ITAT Ahmedabad Allows Depreciation on Amalgamation Goodwill for AY 2016-17

Bakeri Projects Pvt. Ltd. Vs DCIT (ITAT Ahmedabad) Amalgamation Goodwill is Depreciable: ITAT Allows Deduction for AY 2016-17, Quashes Non-Speaking CIT(A) Order Goodwill is Still Good! – ITAT Allows Depreciation, Slams Baseless ‘Colourable Device’ Allegation; Amendments excluding goodwill from depreciation apply only from AY 2021-22 onwards Bakeri Projects Pvt. Ltd. (“BPPL”) had amalgamated Bakeri Engineering & Infrastructure Pvt. Ltd. (“BEIPL”) through a court-approved scheme effective 01.04.2015. In accordance with AS-14 (Purchase Method) & as mandated by the High Court...