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| The Tax Publishers2021 TaxPub(DT) 3339 (Mum-Trib) INCOME TAX ACT, 1961
Section 32(1)
A reading of the words 'any other business or commercial rights of similar nature, to clause (b) of 'Explanation 3 indicates that 'goodwill' fals under the expression 'any other business of commercial right of a similar nature. Therefore, goodwill is a depreciable asset.
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Depreciation - Allowability - Goodwill -
Assessee raised a claim for depreciation on goodwill. AO rejected assessee's claim holding a conviction that goodwill is not a depreciable asset. Held: A reading of the words 'any other business or commercial rights of similar nature to clause (b) of 'Explanation 3 indicates that 'goodwill' fals under the expression 'any other business of commercial right of a similar nature, Therefore, goodwill is a depreciable asset.
Followed:CIT v. Smifs Securities Limited (2012) 348 ITR 302 (SC) : 2012 TaxPub(DT) 2430 (SC).
REFERRED :
FAVOUR : In assessee's favour.
A.Y. : 2008-09
INCOME TAX ACT, 1961
Section 32(1)
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