Development agreements require legal possession or effective enjoyment for capital gains transfer; permissive possession and deferred consideration de...
Prolonged sterilisation of development rights supports capital-gains treatment, while business-income disallowances cannot govern capital-gains comput...
Additional evidence in transfer pricing dispute leads to fresh examination, while tax deductions, TDS credit, fee and refund interest require verifica...
Category II AIF pass-through taxation preserves non-business income character; investment receipts cannot be reclassified without applying recognised ...
Depreciation on goodwill was disallowed because the claimed goodwill rested only on a business transfer agreement that was unsigned by the buyer and unregistered, with no other duly executed document produced. The Tribunal applied the principle that an unsigned document lacks legal sanctity and that an unregistered agreement has no enforceable effect in law. It also noted that the seller's proprietor was a designated partner of the assessee LLP, contrary to the claim of no relationship between the parties. On that basis, the alleged goodwill had no value in law and the disallowance was sustained.
Depreciation on goodwill was disallowed because the claimed goodwill rested only on a business transfer agreement that was unsigned by the buyer and unregistered, with no other duly executed document produced. The Tribunal applied the principle that an unsigned document lacks legal sanctity and that an unregistered agreement has no enforceable effect in law. It also noted that the seller's proprietor was a designated partner of the assessee LLP, contrary to the claim of no relationship between the parties. On that basis, the alleged goodwill had no value in law and the disallowance was sustained.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4800
Join Channel
TaxTMI 
