Depreciation on goodwill is allowable under the Income Tax Act, 1961

SUMMARY OF CASE LAW
Goodwill is a `business or commercial right of similar nature’; once it is held that the goodwill is also an intangible asset of the similar nature referred to in clause (ii) of section 32(1) of the Income-tax Act, 1961 the depreciation is consequently allowable on the same.
CASE LAW DETAILS
Decided by: ITAT, MUMBAI [...] Related posts:

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