SC ruling: Goodwill eligible for Depreciation
Published on Thu, Aug 30,2012 | 15:29, Updated at Thu, Aug 30 at 15:30Source : Moneycontrol.com
This EY Tax Alert summarizes a recent ruling of the Supreme Court in the case of SMIFS Securities Ltd on the issue of whether goodwill is an intangible asset eligible for depreciation. The SC held that goodwill falls under the category of 'any other business or commercial right of a similar nature' within the definition of ’intangible asset’ and is eligible for depreciation.
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