2016 (3) TMI 169

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....he common grievance of the assessee in all the years pertains to disallowance of claim of depreciation on "goodwill" under section 32(1)(ii) of the Income-tax Act. 3. The rival contentions have been heard and record perused. Facts in brief are that the assessee-company, during the assessment year 2002-03, had taken the entire business as a going concern of M/s. St. Angelo's Computers, which was carrying on the activity of imparting professional computer training since 1991 at Mumbai from 14 different centres. The business was acquired for a lump sum consideration of Rs. 5,25,00,000. The assessee attributed Rs. 4,85,00,000 towards goodwill and business knowhow. The value of consideration was determined on the basis of valuation made by ....

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.... therefore, eligible for claim of depreciation. The learned authorised representative also placed reliance on the following decision wherein "goodwill" was accepted as an asset eligible for claim of depreciation : (i) ThyssenKrupp Elevator (India) P. Ltd. v. Asst. CIT [2015] 167 TTJ (Delhi-Trib) 131; (ii) Deputy CIT v. Worldwide Media P. Ltd. [2014] 30 ITR (Trib) 181 (Mumbai) ; (iii) PPG Asian Paints P. Ltd. v. Asst. CIT (LTU) I. T. A. No. 2919/ Mum/2013, dated April 15, 2015 [2015] 43 ITR (Trib) 307 (Mum) ; (iv) Toyo Engineering India Ltd., I. T. A. No. 3279/Mum/2008, dated October 13, 2014 ; (v) CIT v. Birla Global Asset Finance Co. Ltd. [2014] 221 Taxman 176 (Bom) (Mag.) ; and (vi) KEC International Ltd., order dated February 7, 20....