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2016 (8) TMI 1475 - AT - Income TaxDepreciation on goodwill - whether goodwill is an intangible asset under section 32, hence, eligible for claim of depreciation? - HELD THAT:- This issue is no more res integra in view of the decision of Hon'ble Supreme Court in Smifs Securities Ltd. [2012 (8) TMI 713 - SUPREME COURT] where the Hon'ble Supreme Court has held that goodwill is in the nature of any other business or commercial rights as provided under Explanation–3(b) of section 32(i) r/w section 32(1)(ii). The other decisions of the Tribunal relied upon by learned Authorised Representative also express similar view. Therefore, respectfully following the ratio laid down in the decision referred to above, we uphold the order of the learned Commissioner (Appeals) on the issue. Accordingly, grounds raised by the Department are dismissed.
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