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2014 (7) TMI 679 - AT - Income TaxDepreciation on goodwill – Whether goodwill is an asset covered under Explanation (3)(b) of Section 32 of the Act or not – Held that:- The assessee had purchased quality register division of KPMG and the consideration made over and above book value of net current asset as appearing in books as on 15.12.2005 was recorded as goodwill and depreciation was claimed by treating the same as intangible asset - CIT(A) rightly followed CIT Vs Smifs Securities Ltd. 2012 (8) TMI 713 - SUPREME COURT] - goodwill is an asset which is covered under Explanation (3)(b) of Section 32(1) of the Act which would fall under the expression ‘any other business or commercial rights of similar nature’ – thus, there was no infirmity in the order of the CIT(A) – Decided against Revenue.
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