Goodwill is an asset eligible for depreciation U/s. 32 of I.T. Act, 1961

Asst. Commissioner of Income Tax Vs. M/s Cresa Financial Services Pvt. Ltd. (ITAT Visakhapatnam) 1. This appeal is filed by the revenue against the order of the Commissioner of Income Tax (Appeals), Rajahmundry vide ITA No. 0239/13-14/ACIT/C-1/RJY/2014-15 dated 30.03.2015 for the assessment year 2010-11. 2. All the grounds of appeal are related to the depreciation on goodwill. During the assessment proceedings, the assessing officer found that the assessee had introduced an intangible asset worth Rs. 3,73,00,000/- and claimed the depreciation of Rs. 93,25,000/-. It was explained by the...