This is premium content. Please become a Premium member. If you are already a member, login here to access the full content.
Depreciation is available on genuine goodwill
Case Law Details
- Case Name
- M/s CLC & Sons Pvt. Ltd., Vs ACIT (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2001-02
- Courts
- All ITAT, ITAT Delhi
Upgrade to Basic or Premium to download.
Already Upgraded? Log in.
CLC & Sons Pvt. Ltd Vs. ACIT (ITAT Delhi) (Special Bench)
Hon’ble Summit court in CIT vs. Smifs Securities Ltd. (2012) 348 ITR 302 (SC) in which it has been held: “that goodwill will fall under the expression ‘or any other business or commercial rights of similar nature’” and, hence, qualifies for depreciation u/s 32(1) of the Act. We, therefore, answer the legal issue raised in the question before the Special bench in affirmative by holding, in principle, that depreciation is available on genuine goodwill.
8. It has been noted above that the A.O. has classified discussion o...
