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2017 (9) TMI 722 - AT - Income TaxDepreciation on Goodwill - whether it is an asset covered under Explanation 3(b) of section 32 - Held that:- Following the order passed by the coordinate Bench of the Tribunal in assessee’s own case for AY 2007-08 and 2008-09 and the appeal filed by the Revenue in Hon’ble High Court has also been dismissed in the light of the decision rendered by Hon’ble Supreme Court in CIT vs. Smifs Securities Limited (2012 (8) TMI 713 - SUPREME COURT), we are of the considered view that the Goodwill is an asset squarely covered under Explanation 3 (b) to section 32(1) of the Act and is not covered under the expression ‘any other business or commercial rights of similar nature. So, in terms of BTA dated 15.12.2005, the Goodwill being an intangible property right is entitled for depreciation - Decided against revenue.
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