Bona fide disclosure requirements govern under-reporting penalties, and post-penalty immunity applications cannot secure available statutory protectio...
Certificate-of-origin verification procedure governs preferential customs benefits; denial without retroactive verification was set aside with consequ...
Disciplinary Committee jurisdiction and mandatory investigation requirements invalidated cancellation of an insolvency professional's registration and...
Retention of seized property survives where recorded reasons support proceeds of crime, while stayed investigation periods are excluded from limitatio...
Specified income of Baddi Barotiwala Nalagarh Development Authority receives conditional tax exemption, retrospectively covering its designated assess...
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Depreciation on goodwill arising from amalgamation was held allowable for assessment years prior to the Finance Act, 2021 amendment excluding goodwill from depreciable assets. Applying the settled principle in SMIFS Securities Ltd., the ITAT found that goodwill remained an intangible asset eligible for depreciation for the relevant pre-amendment years, so the Assessing Officer was not justified in disallowing the claim. The Tribunal upheld the Commissioner (Appeals)' deletion of the disallowance and rejected the Revenue's objections based on the consideration, valuation, and amalgamation scheme.
Depreciation on goodwill arising from amalgamation was held allowable for assessment years prior to the Finance Act, 2021 amendment excluding goodwill from depreciable assets. Applying the settled principle in SMIFS Securities Ltd., the ITAT found that goodwill remained an intangible asset eligible for depreciation for the relevant pre-amendment years, so the Assessing Officer was not justified in disallowing the claim. The Tribunal upheld the Commissioner (Appeals)' deletion of the disallowance and rejected the Revenue's objections based on the consideration, valuation, and amalgamation scheme.
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