Blog

There has been a long-drawn litigation between the taxpayers and the revenue authorities on the issue whether depreciation is allowable on ‘Goodwill’ or not. Taxpayers always strived for treating the ‘goodwill’ arising out of a business purchase or a business combination as an eligible intangible asset for claiming depreciation under section 32 of the Income-tax Act, 1961 [‘IT Act’].There has been a long-drawn litigation between the taxpayers and the revenue authorities on the issue whether depreciation is allowable on ‘Goodwill’ or not. Taxpayers always strived for treating the ‘goodwill’ arising out of a business purchase or a business combination as an eligible intangible asset for claiming depreciation under section 32 of the Income-tax Act, 1961 [‘IT Act’].taxmann.com Latest ArticlesRead More