Depreciation Of Goodwill Acquired Pursuant To Slump Sale Under Business Transfer Agreement Is Allowable U/s 32(1): Mumbai ITAT

Emphasizing that although Section 32 of Income tax Act, 1961 was amended by the Finance Act, 2021 wherein it was stated that 'goodwill' is not an intangible asset eligible for depreciation was applicable prospectively with effect from AY 2021-22, the Mumbai ITAT held that claim of depreciation of goodwill acquired pursuant to slump sale under a Business transfer agreement is allowable...