https://www.taxtmi.com/caselaws?id=368310 The Tribunal dismissed the appeal, affirming the rectification under Section 154 as valid. It held that the assessee, a cooperative bank, was ineligible for deduction under Section 35DD as it did not qualify as an Indian company. The alternative claim for deduction under Section 32 was rejected due to lack of evidence of goodwill acquisition. The argument regarding Section 44DB was dismissed as no claim was made. The Tribunal emphasized adherence to specific Income Tax Act provisions over general guidelines, denying the depreciation claim based on goodwill/commercial rights due to lack of supporting evidence. en-us Sun, 05 Aug 2018 00:00:00 +0530 Sat, 06 Oct 2018 08:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=368310 The Tribunal dismissed the appeal, affirming the rectification under Section 154 as valid. It held that the assessee, a cooperative bank, was ineligible for deduction under Section 35DD as it did not qualify as an Indian company. The alternative claim for deduction under Section 32 was rejected due to lack of evidence of goodwill acquisition. The argument regarding Section 44DB was dismissed as no claim was made. The Tribunal emphasized adherence to specific Income Tax Act provisions over general guidelines, denying the depreciation claim based on goodwill/commercial rights due to lack of supporting evidence. Case-Laws Income Tax Sun, 05 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=368310