https://www.taxtmi.com/caselaws?id=237215 The Tribunal upheld the reopening of assessment under Section 147 r.w.s. 148, dismissing the assessee's claim of a mere change of opinion. The Tribunal allowed depreciation on goodwill, citing it as a depreciable asset. Disallowance of interest on advances to a sister concern was upheld due to lack of evidence. The addition of a secured loan was deleted as the lender's creditworthiness was established. Ad hoc disallowance of expenses was overturned, emphasizing proper documentation. The assessee's appeal was partly allowed for depreciation on goodwill, while the Revenue's appeal was dismissed regarding the secured loan addition and ad hoc expense disallowance. en-us Tue, 17 Sep 2013 00:00:00 +0530 Mon, 04 Apr 2016 10:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=237215 The Tribunal upheld the reopening of assessment under Section 147 r.w.s. 148, dismissing the assessee's claim of a mere change of opinion. The Tribunal allowed depreciation on goodwill, citing it as a depreciable asset. Disallowance of interest on advances to a sister concern was upheld due to lack of evidence. The addition of a secured loan was deleted as the lender's creditworthiness was established. Ad hoc disallowance of expenses was overturned, emphasizing proper documentation. The assessee's appeal was partly allowed for depreciation on goodwill, while the Revenue's appeal was dismissed regarding the secured loan addition and ad hoc expense disallowance. Case-Laws Income Tax Tue, 17 Sep 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=237215