https://www.taxtmi.com/caselaws?id=296785 The Tribunal allowed the appeal of the assessee, overturning the disallowance of depreciation claimed on goodwill. It held that the goodwill resulting from the share swap ratio was not artificial and that the issue of equity shares was genuine. Relying on the precedent in CIT vs. Smifs Securities Ltd, the Tribunal concluded that depreciation on goodwill is allowable. The lower authorities were found to have erred in disallowing the claim, and the Tribunal set aside their orders, allowing the depreciation on goodwill. en-us Wed, 30 May 2018 00:00:00 +0530 Sat, 07 Aug 2021 08:49:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=296785 The Tribunal allowed the appeal of the assessee, overturning the disallowance of depreciation claimed on goodwill. It held that the goodwill resulting from the share swap ratio was not artificial and that the issue of equity shares was genuine. Relying on the precedent in CIT vs. Smifs Securities Ltd, the Tribunal concluded that depreciation on goodwill is allowable. The lower authorities were found to have erred in disallowing the claim, and the Tribunal set aside their orders, allowing the depreciation on goodwill. Case-Laws Income Tax Wed, 30 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=296785