https://www.taxtmi.com/caselaws?id=346560 The High Court upheld the Tribunal's decision allowing depreciation on goodwill, stating it is an eligible asset for depreciation. The Court also agreed that the waiver of the principal amount of the loan does not trigger taxation under Sections 28(iv) and 41(1) of the Income Tax Act. Additionally, the Court supported the Tribunal's ruling that deduction claims made during assessment proceedings, even without a revised return, are permissible. The Revenue's appeal was dismissed, with no costs ordered. en-us Mon, 07 Aug 2017 00:00:00 +0530 Fri, 18 Aug 2017 08:41:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=346560 The High Court upheld the Tribunal's decision allowing depreciation on goodwill, stating it is an eligible asset for depreciation. The Court also agreed that the waiver of the principal amount of the loan does not trigger taxation under Sections 28(iv) and 41(1) of the Income Tax Act. Additionally, the Court supported the Tribunal's ruling that deduction claims made during assessment proceedings, even without a revised return, are permissible. The Revenue's appeal was dismissed, with no costs ordered. Case-Laws Income Tax Mon, 07 Aug 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=346560