2024 (3) TMI 1020 - SCH - Income Tax

Depreciation u/s 32(1)(ii) in respect of intangible assets - Goodwill - Acquisition of business - net assets taken over and the particulars of liability, loans etc - Only contention which has been raised by learned counsel for the revenue is that the assessee has not disclosed the particulars of intangible assets, which have been acquired by it and therefore, it is not entitled for the benefit of depreciation under Section 32(1) - as decided by HC 2020 (12) TMI 672 - KARNATAKA HIGH COURT perusal of the order passed by the Assessing Officer itself it is axiomatic that he has found that the goodwill has been calculated and has been allotted to intangibles - HELD THAT - We are not inclined to interfere with the impugned judgment and order passed by the High Court. Hence, the Special Leave Petition is dismissed.

Summary

The Supreme Court dismissed the Special Leave Petition as they were not inclined to interfere with the impugned judgment and order passed by the High Court. Pending applications were disposed of.