The Finance Bill 2021 has proposed to amend the definition of ‘assets’ under Explanation 3 to Section 32(1) that ‘goodwill of a business or profession’ shall not be treated as an ‘intangible asset’ for the purposes of Section 32(1) of the IT Act. This week’s podcast shares some interesting issues pertaining to the depreciation on acquired goodwill. 

Audio Source: An article published on the L&S website in March 2021: https://lakshmisri.com/insights/articles/goodwill-no-more-an-intangible-asset-some-interesting-issues/ 

Author: Abhinov Vaidyanathan, Associate (L&S) 

Voice: Neelambera Sandeepan, Joint Partner (L&S) 

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