Disallowance of Goodwill Depreciation Set Aside Due to Wrong Legal Test

Anshul Speciality Molecules Private Limited Vs DCIT (ITAT Mumbai) Depreciation on Goodwill from Slump Sale Allowed: ITAT Mumbai Follows Smifs Securities and Grindwell Norton, Distinguishes United Breweries The Mumbai Bench of the ITAT allowed the assessee’s appeal for AY 2020-21 and deleted the disallowance of depreciation of ₹1.22 crore claimed on goodwill arising from acquisition of a manufacturing unit as a going concern by way of slump sale. The assessee had acquired the unit for a lump-sum consideration of ₹21 crore, and the excess of consideration over the fair value/book value of ...