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Income Tax : ITAT Ahmedabad held that depreciation on goodwill arising from amalgamation was allowable for assessment years prior to AY 2021-22...
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ITAT Mumbai held that goodwill arising from slump sale of a going concern is a depreciable intangible asset under section 32(1)(ii) for AY 2020-21, deleting disallowance.
The ruling explains the procedural outcome when a section 263 order is set aside. Original assessment appeals are restored, while appeals from consequential orders are dismissed as infructuous.
The issue was whether reassessment initiated by the Jurisdictional AO was valid. The Tribunal held the notice invalid as it violated mandatory faceless assessment procedures, rendering the reassessment void.
The issue was whether a late return under section 139(4) bars the concessional 22% tax regime. The Tribunal held that timely filing of Form 10IC is sufficient and the benefit cannot be denied on technical grounds.
The dispute centered on whether co-insurance administration fees required tax deduction at source. The Tribunal upheld their allowability without TDS, noting the issue was repeatedly settled in earlier years. The key takeaway is that consistent past rulings in identical facts will be followed.
The Tribunal ruled that a draft assessment order is the statutory trigger for DRP proceedings. Absence of a valid draft order against an existing entity vitiates the entire assessment.
The issue was whether a decree against an HUF can be executed against the Karta’s personal assets. The Bombay High Court held that a Karta has unlimited personal liability for unsatisfied HUF debts, permitting execution beyond HUF assets.
The issue was whether depreciation can be claimed on BOT road projects. ITAT upheld depreciation, rejecting mere amortisation under the CBDT circular.
ITAT Pune held that non-examination of issue of depreciation claimed on goodwill justifies invocation of revisionary proceeding under section 263 of the Income Tax Act. Accordingly, order sustained and appeal of assessee dismissed.
The Tribunal upheld depreciation on goodwill arising from amalgamation, relying on Supreme Court precedent. The ruling confirms that excess consideration recognized as goodwill qualifies for depreciation under section 32.
