancing figure. Subsequent finance legislation prospectively excludes goodwill from the class of intangible assets eligible for depreciation, changing the tax treatment going forward. en-us Fri, 09 Apr 2021 07:59:48 +0530 Fri, 09 Apr 2021 07:59:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=9742 The Supreme Court treated goodwill as an intangible business or commercial right eligible for depreciation when acquired (for example on amalgamation), and tribunals have required factual verification of such claims rather than automatic disallowance. Administrative objections have included non revision of returns and assertions that goodwill is a mere accounting balancing figure. Subsequent finance legislation prospectively excludes goodwill from the class of intangible assets eligible for depreciation, changing the tax treatment going forward. Articles Income Tax Fri, 09 Apr 2021 07:59:48 +0530 https://www.taxtmi.com/article/detailed?id=9742