Depreciation on goodwill resulted from approved scheme of amalgamation is allowable

Carolina Food And Industries Pvt. Limited Vs DCIT (ITAT Kolkata) ITAT Kolkata held that the claim the depreciation on goodwill which has resulted from the scheme of amalgamation which was duly approved by the Hon’ble Calcutta High Court cannot be rejected. Facts- Post amalgamation, the assessee claimed depreciation amounting to Rs.6,22,022,993/- on Goodwill u/s. 32 of the Income Tax Act, 1961 in accordance with the ratio laid down by the Hon’ble Apex Court in the case of CIT –vs.- Smifs Securities Limited (2012) 348 ITR 302 (SC). AO on examination of this note issued a questionnaire to t...