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Income Tax - Highlights / Catch Notes

Home Highlights October 2018 Year 2018 This

Claim of deduction u/s 35DD or alternatively u/s 32 - acquiring ...


Assessee Denied Deduction for Commercial Rights u/ss 35DD and 32 Due to Lack of Consideration and Depreciation Schedule.

October 6, 2018

Case Laws     Income Tax     AT

Claim of deduction u/s 35DD or alternatively u/s 32 - acquiring commercial rights - the assessee has not paid any consideration to acquire the Palakollu Bank, the assessee has not shown any depreciation schedule in the amounts towards goodwill /commercial rights. Therefore, it cannot be considered that the assessee has acquired goodwill/commercial rights - Claim not allowed.

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