https://www.taxtmi.com/caselaws?id=426662 The Tribunal allowed the assessee's appeal regarding the disallowance of depreciation on goodwill claimed under section 32(1)(ii) of the Income Tax Act for AY 2014-15 and 2015-16. The Tribunal overturned the CIT(A)'s decision and directed the AO to allow depreciation on goodwill, citing previous Tribunal decisions and judicial precedents supporting the eligibility of goodwill for depreciation under the Act. The Tribunal emphasized the consistent depreciation claims by the assessee in previous years and the absence of adverse material, leading to the allowance of the appeals. en-us Fri, 29 Jul 2022 00:00:00 +0530 Mon, 22 Aug 2022 17:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=426662 The Tribunal allowed the assessee's appeal regarding the disallowance of depreciation on goodwill claimed under section 32(1)(ii) of the Income Tax Act for AY 2014-15 and 2015-16. The Tribunal overturned the CIT(A)'s decision and directed the AO to allow depreciation on goodwill, citing previous Tribunal decisions and judicial precedents supporting the eligibility of goodwill for depreciation under the Act. The Tribunal emphasized the consistent depreciation claims by the assessee in previous years and the absence of adverse material, leading to the allowance of the appeals. Case-Laws Income Tax Fri, 29 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=426662