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PCIT’s 263 Order Quashed: Goodwill Depreciation Allowed in Slump Sale Acquisition
Case Law Details
- Case Name
- Manjushree Technopack Limited Vs PCIT (ITAT Bangalore)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2020-21
- Courts
- All ITAT, ITAT Bangalore
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Manjushree Technopack Limited Vs PCIT (ITAT Bangalore)
PCIT’s 263 Order Quashed: Goodwill Depreciation Allowed in Slump Sale Acquisition
In a significant ruling, the Bangalore ITAT quashed a revision order passed under section 263, holding that the PCIT wrongly treated a slump sale acquisition as an amalgamation while questioning depreciation claimed on goodwill arising from the acquisition of a business undertaking. The Tribunal observed that Manjushree Technopack had acquired the business of National Plastics through a Business Transfer Agreement (BTA) on a slump sale basis and had claimed...
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