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The Tax Publishers2021 TaxPub(DT) 1526 (Del-Trib) INCOME TAX ACT, 1961
Section 32(1)(ii)
Goodwill fell under the expression 'or any other business or commercial rights of similar nature' and, hence, qualified for depreciation under section 32(1)(ii).
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Depreciation - Allowability - Goodwill -
Assessee entered into a world-wide multi-year outsourcing agreement with IBM India Ltd., Network Solutions (P) Ltd. and IBM Daksh Business Process Services (P) Ltd. as well as acquisition agreement and accordingly claimed depreciation on goodwill. AO denied assessee's claim. Held: Goodwill fell under the expression 'or any other business or commercial rights of similar nature' and, hence, qualified for depreciation under section 32(1)(ii).
Followed:Areva T & D India Ltd. v. Dy. CIT (2012) 345 ITR 421 (Del-HC) : 2012 TaxPub(DT) 2033 (Del-HC).
REFERRED :
FAVOUR : In assessee's favour.
A.Y. : 2012-13
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