Goodwill Depreciation Allowed under Income Tax Act: ITAT Ruling  

S&P Capital IQ (India) Private Limited Vs ACIT (ITAT Hyderabad) In a landmark decision, the Income Tax Appellate Tribunal (ITAT) Hyderabad has ruled in favor of S&P Capital IQ (India) Private Limited, holding that goodwill, an intangible asset, is eligible for depreciation under Section 32(1) of the Income Tax Act, 1961. This ruling stems from a contentious debate over the treatment of goodwill in the case of amalgamations and acquisitions, specifically addressing the appeal against the order consequent to the directions of the Dispute Resolution Panel (DRP), Bengaluru, for the assessm...