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

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