https://www.taxtmi.com/caselaws?id=303980 The Tribunal allowed the appeal, concluding that the assessee's claim for depreciation on goodwill was justified. The excess amount paid over the net assets taken over was considered as goodwill entitled for depreciation under Section 32(1). The Tribunal rejected the AO's invocation of Explanation 3 to Section 43(1) and upheld the assessee's position based on statutory provisions and judicial precedents. The order was pronounced in open court on 15th June 2022. en-us Wed, 15 Jun 2022 00:00:00 +0530 Tue, 30 Aug 2022 08:34:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=303980 The Tribunal allowed the appeal, concluding that the assessee's claim for depreciation on goodwill was justified. The excess amount paid over the net assets taken over was considered as goodwill entitled for depreciation under Section 32(1). The Tribunal rejected the AO's invocation of Explanation 3 to Section 43(1) and upheld the assessee's position based on statutory provisions and judicial precedents. The order was pronounced in open court on 15th June 2022. Case-Laws Income Tax Wed, 15 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=303980