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ITAT Sets Aside PCIT’s Order on Goodwill Depreciation: IND AS103 Not Applicable for AY 2016-17
Case Law Details
- Case Name
- Oriental Buildtech Private Limited Vs PCIT (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2016-17
- Courts
- All ITAT, ITAT Delhi
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Oriental Buildtech Private Limited Vs PCIT (ITAT Delhi)
In a recent ruling, the Income Tax Appellate Tribunal (ITAT) Delhi has set aside a revisionary order passed by the Principal Commissioner of Income-Tax (PCIT) concerning the allowance of depreciation on goodwill for Assessment Year 2016-17 in the case of Oriental Buildtech Private Limited. The ITAT’s decision highlights critical aspects of revisionary jurisdiction under Section 263 of the Income-Tax Act, 1961, and the applicability of accounting standards.
The case originated from the assessment year 2016-17, for which ...
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