Full Depreciation Victory: 100% Claim Allowed Because Seller Did Not Claim Prior Benefit

DCIT Vs Glaxosmithkline Consumer Pvt. Ltd. (ITAT Chandigarh) Auditor’s Note Can’t Override Law ;  Slump Sale ≠ Succession; ITAT Allows 100% Depreciation on Goodwill Assessee is engaged in the business of sales & marketing of OTC pharmaceutical products and also provides R&D and quality analysis services. During AY 2016-17, the Assessee acquired the OTC division of Novartis India Ltd. through slump sale. The excess consideration over the FMV of tangible assets was booked as goodwill & depreciation was claimed @100% on the ground that assets were used for more than 180 days. A...