Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
Helicopter charter classification requires effective control analysis, while territorial performance, reasoned credit orders and wilful suppression de...
Depreciation on non-compete fees arising from acquisition of a proprietary business through a slump sale is unsustainable where such fees are allowable only as revenue expenditure. In contrast, goodwill created when slump-sale consideration exceeds the net value of acquired assets may qualify for depreciation where it was not an existing depreciable asset or block transferred from the predecessor. Successor-depreciation restrictions do not apply to goodwill absent from the predecessor's books, and the later statutory exclusion of business goodwill applies prospectively from 1 April 2021. Accordingly, depreciation on non-compete fees was rejected, while depreciation on the goodwill was allowed.
Depreciation on non-compete fees arising from acquisition of a proprietary business through a slump sale is unsustainable where such fees are allowable only as revenue expenditure. In contrast, goodwill created when slump-sale consideration exceeds the net value of acquired assets may qualify for depreciation where it was not an existing depreciable asset or block transferred from the predecessor. Successor-depreciation restrictions do not apply to goodwill absent from the predecessor's books, and the later statutory exclusion of business goodwill applies prospectively from 1 April 2021. Accordingly, depreciation on non-compete fees was rejected, while depreciation on the goodwill was allowed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4782
Join Channel
TaxTMI 
