2015 (11) TMI 578

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....ANJAY GARG (Judicial Member) Madhur Agrawal, authorised representative, for the appellant. Smt. Parminder for the respondent. ORDER The order of the Bench was delivered by 1. Sanjay Garg (Judicial Member).-The present appeal has been preferred by the assessee against the order of the Commissioner of Income-tax (Appeals) (hereinafter referred to as the CIT(A)) dated January 31, 2013 ....

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....or the sake of convenience, is reproduced as under : "Ground No. 4 : Not granting depreciation on goodwill 1. On the facts and in the circumstances of the case and in law, the Commissioner of Income-tax (Appeals)-LTU erred in not granting depreciation on goodwill of Rs. 3,23,15,044 on the ground that good will is not covered under section 32(1)(ii) of the Act. 2. The appellant prays that ....

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.... while adjudicating the issue relating to the claim of depreciation on goodwill has categorically held as under (page 305) : "10. Explanation 3 states that the expression 'asset' shall mean an intangible asset, being know-how, patents, copyrights, trade marks, licences, franchises or any other business or commercial rights of similar nature. A reading of the words 'any other busines....