https://www.taxtmi.com/caselaws?id=450308 ITAT Ahmedabad allowed the assessee's appeal on two grounds. First, regarding depreciation on goodwill created through amalgamation, the Tribunal held that while goodwill depreciation is disallowed from AY 2021-22 onwards, this amendment was not applicable for the assessment year under consideration. The AO was directed to allow the depreciation claim on goodwill. Second, the Tribunal found that the assessment framed under section 143(3) against a non-existent company was unsustainable, as the AO was aware of the amalgamation scheme yet proceeded with assessment in the name of the non-existing entity. en-us Wed, 21 Feb 2024 00:00:00 +0530 Fri, 01 Mar 2024 08:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=450308 ITAT Ahmedabad allowed the assessee's appeal on two grounds. First, regarding depreciation on goodwill created through amalgamation, the Tribunal held that while goodwill depreciation is disallowed from AY 2021-22 onwards, this amendment was not applicable for the assessment year under consideration. The AO was directed to allow the depreciation claim on goodwill. Second, the Tribunal found that the assessment framed under section 143(3) against a non-existent company was unsustainable, as the AO was aware of the amalgamation scheme yet proceeded with assessment in the name of the non-existing entity. Case-Laws Income Tax Wed, 21 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=450308