https://www.taxtmi.com/caselaws?id=398344 The Tribunal upheld the CIT(A)'s decisions to delete the disallowance of market to market foreign exchange loss and allow depreciation on goodwill. The Tribunal relied on precedents from the assessee's previous cases and relevant judicial decisions, dismissing the Revenue's arguments. The foreign exchange loss was deemed a legitimate business expense, and depreciation on goodwill was permitted as an intangible asset. The Tribunal emphasized the CIT(A)'s directives to the AO for determining the appropriate depreciation amount on goodwill, ultimately rejecting the Revenue's appeal. en-us Thu, 10 Sep 2020 00:00:00 +0530 Sat, 12 Sep 2020 14:28:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=398344 The Tribunal upheld the CIT(A)'s decisions to delete the disallowance of market to market foreign exchange loss and allow depreciation on goodwill. The Tribunal relied on precedents from the assessee's previous cases and relevant judicial decisions, dismissing the Revenue's arguments. The foreign exchange loss was deemed a legitimate business expense, and depreciation on goodwill was permitted as an intangible asset. The Tribunal emphasized the CIT(A)'s directives to the AO for determining the appropriate depreciation amount on goodwill, ultimately rejecting the Revenue's appeal. Case-Laws Income Tax Thu, 10 Sep 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=398344