Goodwill is an Intangible asset, Depreciation Allowable u/s 32(1) of Income Tax Act: ITAT [Read Order]

Goodwill was an intangible asset, depreciation allowable under Section 32(1) of the Income Tax Act, 1961, rules, ITAT
Income Tax - ITAT - ITAT Hyderabad - Goodwill - Intangible asset - Taxation on depreciation - taxscan

The Hyderabad bench of the Income Tax Appellate Tribunal ( ITAT ) observed that goodwill was an intangible asset, depreciation allowable under Section 32(1) of the Income Tax Act, 1961 The assesse involved in providing Information Technology Enabled Services to its Associated Enterprises ( AEs ). In the financial year 2016-17, the assessee acquired the…

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