Section 32 of Income Tax Act, 1961—Depreciation— In the instant case, appeal is filed by revenue against the order of CIT, whether CIT was justified in considering that the intangible assets (goodwill)  on which depreciation is claimed by the assessee come under the purview of Explanation 4 to Section 32 of the 1. T. Act"?

Held that—we hold that the assessee is entitled for the claim of depreciation on the goodwill. Therefore, we allow the claim of the assessee raised in its CO. Accordingly we dismissed the ground of appeal raised by the Revenue.[THE ASSISTANT COMMISSIONER OF INCOME-TAX, CIRCLE – 7 (1) (2) , BANGALORE. VERSUS M/S. VF BRANDS INDIA PVT. LTD. (FORMERLY KNOWN AS ‘VF ARVIND BRANDS PVT. LTD.)][2019] 14 ITCD Online (2) [ITAT BANGALORE]