https://www.taxtmi.com/caselaws?id=178504 The Tribunal dismissed the appeals, upholding the disallowance of depreciation on goodwill and the recalculated set off of losses under Section 80-IA. The Tribunal concluded that the goodwill arising from the amalgamation did not constitute a specific business or commercial right eligible for depreciation, as it was merely an accounting entry. Additionally, it held that unabsorbed depreciation of eligible units must be set off against total gross income before allowing deduction under Section 80-IA, resulting in no deduction being granted in this case. en-us Fri, 07 Aug 2009 00:00:00 +0530 Sun, 03 Sep 2023 10:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=178504 The Tribunal dismissed the appeals, upholding the disallowance of depreciation on goodwill and the recalculated set off of losses under Section 80-IA. The Tribunal concluded that the goodwill arising from the amalgamation did not constitute a specific business or commercial right eligible for depreciation, as it was merely an accounting entry. Additionally, it held that unabsorbed depreciation of eligible units must be set off against total gross income before allowing deduction under Section 80-IA, resulting in no deduction being granted in this case. Case-Laws Income Tax Fri, 07 Aug 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=178504