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Depreciation Under s.32 Upheld for Pre-2021 Goodwill from Amalgamation; Amendment Applies Prospectively. Revenue's colourable device claim rejected; assessment set aside
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The ITAT allowed the assessee's appeal for AY 2012-13, holding that depreciation under s.32 on goodwill arising on amalgamation was wrongly disallowed by the CIT(A) and AO. The Tribunal applied binding precedent from the Supreme Court and relevant High Court authority to conclude that statutory amendments excluding goodwill from intangible assets operate prospectively from AY 2021-22 and do not preclude depreciation claims for earlier years. Consequently, the revenue's contention that the amalgamation was a colourable device creating non-depreciable goodwill was rejected, and the assessment order denying depreciation on goodwill for the relevant year was set aside.
The ITAT allowed the assessee's appeal for AY 2012-13, holding that depreciation under s.32 on goodwill arising on amalgamation was wrongly disallowed by the CIT(A) and AO. The Tribunal applied binding precedent from the Supreme Court and relevant High Court authority to conclude that statutory amendments excluding goodwill from intangible assets operate prospectively from AY 2021-22 and do not preclude depreciation claims for earlier years. Consequently, the revenue's contention that the amalgamation was a colourable device creating non-depreciable goodwill was rejected, and the assessment order denying depreciation on goodwill for the relevant year was set aside.
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