Assessment on Non-Existent LLP & Goodwill Depreciation Allowed: ITAT Ahmedabad

Advertisement KIFS International LLP Vs DCIT (ITAT Ahmedabad) The appeal arose from an assessment order passed under Section 143(3) of the Income-tax Act, 1961 for Assessment Year 2016-17, challenging (i) the validity of the assessment framed in the name of a non-existent company following its conversion into an LLP, and (ii) the disallowance of depreciation under Section 32(1) on goodwill arising pursuant to a scheme of amalgamation approved by the Gujarat High Court. The assessee was originally incorporated as a private limited company and, following a Gujarat High Court-approved scheme o...