ITAT Grants Major Relief to Nirma Ltd. on Subsidy, 80IA Claim & Goodwill Depreciation

Nirma Ltd. Vs DCIT (ITAT Ahmedabad) Sales Tax Subsidy Held Capital Receipt, 80IA Deduction for Captive Power Allowed, Depreciation on Goodwill Restored – Nirma Ltd. Gets Major Relief – ITAT Ahmedabad Ahmedabad Tribunal decided cross appeals of Assessee & Revenue arising from large disallowances & additions relating to subsidy, depreciation, 80IA deduction, goodwill & allied issues. Assessee, a public limited company engaged in manufacturing consumer & industrial products under the brand “Nirma”, had undergone amalgamations including with Saurashtra Chemicals Ltd. AO...