OrbitaxDecision that "goodwill" is eligible for tax depreciation
|Approved Changes|India
The Supreme Court of India (SC) issued its decision on 22 August 2012 in the case of CIT v. Smifs Securities Limited (24 Taxmann.com 222) that "goodwill" is an intangible asset eligible for tax depreciation under Income Tax Act 1961 (ITA).
In arriving at the decision, the SC observed the following:
| - | The term "goodwill" represents excess of consideration p… |
