The Appellate Tribunal addressed various issues in the case. It ...

Appellate Tribunal Orders Reassessment of Depreciation, Goodwill, and Deductions; Upholds ESOP, Section 35(2AB) Deductions.

June 26, 2024

Case Laws Income Tax AT

The Appellate Tribunal addressed various issues in the case. It directed the AO to delete the disallowance of consequential depreciation on unverified expenses and remit the issue of depreciation on unverified purchases for fresh examination. The Tribunal set aside the disallowance of depreciation on goodwill due to the timing of amalgamation and lack of factual examination. The adjustment on a letter of comfort was deleted as it was not considered a guarantee. An additional ground on deduction u/s 10AA was remitted back to the AO. The Tribunal restored the issue of mark to market loss for further examination. ESOP expenses were allowed, and weighted deduction u/s 35(2AB) upheld. Pre-commencement expenses were allowed as revenue expenditure.

View Source

← Previous Next →

The Appellate Tribunal addressed various issues in the case. It ...

Appellate Tribunal Orders Reassessment of Depreciation, Goodwill, and Deductions; Upholds ESOP, Section 35(2AB) Deductions.

June 26, 2024

Case Laws Income Tax AT

You may also like:

The assessee, after being amalgamated with another company, treated the excess consideration paid over the net assets acquired as goodwill and claimed depreciation at...

Gross violation of CBEC instructions and the precedential value of CESTAT decisions. The Revenue filed an appeal before the first Appellate Authority without specifying...

The Appellate Tribunal considered a case involving revision u/s 263 of the Income Tax Act regarding depreciation claim on goodwill and intangible assets. The Principal...

Disallowance of depreciation claimed on the “Goodwill” - The Tribunal reiterated its earlier decision and held that the assessee was entitled to claim depreciation on...

Deduction u/s 80IAB on the disallowance of depreciation on Water-use Rights (Intangibles Asset) - The Tribunal acknowledged the payment made by the assessee for...

Disallowance on account of depreciation on goodwill - Scheme of Amalagamation adopted - the 5th proviso was inserted in order to prevent double claim of the depreciation...

Offshore unit in Dubai treated as proprietary concern, profits taxable in assessee's hands. AO's addition disallowed based on ITAT's consistent rulings favoring assessee....

Reopening of assessment u/s 147 - Earlier, ITAT remanded the matter back requesting the AO to provide reasons for initiating reassessment proceedings. - AO must have...

The assessing officer (AO) is empowered u/s 275(1A) to revise the penalty order by giving a reasonable opportunity of hearing to the assessee within six months from the...

Depreciation on goodwill - Business acquired in amalgamation - The ITAT held that, the excess consideration discharged over the net assets, representing goodwill, is...

The Tribunal allowed the assessee's claim for depreciation on goodwill arising from amalgamation u/s 32(1)(ii), following the Supreme Court's decision in Smifs...

HC quashed reassessment notice under s.148 concerning lease payments, foreign currency transactions, and goodwill depreciation. Court found no valid grounds for...

Denial of deduction claimed under Chapter VI-A i.e. Section 80G/ 80GGA read with Section 35AC - The Appellate Tribunal noted that the appellant had not claimed the...

Denial of deduction u/s. 10(23C) - Despite the filing of Form 10B during the appellate proceedings, the Tribunal ruled that the primary requirement for claiming...

The Appellate Tribunal addressed the disallowance of depreciation claimed on software purchases u/s 40(a)(i)/(ia) due to non-deduction of tax at source. The AO contended...

Quick Updates: