succession of business, the assessee
transferred all the assets (including self generated goodwill) and liabilities
of the proprietary concern and in consideration for the said ... following grounds:-
a) The assessee has transferred self-generated goodwill of Rs.
2,29,84,701/- to the company. However, the said goodwill was never
Order is self-generated. There is
no restriction under income-tax law on claiming depreciation on self-
generated goodwill once recognized in books. Depreciation under ... Supreme Court.
The only question that arises in respect of a self-generated goodwill is its
"cost". In cases where cost of self
Standard. Such expenditure is often described as
contributing to internally generated goodwill. Internally generated goodwill is not
recognised as an asset because ... assessee or
internally generated. And as per AS-38 no depriciation is available on self
generated goodwill being not intangible asset.
22. In fifth alternative
allowed
depreciation on goodwill of Rs. 4.87 crores which was
claimed self- generated goodwill is also allowed.
Therefore, the assessment order passed is erroneous ... written down value of ₹ 14.62
crores in respect of the self-generated goodwill was
allowed. Therefore, a notice u/s 263 of the income
cases, the courts have decided that, in the case of self-generated assets like goodwill or where the cost of an asset to the assessee ... that cost of acquisition in the case of self-generated goodwill will be taken to be nil. For the purpose of bringing
Dcit Cc 1(1), Mumbai, Mumbai vs Ecap Securities And Investment Ltd., ... on 30 September
where the Court was concerned with whether self generated
goodwill can be described as a capital asset for the purposes of
the Act. Though, goodwill
where the Court was concerned with whether self generated
goodwill can be described as a capital asset for the purposes of
the Act. Though, goodwill
company. The deprecation on said goodwill ought to the
allowed as the same is acquired goodwill and not self-
generated goodwill.
20.1.5 Section ... recorded as goodwill. Therefore, it cannot be said that the
goodwill recorded in books of account is a self-generated
goodwill. Imperatively therefore, the same
goodwill. Ld AR has also stated that it is not a self generated
goodwill but arising on acquisition of above partnership firm. The learned authorised ... books of the transferor company for the intangible assets/goodwill being self generated assets.
Thus in the backdrop of the above stated facts
