Goodwill
This query is : Resolved
18 March 2011
Whether Goodwill debited in the books of accounts of an assessee is an "intangible asset". If so, can it be depreciated under section 32(ii) of the Income tax Act,1961.
18 March 2011
Goodwill is a `business or commercial right of similar nature’; once it is held that the goodwill is also an intangible asset of the similar nature referred to in clause (ii) of section 32(1) of the Income-tax Act, 1961 the depreciation is consequently allowable on the same. (vide ITAT, MUMBAI BENCH `F’, MUMBAI, In The case of: Kotak Forex brokerage Ltd. v ACIT , Appeal No.: ITA NO. 2692/Mum/2007, Decided on: August 2009)
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