Goodwill is an intangible asset which is eligible for depreciation: Delhi HC

PCIT Vs Esys Information Technologies Ltd (Delhi High Court) Delhi High Court held that goodwill could be considered as an intangible asset and the same is eligible for depreciation. Assets acquired de-valued, hence balance amount treated as intangible asset and the same is eligible for depreciation. Facts- The assessee had paid a sum of ₹47,00,000/- to M/s Nebula Technologies Pvt. Ltd. for purchasing certain assets, which were located in different places in India. The said assets were valued at ₹12,37,450/- and there is no dispute regarding this valuation of the said assets. Consequently,...