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2015 (6) TMI 923 - AT - Income TaxDepreciation on goodwill - Held that:- The assessee acquired the business of weighing division of Phillips India Ltd. and that a sum of ₹ 64,93,706 was paid as goodwill of the business is not in dispute. The assessee is in the business of sales and servicing of electronic weighing solutions. It is therefore clear that the assessee owned goodwill and had used the goodwill for the purpose of its business. In such circumstances, we are of the view that the assessee would be entitled to depreciation on goodwill. - Decided in favour of assessee.
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