20 September 2015
One of my client is afirm who has 1 Crore goodwill in the books arised due to revaluation of fixed asset on retirement of an wxisting partner and whether this goodwill acn be kept in the books or it required to be written off and if so by how many years.Please explain
20 September 2015
Goodwill generated out of revaluation of assets on account of retirement of a partner will remain in the books. Income tax does NOT allow any write off on account of the same.
CAclubindia
