https://www.taxtmi.com/caselaws?id=381345 The Tribunal dismissed the assessee's Miscellaneous Application seeking rectification under section 254(2) of the Income Tax Act, finding no apparent mistake justifying correction. It upheld that intangible assets like goodwill and commercial rights were artificially created post-succession, with no evidence in the predecessor firm's books, leading to disallowance of depreciation claims. Additionally, the Tribunal noted discrepancies in the share premium allotment, emphasizing that the premium amount formed part of the consideration without impacting the intangible assets' depreciation issue. en-us Wed, 01 May 2019 00:00:00 +0530 Sat, 08 Jun 2019 11:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=381345 The Tribunal dismissed the assessee's Miscellaneous Application seeking rectification under section 254(2) of the Income Tax Act, finding no apparent mistake justifying correction. It upheld that intangible assets like goodwill and commercial rights were artificially created post-succession, with no evidence in the predecessor firm's books, leading to disallowance of depreciation claims. Additionally, the Tribunal noted discrepancies in the share premium allotment, emphasizing that the premium amount formed part of the consideration without impacting the intangible assets' depreciation issue. Case-Laws Income Tax Wed, 01 May 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=381345