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Depreciation on goodwill is allowable under the Income Tax Act, 1961
Case Law Details
- Case Name
- Kotak Forex Brokerage Ltd. Vs ACIT (ITAT Mumbai 'F' Bench)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All ITAT, ITAT Mumbai
RELEVANT PARAGRAPH
7. Section 32 of the Income Tax Act allows depreciation on both tangible and intangible assets and clause [ii] thereof enumerates the intangible assets on which depreciation is allowable. The assets which are included in the definition of `intangible assets’ given in clause [ii] are know-how, patents, copy rights, trademarks, licenses, franchises etc., and any other business or commercial rights of similar nature are also included. The AO has agreed that goodwill is a bundle of rights which include, inter alia, patents, trademarks, licenses, franchises etc. Therefore, ...
