Advance-ruling mechanism governs pending GST classification, exemption and taxability disputes, limiting writ review once the specialised forum functi...
Charitable trust income application permits verified capital expenditure but rejects deferred pre-operative claims and requires reconsideration of con...
Reinsurance premium deductions require established regulatory breaches, while independently acquired software qualifies within the computer depreciati...
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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