Ace Builders - Depreciation on goodwill
Facts
Goodwill paid on slump sale; depreciation claimed under Section 32.
Issue
Whether goodwill is an "intangible asset" for depreciation?
Held
Yes, goodwill from acquisition is an intangible commercial right depreciable under Section 32(1)(ii).
Ratio
Goodwill of acquired business is a depreciable intangible. (Note: this was reversed by the Finance Act 2021 amendment, prospective only.)
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