Imported menthol-scented sweet supari classification dispute: seizure quashed, release for home consumption subject to duty bond; bank guarantee refus...
CKD/SKD air-conditioner components classifiable with finished units by essential character; prior advance ruling extended three years, FTA benefits po...
Scope of judicial review under Article 226: supervisory, not appellate; factual reappraisal barred, challenge dismissed; insolvency professional dutie...
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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