Interest on delayed release of requisitioned cash includes statutory pre-assessment interest and restitutionary compensation for unlawful post-assessm...
Incomplete inventory records justify rejecting accounts, while profit estimation requires relevant comparable material and interest falls under other ...
Transfer-pricing comparability requires functional alignment; delayed associated-enterprise receivables need separate LIBOR-based benchmarking, while ...
Extended reassessment limitation in search cases requires asset-linked escaped income, invalidating additions based only on unexplained money or expen...
Enhanced tolerance band under section 43CA applies retrospectively, deleting qualifying deemed-sale additions while disputed stamp valuation requires ...
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4913 
