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Income Tax

Depreciation on amount paid to retiring partner as goodwill from...

Goodwill Payment to Retiring Partner Not Eligible for Depreciation; Viewed as Capital Share Return, Not Acquisition Cost.

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Income TaxOctober 31, 2013Case LawsHC

Depreciation on amount paid to retiring partner as goodwill from the partnership firm - Share of the capital came to be paid to the retiring partner and it cannot be treated as cost paid to the retiring partner towards acquisition of any right from him. - HC

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