Depreciation on goodwill cannot be rejected merely because performance didn’t match projection

DCIT Vs Global Fairs & Media Pvt Ltd. (ITAT Delhi) ITAT Delhi held that depreciation on goodwill cannot be rejected merely because performance didn’t match projections. Notably, valuation of goodwill on discounted cash flow method was duly accepted by AO. Facts- The solitary grievance of the Revenue is that the ld. CIT(A) erred in allowing depreciation on the goodwill when the transaction of sale of slump sale to subsidiary company is not regarded as transfer within the meaning of Section 47(iv) of the Income-tax Act, 1961 [the Act, for short] and the discounted cash flow method to value...