Depreciation on goodwill allowable once existence of goodwill is established

DCIT Vs Blujay Solutions (India) Private Limited (ITAT Hyderabad) ITAT Hyderabad held that the net balance of purchase consideration paid, and the value of net assets acquired is Goodwill and once the existence of Goodwill is established, Depreciation on such goodwill cannot be questioned further. Facts- During the course of assessment proceedings, AO noted that Kewill India Pvt. Ltd (hereinafter referred to as Kewill India) formerly known as Transport IT Solutions Pvt. Ltd. (IPL) was incorporated as a wholly owned subsidiary of Kewill Limited headquartered in the UK and ultimately owned by fr...