Supreme Court rules goodwill from amalgamation is a depreciable intangible asset u/s 32(1) of Income Tax Act.

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....Depreciation on goodwill that was created as a result of amalgamation - The judgment rendered in Smifs [2012 (8) TMI 713 - SUPREME COURT] clearly recognises goodwill to be an intangible asset and on which depreciation can clearly be claimed in terms of Section 32(1) of the Act. - HC....