ITAT Allows Depreciation on Goodwill as Finance Act 2021 Amendment Is Prospective

American Express Services India Ltd. Vs ITO (ITAT Delhi) The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) allowed the appeal of the assessee concerning valuation of goodwill and allowability of depreciation on goodwill acquired for business purposes. The appeal had earlier been disposed of for statistical purposes on 30.11.2023, but was subsequently recalled through a rectification order under Section 254(2) of the Income Tax Act because grounds relating to goodwill had remained unadjudicated. The assessee argued that both issues were already covered in its favour by earlier Tribuna...