2018 (10) TMI 2027 - SCH - Income Tax

Depreciation on goodwill - goodwill expanded at the time of amalgamation of the companies - claim denied as claim was fictitious and the goodwill has been accounted as a balancing factor in the hands of the assessee without acquisition of an intangible asset as contemplated under Section 32 of the Act - as decided by HC 2017 (10) TMI 373 - GUJARAT HIGH COURT with respect to the claim of depreciation the decision of Supreme Court in case of Smifs Securities Ltd. 2012 (8) TMI 713 - SUPREME COURT would squarely apply. There is no material referred to by the Assessing Officer to hold that the claim of depreciation was fictitious. HELD THAT - SLP dismissed.

Summary

The Supreme Court of India dismissed the Special Leave Petition citing a previous court decision. The delay was condoned. The respondent did not appear.