Goodwill Depreciation Allowed under Income Tax Act: ITAT Ruling  

S&P Capital IQ (India) Private Limited Vs ACIT (ITAT Hyderabad)

In a landmark decision, the Income Tax Appellate Tribunal (ITAT) Hyderabad has ruled in favor of S&P Capital IQ (India) Private Limited, holding that goodwill, an intangible asset, is eligible for depreciation under Section 32(1) of the Income Tax Act, 1961. This ruling stems from a contentious debate over the treatment of goodwill in the case of amalgamations and acquisitions, specifically addressing the appeal against the order consequent to the direct

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