Excess amalgamation Consideration Goodwill Depreciable under Section 32

DCIT Vs Echjay Industries Pvt. Ltd (ITAT Mumbai) The Income Tax Appellate Tribunal (ITAT), Mumbai, considered two appeals filed by the Revenue against the orders of the Commissioner of Income-tax (Appeals) [CIT(A)] for assessment years 2018-19 and 2020-21 concerning Echjay Industries Pvt. Ltd. Both appeals raised identical issues regarding the allowance of depreciation on goodwill arising from a scheme of amalgamation approved by the Gujarat High Court. For convenience, the Tribunal heard both appeals together and issued a consolidated order. In the 2018-19 assessment, the Revenue challenged t...