Section 263 Revision Quashed as AO Examined Depreciation on Goodwill: Gujarat HC

PCIT-1 Vs Aculife Healthcare Pvt. Ltd. (Gujarat High Court) The Gujarat High Court dismissed the tax appeals filed by the Revenue and upheld the order of the Income Tax Appellate Tribunal (ITAT) setting aside the revisionary proceedings initiated under Section 263 of the Income-tax Act, 1961. The dispute related to the allowability of depreciation on goodwill arising pursuant to a court-approved demerger and whether the original assessment order could be treated as erroneous and prejudicial to the interests of the Revenue. Read SC Judgment: Section 263 Revision Fails Due to Proper Inquiry by ...