Depreciation u/s. 32 allowable on goodwill acquired under slump sale: ITAT Mumbai

Vodafone India Services Pvt Ltd Vs DCIT (ITAT Mumbai) ITAT Mumbai held the goodwill arising on business reorganization i.e. amalgamation, slump sale, demerger etc. is a depreciable intangible asset under section 32 of the Income Tax Act. Facts- The assessee company M/s Vodafone India Services Pvt. Ltd. is engaged in the business of Information Technology Enabled Services (ITES) such as Call Centre. Notably, TPO had made a transfer pricing adjustment of Rs.1397 crores on account of shortfall in price of shares issued to the AE and interest on deemed loan. Upon receipt of the said transfer prici...