Delayed transport documents failed to validate intercepted goods, sustaining transit-state penalties where the claimed interstate destination remained...
HC upheld ITAT's ruling allowing depreciation on goodwill acquired through amalgamation. Revenue authorities were estopped from challenging the scheme's validity since they failed to object when given notice during the amalgamation approval process. The Income Tax Department received scheme copy on July 8, 2015, with 15 days to respond but filed no objections by August 26, 2015. The share exchange ratio was explicitly included in paragraph 11.1 of the amalgamation scheme. ITAT considered that depreciation on goodwill was previously allowed for AY 2013-14 and initially for AY 2014-15 (though later reopened). HC found no grounds to interfere with ITAT's decision that CIT's order affirming AO's disallowance was erroneous.
HC upheld ITAT's ruling allowing depreciation on goodwill acquired through amalgamation. Revenue authorities were estopped from challenging the scheme's validity since they failed to object when given notice during the amalgamation approval process. The Income Tax Department received scheme copy on July 8, 2015, with 15 days to respond but filed no objections by August 26, 2015. The share exchange ratio was explicitly included in paragraph 11.1 of the amalgamation scheme. ITAT considered that depreciation on goodwill was previously allowed for AY 2013-14 and initially for AY 2014-15 (though later reopened). HC found no grounds to interfere with ITAT's decision that CIT's order affirming AO's disallowance was erroneous.
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