Tuesday, 1 April 2014

ITAT slams AO for denying depreciation on intangibles after apportioning that sum towards goodwill

IT : Where assessee having acquired magazine business as on-going concern, claimed depreciation in respect of amount paid for acquiring intangible assets like trademark and copyright, in view of fact that depreciation was allowable on goodwill like any other intangible asset, Assessing Officer was not justified in apportioning certain amount towards acquisition of goodwill and denying depreciation on said amount


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