https://www.taxtmi.com/caselaws?id=414365 ITAT BANGALORE held that the excess paid over net asset value on acquiring a business constitutes goodwill (following Delhi HC), distinguishing facts from Toyo Engineering. The proviso to s.32(1) cannot be extended to purchases between unrelated parties. Eligibility to claim depreciation on goodwill was remitted to the AO for fresh factual examination and opportunity to the taxpayer. Claim for deduction of interest paid under s.201(1A) was disallowed following precedent. Interest on bank overdraft is not liable to TDS and s.40(a)(ia) disallowance is not warranted; that issue was remanded to the AO to admit evidence and decide in accordance with law. en-us Mon, 01 Nov 2021 00:00:00 +0530 Sat, 27 Sep 2025 11:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=414365 ITAT BANGALORE held that the excess paid over net asset value on acquiring a business constitutes goodwill (following Delhi HC), distinguishing facts from Toyo Engineering. The proviso to s.32(1) cannot be extended to purchases between unrelated parties. Eligibility to claim depreciation on goodwill was remitted to the AO for fresh factual examination and opportunity to the taxpayer. Claim for deduction of interest paid under s.201(1A) was disallowed following precedent. Interest on bank overdraft is not liable to TDS and s.40(a)(ia) disallowance is not warranted; that issue was remanded to the AO to admit evidence and decide in accordance with law. Case-Laws Income Tax Mon, 01 Nov 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=414365