ITAT Partially Allows Depreciation Claim on Goodwill from Jet Airways Slump Sale

Jet Privilege Pvt. Ltd. Vs DCIT (ITAT Mumbai) The Income Tax Appellate Tribunal (ITAT) has delivered a split verdict in a case involving an assessee who acquired the Frequent Flyer Programme (JPFFP) business of M/s. Jet Airways India Ltd. through a slump sale agreement. The core dispute revolved around the assessee’s claim for depreciation on goodwill and other intangible assets that arose from this business transfer, which was executed for a consideration of ₹11,96,21,33,329. While the Tribunal acknowledged the assessee’s entitlement to depreciation on goodwill based on a Suprem...