https://www.taxtmi.com/caselaws?id=349218 The High Court dismissed the Revenue's tax appeal, affirming the ITAT's decision in favor of the assessee concerning the depreciation claim on goodwill. The Court upheld the Tribunal's ruling, allowing depreciation based on legal precedents, and emphasized the appellate authorities' jurisdiction to entertain new claims supported by facts, ensuring fair income assessment. The Assessing Officer's objections were deemed unsubstantial, lacking evidence or legal basis. The decision reinforced the applicability of legal principles supporting depreciation on acquired goodwill, highlighting the necessity of substantiated objections in disallowing legitimate claims in income tax assessments. en-us Tue, 03 Oct 2017 00:00:00 +0530 Fri, 10 Apr 2026 15:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=349218 The High Court dismissed the Revenue's tax appeal, affirming the ITAT's decision in favor of the assessee concerning the depreciation claim on goodwill. The Court upheld the Tribunal's ruling, allowing depreciation based on legal precedents, and emphasized the appellate authorities' jurisdiction to entertain new claims supported by facts, ensuring fair income assessment. The Assessing Officer's objections were deemed unsubstantial, lacking evidence or legal basis. The decision reinforced the applicability of legal principles supporting depreciation on acquired goodwill, highlighting the necessity of substantiated objections in disallowing legitimate claims in income tax assessments. Case-Laws Income Tax Tue, 03 Oct 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=349218