ITAT restores issue of Eligibility to claim depreciation on goodwill to AO

TUV Rheinland NIFE Academy Private Limited Vs ACIT (ITAT Bangalore) Conclusion:  Since excess amount paid over and above the net asset value on acquiring a business concern should constitute goodwill however, eligibility of assessee to claim depreciation on Goodwill to AO was restored after affording adequate opportunity of hearing. Held: Assessee-company was a subsidiary of TUV Rheinland (India) Pvt. Ltd.. The ultimate parent company was TUV SUD Group, Germany. Assessee-company was engaged in the business of providing Vocational training to the students in the fields of fire safety, lift tec...