https://www.taxtmi.com/caselaws?id=796411 Depreciation is allowable on goodwill arising from a court-approved amalgamation where independently determined purchase consideration exceeds the net assets acquired. The valuation report and audited financial statements support that the goodwill was acquired in a genuine commercial transaction, rather than being self-generated, fictitious, or a mere accounting adjustment. Goodwill qualifying as a business or commercial right constitutes a depreciable intangible asset. Excess consideration over net assets does not defeat depreciation unless material establishes that the amalgamation or valuation was a sham or otherwise legally untenable. en-us Thu, 30 Jul 2026 00:00:00 +0530 Wed, 05 Aug 2026 08:48:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=796411 Depreciation is allowable on goodwill arising from a court-approved amalgamation where independently determined purchase consideration exceeds the net assets acquired. The valuation report and audited financial statements support that the goodwill was acquired in a genuine commercial transaction, rather than being self-generated, fictitious, or a mere accounting adjustment. Goodwill qualifying as a business or commercial right constitutes a depreciable intangible asset. Excess consideration over net assets does not defeat depreciation unless material establishes that the amalgamation or valuation was a sham or otherwise legally untenable. Case-Laws Income Tax Thu, 30 Jul 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=796411