Court Directs AO to Grant Depreciation on Goodwill from Amalgamation, After Initially Denying It.

Denial of depreciation on goodwill arising from scheme of amalgamation - on one hand in the remand proceedings, the AO for the first time raised doubts about the valuation report, however, on the other hand AO has allowed depreciation on intangible assets @ 25%, which were also acquired by the assessee and were also revalued in the books of the assessee upon amalgamation. - AO directed to grant depreciation on goodwill arising on account of amalgamation of subsidiary company with the assessee. - AT .....

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