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Income Tax - Highlights / Catch Notes

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PCIT rightly invoked revisionary jurisdiction u/s 263 as AO ...


Revisionary proceedings initiated on depreciation claim for goodwill in slump sale acquisition.

December 19, 2024

Case Laws     Income Tax     AT

PCIT rightly invoked revisionary jurisdiction u/s 263 as AO failed to examine assessee's claim of depreciation on goodwill acquired through slump sale. ITAT upheld initiation of revisionary proceedings, set aside assessment order for limited adjudication on depreciation claim. AO directed to decide issue as per law after due verification whether transferor declared profits and paid taxes.

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