Risk-based postal import clearance standardises electronic assessment, document requests, duty realisation and delivery controls at Foreign Post Offic...
Customs Cargo Service Provider appointment extends custodianship to additional terminal land, subject to cargo-control, security and licence condition...
Post-search scrutiny assessment remains available where original assessment limitation is unexpired, permitting timely completion under regular assess...
Disallowance of depreciation on goodwill created in the scheme of amalgamation - The ITAT allowed the claim for depreciation on goodwill, aligning with the precedent set in KIFS International LLP [2023 (9) TMI 1439 - ITAT AHMEDABAD], emphasizing that goodwill arising from amalgamation, sanctioned by the High Court, qualifies as an intangible asset under section 32(1) of the Act. The tribunal rejected the AO's view that the amalgamation scheme was a colorable device, noting the lack of objection from the Income Tax Department during the amalgamation process and the approval by the High Court.
Disallowance of depreciation on goodwill created in the scheme of amalgamation - The ITAT allowed the claim for depreciation on goodwill, aligning with the precedent set in KIFS International LLP [2023 (9) TMI 1439 - ITAT AHMEDABAD], emphasizing that goodwill arising from amalgamation, sanctioned by the High Court, qualifies as an intangible asset under section 32(1) of the Act. The tribunal rejected the AO's view that the amalgamation scheme was a colorable device, noting the lack of objection from the Income Tax Department during the amalgamation process and the approval by the High Court.
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