Amount paid in excess of tangible asset value is goodwill which is eligible for depreciation

Advertisement DCIT Vs Gea Process Engineering (India) Pvt Ltd (ITAT Mumbai) Held that consideration paid by the assessee in excess of its value of tangible assets was rightly classified as goodwill the same is eligible for depreciation Facts- The assessee company a Gea Process Engineering Pvt. Ltd. is a joint venture between L&T Ltd., India and Niro A/s, Denmark. The said joint venture was discontinued and the entire stake of L&T in the assessee company was bought over by Niro. Later the assessee company changed its name to Jewel Process Engineering India Pvt. Ltd. and became a whol...