Goodwill Depreciation Allowed Earlier Cannot Be Revisited in Revision: ITAT Ahmedabad

Ammann India Private Limited Vs PCIT (ITAT Ahmedabad) The appeal before the Income Tax Appellate Tribunal, Ahmedabad arose from an order passed by the Principal Commissioner of Income Tax under Section 263 of the Income Tax Act, 1961 for Assessment Year 2020–21. The revisionary order held that the assessment framed under Section 143(3) read with Section 144B was erroneous and prejudicial to the interest of revenue on two grounds: allowance of depreciation on goodwill and non-taxation of forfeited security deposits. The assessee had filed its return declaring income of ₹44.60 crore, which w...