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 c

Please become a Premium member. If you are already a Premium member, login here to access the full content.