2019 (11) TMI 1711

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..... Income Tax (Appeals) that depreciation on account of goodwill is available to the Respondent. This by following the decision in the case of Commissioner of Income Tax(Appeals) Vs. Smifs Securities Ltd.[ 2012 (8) TMI 713 - SUPREME COURT ] Both the Commissioner Income tax (Appeals) and the Tribunal have come to a concurrent finding of fact on the basis of the scheme of amalgamation that the amount .....

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..... circumstances of the case and in law the Tribunal was justified in holding that the assessee is entitled to claim of amortization / depreciation on goodwill without appreciating the facts that goodwill is depreciable u/s 32 of the Income Tax Act 1961, only if any consideration is paid for its acquisition and the assessee has not earmarked any specific amount toward such goodwill at the time amalg .....

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