depreciation on goodwill

Income Tax Appellate Tribunal
Case BriefsTribunals/Commissions/Regulatory Bodies

ITAT noted that brands, distribution network and goodwill valued for the first time on demerger qualify for Section 32 depreciation.

Income Tax Appellate Tribunal
Case BriefsTribunals/Commissions/Regulatory Bodies

ITAT noted that Parliament had taken due note that the Supreme Court had held that the goodwill arising on business reorganization i.e. amalgamation, slump sales, demerger etc. is a depreciable intangible asset under Section 32 of the Act.