The assessee, after being amalgamated with another company, ...

After merger, company claimed depreciation on goodwill, revenue objected; tribunal allowed it based on past rulings. &acquisitions.

Case Laws Income Tax

October 8, 2024

The assessee, after being amalgamated with another company, treated the excess consideration paid over the net assets acquired as goodwill and claimed depreciation at 25% on the written-down value. The tax authorities disallowed the claim. However, the Tribunal observed that the assessee had consistently claimed depreciation on goodwill since FY 2006-07, and the Revenue's appeals on this issue for previous years were dismissed by the Tribunal. Following its earlier decisions and a recent Kolkata Tribunal ruling in a similar case, the Tribunal decided the appeal in favor of the assessee, allowing the depreciation claim on goodwill.

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The assessee, after being amalgamated with another company, ...

After merger, company claimed depreciation on goodwill, revenue objected; tribunal allowed it based on past rulings. &acquisitions.

Case Laws Income Tax

October 8, 2024

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