Depreciation eligible on goodwill recorded pursuant to a business transfer agreement

DCIT Vs Ebix Software India Pvt. Ltd. (ITAT Delhi) The Assessing Officer has held that the cost of the purchase consideration over the tangible assets is to be treated as payment for the non-compete fees as there was no goodwill with the seller and creation of the goodwill is misleading. The aforesaid finding is based on the complete misconception of facts and circumstances and the evidence placed on the record. It is reiterated that the fact that valuation report provides for a valuation of the business acquired by the company as on going concern at a higher sum than the book value and such v...