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2020 (12) TMI 672 - HC - Income TaxDepreciation u/s 32(1)(ii) in respect of intangible assets - Goodwill - Acquisition of business - net assets taken over and the particulars of liability, loans etc - HELD THAT:- The Supreme Court in SMIFS SECURTIES LTD. [2012 (8) TMI 713 - SUPREME COURT] held that good will is an asset under Section 32(1) of the Act and is thus eligible for depreciation. Therefore, the aforesaid issue is no longer res integra. Only contention which has been raised by learned counsel for the revenue is that the assessee has not disclosed the particulars of intangible assets, which have been acquired by it and therefore, it is not entitled for the benefit of depreciation under Section 32(1) - From perusal of the order passed by the Assessing Officer itself it is axiomatic that he has found that the goodwill has been calculated and has been allotted to intangibles. For yet another reason, the order passed by the tribunal has to be upheld.- Decided against the revenue
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