https://www.taxtmi.com/caselaws?id=270163 The High Court upheld the ITAT's decisions on two issues: disallowance under Section 40A(2)(b) of the Income Tax Act and allowance of depreciation on goodwill. The Court found that the payments made under Section 40A(2)(b) were justified and did not exceed fair market value, as no evidence showed otherwise. Regarding depreciation on goodwill, the Court agreed with the ITAT's reliance on a Supreme Court decision, affirming that goodwill qualifies as an asset for depreciation under Section 32. The High Court dismissed the appeals, concluding that no substantial question of law arose from the ITAT's decisions. en-us Mon, 19 Oct 2015 00:00:00 +0530 Wed, 30 Dec 2015 13:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=270163 The High Court upheld the ITAT's decisions on two issues: disallowance under Section 40A(2)(b) of the Income Tax Act and allowance of depreciation on goodwill. The Court found that the payments made under Section 40A(2)(b) were justified and did not exceed fair market value, as no evidence showed otherwise. Regarding depreciation on goodwill, the Court agreed with the ITAT's reliance on a Supreme Court decision, affirming that goodwill qualifies as an asset for depreciation under Section 32. The High Court dismissed the appeals, concluding that no substantial question of law arose from the ITAT's decisions. Case-Laws Income Tax Mon, 19 Oct 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=270163