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Goodwill Arising on Slump Sale Eligible for Depreciation: ITAT Bangalore
Case Law Details
- Case Name
- I&B Seeds Private Limited Vs DCIT (ITAT Bangalore)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2015-16
- Courts
- All ITAT, ITAT Bangalore
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I&B Seeds Private Limited Vs DCIT (ITAT Bangalore)
Goodwill Arising on Slump Sale Eligible for Depreciation; Explanation 3 to Section 43(1) Inapplicable: ITAT Bangalore
The assessee appealed against the disallowance of depreciation of ₹2,15,02,864 claimed on goodwill arising from the slump sale acquisition of the businesses of a proprietary concern and a private company. The Assessing Officer treated the goodwill transaction as a sham and a colourable device, invoked Explanation 3 to Section 43(1) of the Income-tax Act, and restricted the value of intangible assets, prim...
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