Excess amount paid on amalgamation is Goodwill & eligible for depreciation u/s 32

Advertisement SUPREME COURT OF INDIA Commissioner of Income-tax, Kolkata V/s. Smifs Securities Ltd. CIVIL APPEAL NO. 5961 OF 2012 August 22, 2012 ORDER None appears for the respondent, though served. Heard learned counsel for the Department. Leave granted. This civil appeal concerns the Assessment Year 2003-2004. Three questions arise for determination by this Court. They are as follows: Question No.[a]: “Whether Stock Exchange Membership Cards are assets eligible for depreciation under Section 32 of the Income Tax Act, 1961? Whether, on the facts and in the circumstances of the case,...