Section 32 Assessee can claim Depreciation on ‘goodwill’

The lower authorities have rejected the claim of depreciation on goodwill observing that the ‘goodwill’ does not fall within the definition of eligible intangible assets for the claim of depreciation there upon under section 32(1)(ii) of the Income Tax Act. The Ld. A.R. of the assessee at the outset has stated that the issue relating to the depreciation of goodwill has now been settled by the Hon’ble Supreme Court in the case of “CIT Kolkata vs. Smifs Securities Ltd.”(2012) 24 taxmann.com 222 (SC) The Hon’ble Supreme Court while adjudicating the issue relating to the claim of depre...