Receipt of immovable property requires actual possession or enjoyment; redevelopment allotments exchanged for tenancy rights fall outside deemed incom...
Section 80P deduction covers Souharda credit societies, including qualifying surplus-deposit interest, subject to member KYC verification for cash dep...
Transfer-pricing benchmarking and capital-receipt principles sustained taxpayer relief, while unsupported property-advance write-offs remained disallo...
Depreciation on goodwill - Business acquired in amalgamation - The ITAT held that, the excess consideration discharged over the net assets, representing goodwill, is eligible for depreciation under Section 32 of the Income Tax Act. The Tribunal found that the scheme of amalgamation was not a device for tax evasion, emphasizing that when a scheme is sanctioned by the court, it is deemed to be in public interest and not opposed to it. The ITAT directed the AO to allow the claim of depreciation on goodwill for the assessment years 2016-17 to 2018-19
Depreciation on goodwill - Business acquired in amalgamation - The ITAT held that, the excess consideration discharged over the net assets, representing goodwill, is eligible for depreciation under Section 32 of the Income Tax Act. The Tribunal found that the scheme of amalgamation was not a device for tax evasion, emphasizing that when a scheme is sanctioned by the court, it is deemed to be in public interest and not opposed to it. The ITAT directed the AO to allow the claim of depreciation on goodwill for the assessment years 2016-17 to 2018-19
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
