Held that the eligibility of the assessee\u2019s claim of depreciation had not been examined in detail by the Assessing Officer during the course of assessment proceedings, i. e., whether the assessee was eligible to claim depreciation on \u201cgoodwill\u201d as per assessee\u2019s books as \u201cintangible assets\u201d under section\u00a032\u00a0of the Act, as per assessee\u2019s submissions before the Department. Accordingly, in the interest of justice, this issue was to be restored to the Assessing Officer to examine firstly, whether or not depreciation was allowable on the asset and under which category the assessee was claiming depreciation, i. e., as depreciation on goodwill or as depreciation of \u201cany other commercial right\u201d or \u201cintangible asset\u201d under section\u00a032\u00a0of the Act. The Assessing Officer may also examine that the necessary supporting documents in justification for the assessee\u2019s claim of depreciation. (AY. 2007-08, 2008-09)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 32 : Depreciation-Block of asset-Good will \u2013 Intangible assets \u2013 Commercial assets \u2013 Matter is restored. [S. 32(1(ii)] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-48882","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-cIq","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/48882","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=48882"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/48882\/revisions"}],"predecessor-version":[{"id":48883,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/48882\/revisions\/48883"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=48882"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=48882"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=48882"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}