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Depreciation on Slump-Sale Goodwill Allowed – Goodwill held as Bundle of Commercial Rights; FA 2021 Amendment not Applicable to AY 2018-19
Case Law Details
- Case Name
- Trent Limited Vs DCIT (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2018-19
- Courts
- All ITAT, ITAT Mumbai
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Trent Limited Vs DCIT (ITAT Mumbai)
Depreciation on Slump-Sale Goodwill Allowed – Goodwill held as Bundle of Commercial Rights; FA 2021 Amendment not Applicable to AY 2018-19
The ITAT Mumbai allowed the assessee’s appeal and held that depreciation u/s 32 is allowable on goodwill arising from acquisition of a business undertaking through slump sale. The assessee had acquired the “value fashion” business from a group entity for ₹87.82 crore and claimed depreciation on goodwill of about ₹44.05 crore allocated through purchase price allocation. The AO and CIT(A) disallowed depreciation...
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