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of The ITAT ruled in favor of the assessee regarding depreciation claimed on goodwill acquired through amalgamation. The Tribunal found that neither the AO nor CIT(A) had questioned the valuation of goodwill created pursuant to the amalgamation scheme approved by the P&H HC, though the CIT(A) had assigned nil value to the goodwill since no value was recorded in the amalgamating company's books. Relying on Eltek SGS Pvt. Ltd. (Del HC), the ITAT held that depreciation on acquired/created goodwill following amalgamation for AYs 2015-16 and 2016-17 was justified, thereby reversing the revenue's disallowance.
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