Depreciation on demerger goodwill upheld; revision under s.263 and challenge to s.143(3) assessment rejected as time-barred SC dismissed the revenue's SLP challenging the HC order which had upheld the Tribunal's quashing of revision proceedings under s.263 regarding ...
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Depreciation on demerger goodwill upheld; revision under s.263 and challenge to s.143(3) assessment rejected as time-barred
SC dismissed the revenue's SLP challenging the HC order which had upheld the Tribunal's quashing of revision proceedings under s.263 regarding depreciation on goodwill arising from a demerger. The SC, after examining the impugned order, found no apparent error giving rise to any substantial question of law. It declined to take a lenient view on the delay in filing the SLP and held that the petition failed both on limitation and on merits, thereby sustaining the assessee's depreciation claim and the AO's original assessment order under s.143(3).
The Supreme Court considered a petition filed with a delay of 658 days. The Court first examined whether there was any justification to adopt a lenient approach to condone such inordinate delay. It perused the impugned order to see if any apparent error existed that could give rise to a substantial question of law warranting interference. On examination, the Court held that it did "not find any such error which may give rise to a question of law." Accordingly, the petition was dismissed "both on the ground of delay as well as merits." All pending applications, if any, were ordered to stand disposed of.
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