https://www.taxtmi.com/caselaws?id=397366 The ITAT upheld the direction to adopt the acquisition cost of Motor Vehicle and Furniture and Fixture at the Written Down Value (WDV) of the Seller, reducing tax depreciation claimed. Section 170 provisions were deemed inapplicable, and the balancing figure between slump sale value and WDV was treated as goodwill for depreciation. The ITAT confirmed that excess paid over tangible assets under slump sale qualifies as goodwill. Disallowance of depreciation on Customer Distribution Network was considered academic due to the same depreciation rate for Goodwill and CDN. The Revenue's appeal was partly allowed, and the assessee's appeal and cross-objection were dismissed. en-us Mon, 15 Jun 2020 00:00:00 +0530 Mon, 17 Aug 2020 10:36:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=397366 The ITAT upheld the direction to adopt the acquisition cost of Motor Vehicle and Furniture and Fixture at the Written Down Value (WDV) of the Seller, reducing tax depreciation claimed. Section 170 provisions were deemed inapplicable, and the balancing figure between slump sale value and WDV was treated as goodwill for depreciation. The ITAT confirmed that excess paid over tangible assets under slump sale qualifies as goodwill. Disallowance of depreciation on Customer Distribution Network was considered academic due to the same depreciation rate for Goodwill and CDN. The Revenue's appeal was partly allowed, and the assessee's appeal and cross-objection were dismissed. Case-Laws Income Tax Mon, 15 Jun 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=397366