ITAT Sets Aside PCIT’s Order on Goodwill Depreciation: IND AS103 Not Applicable for AY 2016-17

Oriental Buildtech Private Limited Vs PCIT (ITAT Delhi) In a recent ruling, the Income Tax Appellate Tribunal (ITAT) Delhi has set aside a revisionary order passed by the Principal Commissioner of Income-Tax (PCIT) concerning the allowance of depreciation on goodwill for Assessment Year 2016-17 in the case of Oriental Buildtech Private Limited. The ITAT’s decision highlights critical aspects of revisionary jurisdiction under Section 263 of the Income-Tax Act, 1961, and the applicability of accounting standards. The case originated from the assessment year 2016-17, for which Oriental Buildtec...