https://www.taxtmi.com/caselaws?id=441702 The appeal by the Income Tax Department challenging the deletion of disallowance on account of depreciation on goodwill was dismissed. The court upheld the decision to allow depreciation on goodwill created through an amalgamation process, in line with the Supreme Court's recognition of goodwill as an intangible asset eligible for depreciation under Section 32(1) of the Income Tax Act, 1961. The court rejected the appellant's arguments regarding the interpretation of relevant provisions, emphasizing that the provisions related to "Capital Gains" did not apply in the context of a scheme of amalgamation where the transfer is recognized by law. en-us Tue, 01 Aug 2023 00:00:00 +0530 Fri, 13 Oct 2023 17:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=441702 The appeal by the Income Tax Department challenging the deletion of disallowance on account of depreciation on goodwill was dismissed. The court upheld the decision to allow depreciation on goodwill created through an amalgamation process, in line with the Supreme Court's recognition of goodwill as an intangible asset eligible for depreciation under Section 32(1) of the Income Tax Act, 1961. The court rejected the appellant's arguments regarding the interpretation of relevant provisions, emphasizing that the provisions related to "Capital Gains" did not apply in the context of a scheme of amalgamation where the transfer is recognized by law. Case-Laws Income Tax Tue, 01 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=441702