https://www.taxtmi.com/caselaws?id=388554 The Tribunal partially allowed the assessee's appeal, directing the AO to reconsider certain disallowances and deleting the enhancement made by the CIT(A). The revenue's appeal was dismissed, affirming the Tribunal's stance on the amortization of goodwill. The disallowance of the fine levied by the EU Commission was rejected, and the Tribunal directed the AO to examine if it could be allowed as a business loss. The Tribunal upheld the assessee's claim for depreciation on goodwill recorded on amalgamation, disagreeing with the AO's decision. The Tribunal also rejected the enhancement by the CIT(A) under section 68 of the Act, stating it exceeded her jurisdiction. The disallowance under section 14A was to be reexamined by the AO based on the exempt income earned during the year. The Tribunal did not alter the AO's decision on interest levied under section 234C. en-us Wed, 13 Nov 2019 00:00:00 +0530 Mon, 18 Nov 2019 10:40:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=388554 The Tribunal partially allowed the assessee's appeal, directing the AO to reconsider certain disallowances and deleting the enhancement made by the CIT(A). The revenue's appeal was dismissed, affirming the Tribunal's stance on the amortization of goodwill. The disallowance of the fine levied by the EU Commission was rejected, and the Tribunal directed the AO to examine if it could be allowed as a business loss. The Tribunal upheld the assessee's claim for depreciation on goodwill recorded on amalgamation, disagreeing with the AO's decision. The Tribunal also rejected the enhancement by the CIT(A) under section 68 of the Act, stating it exceeded her jurisdiction. The disallowance under section 14A was to be reexamined by the AO based on the exempt income earned during the year. The Tribunal did not alter the AO's decision on interest levied under section 234C. Case-Laws Income Tax Wed, 13 Nov 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=388554