Search and seizure: abatement of earlier search bars use of prior seized material in later search-based assessments; relief limited to new documents f...
Admission of additional evidence under remand rules must await a meaningful remand report; failure to do so breaches natural justice and mandates rema...
Export Obligation Discharge Certificates for EPCG compliance cannot be questioned by Customs unless DGFT adjudicates and cancels them, so demands quas...
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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.
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