In absence of acquired or purchased goodwill, claims for depreciation untenable

Millennium Engineers & Contractors Ltd Vs DCIT (ITAT Pune) Introduction: The Income Tax Appellate Tribunal (ITAT) Pune recently delivered a crucial judgment in the case of Millennium Engineers & Contractors Ltd vs DCIT. The tribunal ruled against allowing depreciation under Section 32(1)(ii) of the Income Tax Act, 1961, in a scenario where no goodwill was acquired by a subsidiary company. Detailed Analysis: The assessee, an Indian company, acquired its subsidiary, Reyami Millennium Interior Pvt Ltd (RMIPL), under an approved scheme of arrangement. Despite recording a debit figure of ...