https://www.taxtmi.com/caselaws?id=56235 The Tribunal dismissed the appeal concerning the disallowance of depreciation on goodwill. It held that the payment made for goodwill, treated as compensation to a retiring partner, did not qualify as acquiring specified intangible assets under Section 32(1)(ii). Consequently, the appellant was not entitled to claim depreciation, as the acquisition did not meet the statutory requirements for intangible assets eligible for depreciation. The decision was grounded in the specific legal provisions and the absence of qualifying intangible assets akin to know-how, patents, or trademarks. en-us Thu, 25 Aug 2005 00:00:00 +0530 Thu, 25 Apr 2024 14:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56235 The Tribunal dismissed the appeal concerning the disallowance of depreciation on goodwill. It held that the payment made for goodwill, treated as compensation to a retiring partner, did not qualify as acquiring specified intangible assets under Section 32(1)(ii). Consequently, the appellant was not entitled to claim depreciation, as the acquisition did not meet the statutory requirements for intangible assets eligible for depreciation. The decision was grounded in the specific legal provisions and the absence of qualifying intangible assets akin to know-how, patents, or trademarks. Case-Laws Income Tax Thu, 25 Aug 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56235