https://www.taxtmi.com/caselaws?id=424713 The Tribunal allowed the assessee's claim for depreciation on goodwill acquired through a slump sale, overturning the decisions of the Assessing Officer and the Commissioner of Income Tax (Appeals). The Tribunal held that the excess consideration paid over the net tangible assets constituted goodwill eligible for depreciation under Section 32. It emphasized that a separate valuation report for goodwill was unnecessary as the goodwill arose from the acquisition and was not internally generated. The Tribunal's decision aligned with established judicial precedents, allowing the assessee's claim for depreciation on goodwill for the relevant assessment year. en-us Mon, 27 Jun 2022 00:00:00 +0530 Wed, 06 Jul 2022 13:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=424713 The Tribunal allowed the assessee's claim for depreciation on goodwill acquired through a slump sale, overturning the decisions of the Assessing Officer and the Commissioner of Income Tax (Appeals). The Tribunal held that the excess consideration paid over the net tangible assets constituted goodwill eligible for depreciation under Section 32. It emphasized that a separate valuation report for goodwill was unnecessary as the goodwill arose from the acquisition and was not internally generated. The Tribunal's decision aligned with established judicial precedents, allowing the assessee's claim for depreciation on goodwill for the relevant assessment year. Case-Laws Income Tax Mon, 27 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=424713