Depreciation on Amalgamation Goodwill Allowed Under Settled Law

ACIT Vs Siyaram Silk Mills Limited (ITAT Mumbai) ITAT Mumbai Upholds Depreciation on Goodwill Arising from Amalgamation; Revenue Appeal Dismissed The Mumbai Bench of the Income Tax Appellate Tribunal dismissed the Revenue’s appeal in the case of Siyaram Silk Mills Ltd. for AY 2017–18, thereby affirming the order of the CIT(A) which had allowed depreciation on goodwill under Section 32. The assessee had claimed depreciation of ₹4.12 crore on goodwill arising from the amalgamation of Balakrishna Synthetics Ltd. with effect from 01.04.2015, pursuant to a scheme approved by the Bombay High C...