Goodwill is an asset under Explanation 3(b) to Section 32(1)

Kontoor Brands Pvt. Ltd. Vs ACIT (ITAT Bangalore)

The issue on merit is regarding allowability of depreciation on intangible assets. On this aspect, the issue is covered by the Tribunal order rendered in the case of DCIT Vs. V.F. Arvind Brands Pvt. Ltd. (supra). Para nos. 12  of this Tribunal order are relevant in this regard and hence, the same are reproduced hereinbelow.

“12. The next question arises about the allowability of the cost incurred by t

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