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India: Depreciation of goodwill for acquired business operations

India: Depreciation of goodwill for acquired business

The KPMG member firm in India has prepared a report on the following tax development (read more at the hyperlink provided below).

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The Delhi Bench of the Income-tax Appellate Tribunal held that the taxpayer was allowed depreciation on goodwill on acquisition of the business operations from a company. The taxpayer (an entity engaged in the business of transporting time-sensitive packages and cargo) had acquired the freight-forwarding business of an Indian entity. The case is: Geodis Overseas Pvt. Ltd. Read an August 2020 report [PDF 301 KB] 

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