https://www.taxtmi.com/caselaws?id=312661 An assessment framed in the name of an amalgamating company that had already ceased to exist after amalgamation and conversion into an LLP is jurisdictionally invalid; participation by the assessee or use of the old name does not cure the defect, and section 292B cannot validate proceedings against a non-existent entity. The article also notes that goodwill arising on amalgamation, computed as the excess of consideration over the net assets taken over, qualifies as an intangible asset under section 32(1) as "business or commercial rights of similar nature," and depreciation is allowable for years before the prospective exclusion of goodwill. The ITAT therefore quashed the assessment and allowed depreciation on goodwill. en-us Fri, 15 Sep 2023 00:00:00 +0530 Fri, 01 Mar 2024 05:51:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=312661 An assessment framed in the name of an amalgamating company that had already ceased to exist after amalgamation and conversion into an LLP is jurisdictionally invalid; participation by the assessee or use of the old name does not cure the defect, and section 292B cannot validate proceedings against a non-existent entity. The article also notes that goodwill arising on amalgamation, computed as the excess of consideration over the net assets taken over, qualifies as an intangible asset under section 32(1) as "business or commercial rights of similar nature," and depreciation is allowable for years before the prospective exclusion of goodwill. The ITAT therefore quashed the assessment and allowed depreciation on goodwill. Case-Laws Income Tax Fri, 15 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=312661