Disallowance of Depreciation on Goodwill: ITAT Upholds Claim as Intangible Asset Eligible u/s 32

The ITAT upheld the disallowance of depreciation on goodwill, considering it an intangible asset eligible for deduction under Section 32 of the Income Tax Act. The tribunal's decision clarifies the tax treatment of goodwill. It supports the view that goodwill acquired through business acquisition is a depreciable asset. This ruling provides guidance for businesses on claiming depreciation on goodwill. It aligns with the understanding of goodwill as having economic value that diminishes over time.