Pre-amendment reassessment limitation bars late notices under the preserved regime, invalidating consequential reassessment for affected earlier asses...
Cash-sales explanations for bank deposits require documentary reconciliation; reassessment notice survived where effective response time was available...
Functional comparability in transfer pricing prevents ad hoc arm's length adjustments where functions, assets, risks and reliable comparables are unes...
Contingency expenses, exempt-income disallowance, and royalty benchmarking: unsupported adjustments were deleted under consistent accounting and trans...
Whether goodwill arising on acquisition of a going concern by slump sale is depreciable under income tax depreciation provisions was considered. Relying on Supreme Court precedent that goodwill qualifies as "any other business or commercial rights of similar nature," the tribunal held that such goodwill constitutes an intangible asset eligible for depreciation under the statutory depreciation provision. The statutory proviso limiting depreciation to specified transfers (amalgamation, demerger, succession) was held inapplicable to a slump sale between unrelated parties, and therefore the assessee's claim for depreciation on goodwill was allowed.
Whether goodwill arising on acquisition of a going concern by slump sale is depreciable under income tax depreciation provisions was considered. Relying on Supreme Court precedent that goodwill qualifies as "any other business or commercial rights of similar nature," the tribunal held that such goodwill constitutes an intangible asset eligible for depreciation under the statutory depreciation provision. The statutory proviso limiting depreciation to specified transfers (amalgamation, demerger, succession) was held inapplicable to a slump sale between unrelated parties, and therefore the assessee's claim for depreciation on goodwill was allowed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4918 
