https://www.taxtmi.com/caselaws?id=400292 The ITAT Ahmedabad held that the assessment framed against a non-existent entity was void ab initio and lacked jurisdiction, ruling in favor of the assessee. Regarding depreciation on goodwill arising from a scheme of amalgamation, the tribunal found the valuation and disallowance by the AO unjustified, noting the scheme was approved by the HC without objection from the Revenue. The tribunal emphasized that goodwill acquired in amalgamation qualifies for depreciation under section 32, rejecting the AO's claim of a colorable device. It also held that the AO should have sought expert valuation if dissatisfied with the assessee's report. Consequently, the claim for depreciation on goodwill was allowed, and the impugned assessment was set aside. en-us Wed, 21 Oct 2020 00:00:00 +0530 Thu, 31 Jul 2025 11:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=400292 The ITAT Ahmedabad held that the assessment framed against a non-existent entity was void ab initio and lacked jurisdiction, ruling in favor of the assessee. Regarding depreciation on goodwill arising from a scheme of amalgamation, the tribunal found the valuation and disallowance by the AO unjustified, noting the scheme was approved by the HC without objection from the Revenue. The tribunal emphasized that goodwill acquired in amalgamation qualifies for depreciation under section 32, rejecting the AO's claim of a colorable device. It also held that the AO should have sought expert valuation if dissatisfied with the assessee's report. Consequently, the claim for depreciation on goodwill was allowed, and the impugned assessment was set aside. Case-Laws Income Tax Wed, 21 Oct 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=400292