Section 14A not applicable if investment in shares not made out of borrowed funds and depreciation allowable on goodwill and non-compete fees

Court: Mumbai bench of the Income Tax Appellate Tribunal

Citation: Godrej Agrovet Ltd Vs. ACIT [2010-TIOL-616-ITAT-MUM] (Judgement Date:- 17 September 2010 Assessment Year: 2005- 06)

Brief: ITAT Mumbai held in above case that that since there was no sale, discarding, demolition or destruction of an asset, no adjustment can be made to the Written Down Value (WDV) of the block of assets. Accordingly, the depreciation on goodwill and no

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