Unlawful outward remittances via Hawala using proforma invoices and electronic records proved; documents admitted, directors penalised, penalties redu...
Attachment of equivalent-value properties as proceeds of crime upheld; preventive attachment order and confirmation sustained; no independent ED reinv...
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Depreciation on goodwill arising on amalgamation is treated as allowable because such goodwill constitutes an intangible asset and is eligible for depreciation; earlier decisions relied upon by the taxpayer support this principle and the appellate authority accepted the claim, resulting in allowance of depreciation. The legal point emphasises that goodwill recorded on merger qualifies as depreciable intangible property for tax purposes, and reliance on prior accounting recognition and precedent was determinative of the deductibility outcome.
Depreciation on goodwill arising on amalgamation is treated as allowable because such goodwill constitutes an intangible asset and is eligible for depreciation; earlier decisions relied upon by the taxpayer support this principle and the appellate authority accepted the claim, resulting in allowance of depreciation. The legal point emphasises that goodwill recorded on merger qualifies as depreciable intangible property for tax purposes, and reliance on prior accounting recognition and precedent was determinative of the deductibility outcome.
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