2014 (6) TMI 938

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... is entitled to depreciation on goodwill - Decided in favour of assessee - ITA No. 492/Ahd/2011 - - - Dated:- 27-6-2014 - G. C. Gupta (Vice-President) And Anil Chaturvedi (Accountant Member) For the Petitioner : Tushar Hemani For the Respondent : B. L. Yadav ORDER G. C. Gupta (Vice-President) This appeal by the assessee for the assessment year 2007-2008 is directed ag .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... rs of the AO and the CIT(A). We find that the only issue in this appeal of the assessee is regarding allowability of depreciation on goodwill i.e. intangible asset is covered in favour of the assessee with the decision of the Hon ble Apex Court in CIT Vs. Smifs Securities Ltd. (supra), and accordingly, we hold that the assessee is entitled to depreciation on goodwill and the ground no.1 of the ass .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X