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of <h1>Indian SC Dismisses SLP; Prior Decision Cited, Filing Delay Condoned, Respondent Fails to Appear.</h1> The SC of India dismissed the SLP, referencing a prior judicial decision. The delay in filing was condoned. The respondent failed to appear before the ... Depreciation on goodwill - goodwill expanded at the time of amalgamation of the companies - claim denied as claim was fictitious and the goodwill has been accounted as a balancing factor in the hands of the assessee without acquisition of an intangible asset as contemplated under Section 32 of the Act - as decided by HC [2017 (10) TMI 373 - GUJARAT HIGH COURT] with respect to the claim of depreciation, the decision of Supreme Court in case of Smifs Securities Ltd. [2012 (8) TMI 713 - SUPREME COURT] would squarely apply. There is no material referred to by the Assessing Officer to hold that the claim of depreciation was fictitious. HELD THAT:- SLP dismissed. The Supreme Court of India dismissed the Special Leave Petition citing a previous court decision. The delay was condoned. The respondent did not appear.
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