Case Law Details
Case Name : M/s. Sujag Fine Chemicals Pvt. Ltd. Vs ITO (ITAT Ahmedabad)
Related Assessment Year : 2006-07
Courts :
All ITAT ITAT Ahmedabad
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Brief Facts of the Case
Brief Facts: The assessee company was formed on 19.2.1999. the assessee had taken over the business of a partnership firm, namely, Sujag Fine Chemicals and filed its return of income on 23-12-2006 declaring total income of Rs. 5,39,660/-. An assessment order was passed u/s. 143(3) on 22-12-2008 determining total income at Rs. 90,90,889/-
On verification of depreciation claimed, it was revealed to the Assessing Officer that, assessee has claimed depreciation of Rs. 1,09,810/- @ 25% written down value of goodwill. According to the Assessing Officer, the depreciati...
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Dear Kunal
Nice question. But upon careful reading of the section, there is no mention of self generated or acquired assets. Thus self generated asset goodwill too will qualify for deduction. However, assessee has to be careful while valuing the self generated asset.
Depreciation on self generated goodwill will be not allowed while computing taxable income under the income tax act 1961
A landmark judgement…
Hi
Nice article
Can anyone tell me what will happen to depreciation on self generated Goodwill
Will it be allowed or disallowed