Tag Archives: Goodwill

Depreciation on goodwill -When claim not made in Return – Case Law

By | January 18, 2017

Depreciation on goodwill The Ahmedabad Bench of Income Tax Appellate Tribunal allowed the taxpayer’s claim of depreciation on goodwill under Section 32 of the Income-tax Act, 1961 (even though the claim was not made by the taxpayer on an amended return, but was made during the course of assessment proceedings). The case is: Zydus Wellness… Read More »

Depreciation of goodwill – Case Law

By | October 20, 2016

Depreciation of goodwill The Bangalore Bench of the Income-tax Tribunal held that the taxpayer cannot claim depreciation on assets acquired through an amalgamation, including goodwill, more than the depreciation that would be allowable to the amalgamating company. The case is: United Breweries Ltd. Read an October 2016 report of KPMG [PDF 315 KB]

Compensation to retiring partners is Goodwill , Depreciation allowed

By | May 3, 2016

Issue Whether the payments made to retiring partners in the nature of compensation can be termed as goodwill and subsequently eligible for depreciation?” Held The Supreme Court in the case of SMIFS Securities Ltd.  was dealing with the question as to whether ‘goodwill’ is an asset within the meaning of section 32 of the Income-tax… Read More »