ITAT Mumbai allows Jet Privilege depreciation on goodwill from slump sale

Jet Privilege Pvt. Ltd Vs DCIT (ITAT Mumbai) Income Tax Appellate Tribunal (ITAT) Mumbai has addressed cross appeals and objections related to the assessment years 2015-16 to 2018-19 and 2021-22, concerning Jet Privilege Pvt. Ltd. (JPPL) and the Deputy Commissioner of Income Tax (DCIT). The core issue revolves around the depreciation claimed by JPPL on goodwill arising from the slump sale acquisition of the Jet Privilege Frequent Flyer Program (JPFFP) from Jet Airways India Ltd. JPPL, managing reward points and loyalty programs, acquired JPFFP in a slump sale for Rs. 11,962,133,329. The Assess...