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 Assessee was further Moreover, kindly make detailed submissions on what are the underlying assets for the above goodwill and justify how these underlying assets are real and depreciable.

 5th proviso to section 32(1) of the I.T. Act, 1961, which is reproduced below, is clearly attracted in your case. " Provided also that the aggregate deduction, in respect of depreciation of buildings, machinery, plant or furniture, being tangible assets or know-how, patents, copyrights, trademarks, licences, franchises or any other business or commercial rights of similar nature, being intangible assets allowable to the predecessor and the successor in the case of succession referred to in clause (xiii), clause (xiiib) and clause (xiv) of section 47 or section 170 or to the amalgamating company and the amalgamated company in the case of amalgamation, or to the demerged company and the resulting company in the case of demerger, as the case may be, shall not exceed in any previous year the deduction calculated at the prescribed rates as if the succession or the amalgamation or the demerger, as the case may be, had not taken place, and such deduction shall be apportioned between the predecessor and the successor, or the amalgamating company and the amalgamated company, or the demerged company and the resulting company, as the case may be, in the ratio of the number of days for which the assets were used by them." In view of the above proviso, the assessee would not be eligible for depreciation on the value of Goodwill/business development rights, which have come into existence solely on account of purchase consideration being more than the value of net assets."