Case Law Details
Court: Mumbai bench of the Income Tax Appellate Tribunal
Citation: Godrej Agrovet Ltd Vs. ACIT [2010-TIOL-616-ITAT-MUM] (Judgement Date:- 17 September 2010 Assessment Year: 2005- 06)
Brief: ITAT Mumbai held in above case that that since there was no sale, discarding, demolition or destruction of an asset, no adjustment can be made to the Written Down Value (WDV) of the block of assets. Accordingly, the depreciation on goodwill and non- compete fees has to be allowed since these assets already formed part of the block of assets.
Further, the Tribunal held that since the investment in shares was made by the taxpayer out of its own funds, the dis allowance of interest expenses under Section 14A of the Income Tax Act, 1961 (the Act) was not justified. Please become a Premium member. If you are already a Premium member, login here to access the full content.
