https://www.taxtmi.com/highlights?id=75346 Disallowance of depreciation on goodwill created in the scheme of amalgamation - The ITAT allowed the claim for depreciation on goodwill, aligning with the precedent set in KIFS International LLP [2023 (9) TMI 1439 - ITAT AHMEDABAD], emphasizing that goodwill arising from amalgamation, sanctioned by the High Court, qualifies as an intangible asset under section 32(1) of the Act. The tribunal rejected the AO's view that the amalgamation scheme was a colorable device, noting the lack of objection from the Income Tax Department during the amalgamation process and the approval by the High Court. en-us Sat, 02 Mar 2024 10:27:36 +0530 Sat, 02 Mar 2024 10:27:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=75346 Disallowance of depreciation on goodwill created in the scheme of amalgamation - The ITAT allowed the claim for depreciation on goodwill, aligning with the precedent set in KIFS International LLP [2023 (9) TMI 1439 - ITAT AHMEDABAD], emphasizing that goodwill arising from amalgamation, sanctioned by the High Court, qualifies as an intangible asset under section 32(1) of the Act. The tribunal rejected the AO's view that the amalgamation scheme was a colorable device, noting the lack of objection from the Income Tax Department during the amalgamation process and the approval by the High Court. Highlights Income Tax Sat, 02 Mar 2024 10:27:36 +0530 https://www.taxtmi.com/highlights?id=75346