https://www.taxtmi.com/caselaws?id=300372 The Tribunal upheld the CIT(A)'s decision to allow depreciation on goodwill under section 32 of the Income Tax Act, 1961. It affirmed that goodwill qualifies as an asset for depreciation, despite the absence of consideration for acquisition in the amalgamation scheme. Relying on judicial precedents, the Tribunal dismissed the Revenue's appeal and supported the allowance of depreciation on goodwill as per the Income Tax Rules, 1962. en-us Wed, 17 Aug 2016 00:00:00 +0530 Fri, 28 Jan 2022 19:40:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=300372 The Tribunal upheld the CIT(A)'s decision to allow depreciation on goodwill under section 32 of the Income Tax Act, 1961. It affirmed that goodwill qualifies as an asset for depreciation, despite the absence of consideration for acquisition in the amalgamation scheme. Relying on judicial precedents, the Tribunal dismissed the Revenue's appeal and supported the allowance of depreciation on goodwill as per the Income Tax Rules, 1962. Case-Laws Income Tax Wed, 17 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=300372