Statutory transfer formalities invalidated alleged share and property transfers, while retrospective record manipulation constituted oppression and mi...
Provisional attachment of laundered funds and equivalent-value property sustained, with statutory protection limited to pension, gratuity and providen...
Insolvency moratorium does not shield company officers from cheque dishonour prosecution for liability arising before corporate insolvency proceedings...
ITAT decision involving corporate amalgamation and tax treatment of goodwill and interest expenses. The tribunal held that depreciation on goodwill arising from amalgamation is permissible under section 32(1), interpreting "user" broadly for intangible assets. The tribunal emphasized that goodwill created through NCLT-approved amalgamation qualifies for depreciation. Additionally, interest paid on loan borrowed for acquiring controlling interest in a company is deductible under section 36(1)(iii), as the share acquisition constitutes business expansion. The tribunal rejected the Assessing Officer's disallowance, upholding the CIT(A)'s order and allowing the assessee's claims for depreciation and interest expense deduction.
ITAT decision involving corporate amalgamation and tax treatment of goodwill and interest expenses. The tribunal held that depreciation on goodwill arising from amalgamation is permissible under section 32(1), interpreting "user" broadly for intangible assets. The tribunal emphasized that goodwill created through NCLT-approved amalgamation qualifies for depreciation. Additionally, interest paid on loan borrowed for acquiring controlling interest in a company is deductible under section 36(1)(iii), as the share acquisition constitutes business expansion. The tribunal rejected the Assessing Officer's disallowance, upholding the CIT(A)'s order and allowing the assessee's claims for depreciation and interest expense deduction.
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