https://www.taxtmi.com/caselaws?id=449368 Appellate authorities may entertain a bona fide depreciation claim on goodwill even if it was not raised in the original return, because the restriction in Goetze (India) applies only to the Assessing Officer. Goodwill acquired for consideration in a slump sale is treated as an intangible capital right falling within "any other business or commercial right of a similar nature" under section 32, and is eligible for depreciation for years before the prospective statutory exclusion. Contemporaneous valuation material supporting the acquisition cost was accepted, and the Revenue's valuation objections did not defeat the claim. Depreciation on goodwill was therefore allowable. en-us Mon, 18 Dec 2023 00:00:00 +0530 Fri, 09 Feb 2024 14:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=449368 Appellate authorities may entertain a bona fide depreciation claim on goodwill even if it was not raised in the original return, because the restriction in Goetze (India) applies only to the Assessing Officer. Goodwill acquired for consideration in a slump sale is treated as an intangible capital right falling within "any other business or commercial right of a similar nature" under section 32, and is eligible for depreciation for years before the prospective statutory exclusion. Contemporaneous valuation material supporting the acquisition cost was accepted, and the Revenue's valuation objections did not defeat the claim. Depreciation on goodwill was therefore allowable. Case-Laws Income Tax Mon, 18 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=449368