Political contribution deductions require genuine transactions; banking records and party registration alone cannot defeat evidence of accommodation e...
Post-death GST liability permits fresh proceedings against legal representatives, while discontinued-business recovery remains limited to the inherite...
Non-confirmation of FEMA seizure prevents adjudicators from overriding pending appellate findings on recorded reasons and suspected foreign asset hold...
Goodwill arising from acquisition of a going-concern business under a slump-sale agreement may constitute a depreciable intangible asset where assumed liabilities exceed acquired assets and are subsequently discharged. Such excess liabilities represent economic consideration for business and commercial rights, notwithstanding the absence of separately stated consideration or individual asset valuations. The Finance Act, 2021 exclusion of goodwill from depreciable intangible assets operates prospectively. Where depreciation on goodwill is allowable under normal provisions, no consequential add-back is warranted in book-profit computation. TDS credit is available in the year in which corresponding income is assessable, subject to verification that the income was offered to tax in that year.
Goodwill arising from acquisition of a going-concern business under a slump-sale agreement may constitute a depreciable intangible asset where assumed liabilities exceed acquired assets and are subsequently discharged. Such excess liabilities represent economic consideration for business and commercial rights, notwithstanding the absence of separately stated consideration or individual asset valuations. The Finance Act, 2021 exclusion of goodwill from depreciable intangible assets operates prospectively. Where depreciation on goodwill is allowable under normal provisions, no consequential add-back is warranted in book-profit computation. TDS credit is available in the year in which corresponding income is assessable, subject to verification that the income was offered to tax in that year.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4918 
