https://www.taxtmi.com/caselaws?id=285827 The Tribunal allowed the appeal filed by the assessee, overturning the disallowance of depreciation on goodwill. Relying on previous decisions and the Supreme Court's ruling in CIT vs. Smifs Securities Ltd., the Tribunal held that depreciation on goodwill was legitimate under Section 32 of the Income Tax Act. The Tribunal emphasized that the appellate authority had the jurisdiction to consider such claims even without a revised return. Consequently, the disallowance was deleted, and the assessee's appeal was successful based on established legal principles and precedents. en-us Thu, 07 Jun 2018 00:00:00 +0530 Wed, 29 Jan 2020 08:14:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=285827 The Tribunal allowed the appeal filed by the assessee, overturning the disallowance of depreciation on goodwill. Relying on previous decisions and the Supreme Court's ruling in CIT vs. Smifs Securities Ltd., the Tribunal held that depreciation on goodwill was legitimate under Section 32 of the Income Tax Act. The Tribunal emphasized that the appellate authority had the jurisdiction to consider such claims even without a revised return. Consequently, the disallowance was deleted, and the assessee's appeal was successful based on established legal principles and precedents. Case-Laws Income Tax Thu, 07 Jun 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=285827