https://www.taxtmi.com/caselaws?id=59559 The tribunal dismissed the appeal, affirming the disallowance of depreciation on goodwill acquired by the assessee. It held that goodwill did not qualify as an intangible asset eligible for depreciation under section 32(1)(ii) of the Income-tax Act, 1961. The tribunal emphasized that goodwill did not fit within the specified categories of intangible assets eligible for depreciation, applying the principle of ejusdem generis. The decision upheld the lower authorities' findings, confirming that the acquisition cost of goodwill was not entitled to depreciation. en-us Tue, 19 Feb 2008 00:00:00 +0530 Fri, 22 Dec 2023 10:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59559 The tribunal dismissed the appeal, affirming the disallowance of depreciation on goodwill acquired by the assessee. It held that goodwill did not qualify as an intangible asset eligible for depreciation under section 32(1)(ii) of the Income-tax Act, 1961. The tribunal emphasized that goodwill did not fit within the specified categories of intangible assets eligible for depreciation, applying the principle of ejusdem generis. The decision upheld the lower authorities' findings, confirming that the acquisition cost of goodwill was not entitled to depreciation. Case-Laws Income Tax Tue, 19 Feb 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59559