Depreciation eligible on intangible asset viz., goodwill/ customer list

Rentokil India Pvt. Ltd. Vs DCIT (ITAT Chennai) The issue under consideration is whether the assessee is correct in claiming depreciation on customer list and goodwill by considering it as intangible asset? In the present case, the assessee was engaged in the business of providing pest control services. It had acquired business of M/s. Maykar Pest Control by entering into a Business Transfer Agreement (BTA). It claimed depreciation on customer list and goodwill at the rate of 25% treating them as an intangible asset. The A.O held, inter-alia, that the purchase price paid is nothing but non-com...