ITAT held that the assessee is entitled to claim depreciation on...

ITAT held that the assessee is entitled to claim depreciation on goodwill arising from a slump-sale acquisition, rejecting reliance on explanations to s.43(1) and s.43(6) which pertain to amalgamations. For transfer-pricing, ITAT directed that depreciation on such goodwill and amortisation of non-compete fees be treated as non-operating, extraordinary items and excluded from operating costs when computing PLI/ALP. The tribunal remitted the turnover-filter exercise to the TPO/AO for reconsideration with relaxed lower and upper bounds to secure a broader comparable set, directed inclusion of a now-filed comparable for verification, ordered reconsideration of the exclusion of another comparable and remitted one disputed loss-making comparable to the CIT(A) for fresh adjudication.

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