Assessee entitled to claim depreciation on goodwill

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 Aichelin GMBG Aus...