2013 (7) TMI 169

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....venue has preferred this appeal challenging the order of the Tribunal holding that business or commercial rights acquired will be eligible for depreciation under Section 32(1)(ii) and consideration paid for business or commercial rights is eligible for depreciation. No amount can be considered as representing the goodwill on which no depreciation is admissible. Therefore, the assessing authority w....

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.... the revalued rights. The assessing authority held that the excess consideration paid over the value of the net assets is in the nature of goodwill paid for the future' profits of the business. Therefore, he allowed the depreciation only on the value mentioned in the agreement. 4. Aggrieved by the same, the assessee preferred an appeal to the Commissioner of Income Tax (Appeals), who affirmed the....