ITAT Allows Depreciation on Goodwill as Amalgamation Created Eligible Commercial Rights

DCIT Vs Gujarat Narmada Valley Fertilizers & Chemicals Ltd (ITAT Ahmedabad) In , the Income Tax Appellate Tribunal (ITAT), Ahmedabad Bench, dismissed the Revenue’s appeal against the order of the Commissioner of Income Tax (Appeals) [CIT(A)] for Assessment Year 2016–17. The dispute related to two issues: depreciation on goodwill arising from amalgamation and transfer pricing adjustment affecting deduction under Section 80IA of the Income Tax Act. The assessee, engaged in the business of manufacturing and trading chemical fertilizers and industrial products, had filed its return declari...