Business upkeep expenses despite no revenue, director's interest-free advances, and property gift additions-disallowances and notional interest delete...
Insolvency resolution plan's loan assignment between approving and dissenting creditors: post-approval redistribution blocked; original distribution e...
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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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