Assessee entitled to claim depreciation on goodwill

Advertisement DCIT Vs Aichelin Unitherm Heat Treatment Systems India Pvt Ltd (ITAT Pune) ITAT noted that that the assessee has shown goodwill for Rs.7,02,53,750/-on which claimed depreciation @ 25% to an extent of Rs.1,75,63,438/-. The AO issued show cause notice dated 07-03-2014 requesting the assessee as to why the depreciation charged on goodwill should not be disallowed which is reproduced at page 2 of the assessment order. The assessee replied to such show cause notice contending that the assessee was formed as a result of joint venture agreement between Unitherm Engineers Limited and ...