https://www.taxtmi.com/caselaws?id=443224 Gujarat HC dismissed the revision and upheld the Tribunal's and AO's allowance of depreciation on goodwill arising from a demerger/amalgamation. Although Revenue argued the 6th proviso to s.32(1) and Explanation 2 to s.43(6) read with s.32 barred depreciation where WDV was nil, the Tribunal found the AO had examined approvals and the valuer's report and taken a plausible legal view, relying on the Supreme Court precedent cited by the assessee. The HC held no substantial question of law arose and the assessment was not prejudicial to Revenue. en-us Mon, 28 Aug 2023 00:00:00 +0530 Mon, 01 Sep 2025 11:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=443224 Gujarat HC dismissed the revision and upheld the Tribunal's and AO's allowance of depreciation on goodwill arising from a demerger/amalgamation. Although Revenue argued the 6th proviso to s.32(1) and Explanation 2 to s.43(6) read with s.32 barred depreciation where WDV was nil, the Tribunal found the AO had examined approvals and the valuer's report and taken a plausible legal view, relying on the Supreme Court precedent cited by the assessee. The HC held no substantial question of law arose and the assessment was not prejudicial to Revenue. Case-Laws Income Tax Mon, 28 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=443224