2014 (7) TMI 679

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....is appeal is filed by the Revenue against the order of Ld. CIT(A)-XV, New Delhi dated 08.07.2013 for the assessment year 2008-09. The sole grievance raised in this appeal is regarding action of Ld. CIT(A) by which he has allowed depreciation on goodwill amounting to Rs. 4,48,25,483/- by holding that goodwill is an asset covered under Explanation (3)(b) of Section 32 of the Income-tax Act, 1961. ....

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....t over and above book value of net current asset as appearing in books as on 15.12.2005 was recorded as goodwill and depreciation thereon was claimed by treating the same as intangible asset. The Assessing Officer did not accept the contention of the appellant that goodwill was eligible for depreciation by observing that the same was not included in the definition of intangible asset u/s 32 of the....

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....e appellant had treated the surplus of consideration paid over the value of net current asset KLPM in terms o BTA dated 15.12.2005, which was treated as goodwill in its books, however, the same was an aggregation of various intangible asset comprising pending customers contracts intangible property rights, assemble work forces and customers relationship etc. Being intangible asset in nature each o....