https://www.taxtmi.com/caselaws?id=752242 ITAT Mumbai upheld CIT(A)'s decision allowing depreciation on goodwill arising from amalgamation. The tribunal ruled that the 6th proviso to section 32 was inapplicable since the amalgamating company had not claimed goodwill depreciation. The assessee was entitled to claim depreciation on goodwill in the assessment year, being the second year of such claim already allowed in the first year. The depreciation was calculated on opening written down value. Revenue's appeal was dismissed. en-us Fri, 03 May 2024 00:00:00 +0530 Sat, 04 May 2024 14:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752242 ITAT Mumbai upheld CIT(A)'s decision allowing depreciation on goodwill arising from amalgamation. The tribunal ruled that the 6th proviso to section 32 was inapplicable since the amalgamating company had not claimed goodwill depreciation. The assessee was entitled to claim depreciation on goodwill in the assessment year, being the second year of such claim already allowed in the first year. The depreciation was calculated on opening written down value. Revenue's appeal was dismissed. Case-Laws Income Tax Fri, 03 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752242