TMI BlogDepreciation on intangible assets - a reading the words 'any other business or commercial rights of...Depreciation on intangible assets - a reading the words 'any other business or commercial rights of similar nature' in clause (b) of Explanation 3 indicates that goodwill would fall under the expression 'any other business or commercial right of a similar nature'. The principle of ejusdem generis would strictly apply while interpreting the said expression which finds place in Explanation 3(b). 'Goodwill' is an asset under Explanation 3(b) to Section 32(1) - AT ..... X X X X Extracts X X X X X X X X Extracts X X X X
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