https://www.taxtmi.com/caselaws?id=405591 The Tribunal concluded that the payment for the Business Transfer Agreement (BTA) was justified, and the goodwill generated was a legitimate intangible asset eligible for depreciation under section 32(1)(ii) of the Income Tax Act, 1961. Relying on the Supreme Court's decision in CIT Vs. Smifs Securities Ltd., the Tribunal allowed the appeal, granting the depreciation claim on goodwill. Consequently, the Tribunal rendered the stay application redundant, addressing the core issues of valuation and adherence to judicial precedents, while dismissing the disallowance by lower authorities. en-us Tue, 02 Mar 2021 00:00:00 +0530 Mon, 28 Oct 2024 16:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=405591 The Tribunal concluded that the payment for the Business Transfer Agreement (BTA) was justified, and the goodwill generated was a legitimate intangible asset eligible for depreciation under section 32(1)(ii) of the Income Tax Act, 1961. Relying on the Supreme Court's decision in CIT Vs. Smifs Securities Ltd., the Tribunal allowed the appeal, granting the depreciation claim on goodwill. Consequently, the Tribunal rendered the stay application redundant, addressing the core issues of valuation and adherence to judicial precedents, while dismissing the disallowance by lower authorities. Case-Laws Income Tax Tue, 02 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=405591