2012 (9) TMI 980 - HC - Income Tax

Whether Appellate Tribunal was justified in holding that depreciation is not allowed on goodwill? - Held NO . See CIT v. Smifs Securities Ltd. 2012 (8) TMI 713 - SUPREME COURT

Summary

The Bombay High Court heard an appeal under Section 260A of the Income Tax Act, 1961 regarding depreciation on goodwill. The appeal was admitted based on a substantial question of law. The Court ruled in favor of the appellant-assessee, citing a Supreme Court judgment in a similar case. No costs were awarded.