Dipak Misra, C.J.

1. Regard being had to the similarity of the questions involved in these three appeals, they were heard analogously and are being disposed of by a singular order.

2. In this batch of appeals preferred under Section 260A of the Income Tax Act, 1961 (for brevity "the Act"), the assail is to the composite order dated 25.8.2009 in ITA Nos. 1884/Del/2006, 2724/Del/07 and 2038/Del/08 pertaining to the assessment years 2001-2002, 2002-03 and 2003-04 respectively passed by the Income Tax Appellate Tribunal (for short 'the tribunal') by the Appellant - revenue raising the following substantial questions of law:

(1) Whether learned ITAT erred in holding that exercise of Revisionary Jurisdiction under Section 263 of the Income Tax Act, 1961 was invalid?

(2) Whether learned ITAT erred in setting aside the order of the CIT under Section 263 ignoring the fact that the goodwill generated in a business cannot be described as an "asset" so as to be entitled to depreciation under Section 32 and, therefore the depreciation on goodwill was not admissible?

3. To appreciate the questions posed in proper perspective, it is necessitous to state the relevant facts. For the sake of conv