Related-party creditor exclusion bars CoC participation where lender rights show policy-making involvement, and post-CIRP assignment cannot cure ineli...
Rectification of apparent typographical errors may proceed without hearing when tax liability, input tax credit, and ruling substance remain unchanged...
Goodwill arising from acquisition of a going-concern business under a slump-sale agreement may constitute a depreciable intangible asset where assumed liabilities exceed acquired assets and are subsequently discharged. Such excess liabilities represent economic consideration for business and commercial rights, notwithstanding the absence of separately stated consideration or individual asset valuations. The Finance Act, 2021 exclusion of goodwill from depreciable intangible assets operates prospectively. Where depreciation on goodwill is allowable under normal provisions, no consequential add-back is warranted in book-profit computation. TDS credit is available in the year in which corresponding income is assessable, subject to verification that the income was offered to tax in that year.
Goodwill arising from acquisition of a going-concern business under a slump-sale agreement may constitute a depreciable intangible asset where assumed liabilities exceed acquired assets and are subsequently discharged. Such excess liabilities represent economic consideration for business and commercial rights, notwithstanding the absence of separately stated consideration or individual asset valuations. The Finance Act, 2021 exclusion of goodwill from depreciable intangible assets operates prospectively. Where depreciation on goodwill is allowable under normal provisions, no consequential add-back is warranted in book-profit computation. TDS credit is available in the year in which corresponding income is assessable, subject to verification that the income was offered to tax in that year.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
