9911796707
TMI Blog2014 (7) TMI 679X X X X Extracts X X X X X X X X Extracts X X X X ..... the order of Ld. CIT(A)-XV, New Delhi dated 08.07.2013 for the assessment year 2008-09. The sole grievance raised in this appeal is regarding action of Ld. CIT(A) by which he has allowed depreciation on goodwill amounting to Rs. 4,48,25,483/- by holding that goodwill is an asset covered under Explanation (3)(b) of Section 32 of the Income-tax Act, 1961. 2. At the outset, Ld. A.R. submitted that t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as appearing in books as on 15.12.2005 was recorded as goodwill and depreciation thereon was claimed by treating the same as intangible asset. The Assessing Officer did not accept the contention of the appellant that goodwill was eligible for depreciation by observing that the same was not included in the definition of intangible asset u/s 32 of the Act. However, Ld. CIT(A) on the basis of submis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... paid over the value of net current asset KLPM in terms o BTA dated 15.12.2005, which was treated as goodwill in its books, however, the same was an aggregation of various intangible asset comprising pending customers contracts intangible property rights, assemble work forces and customers relationship etc. Being intangible asset in nature each of such item was separately eligible for depreciation ..... X X X X Extracts X X X X X X X X Extracts X X X X
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