https://www.taxtmi.com/caselaws?id=761776 ITAT Ahmedabad ruled in favor of the assessee on three issues. First, regarding offshore unit profits in Dubai, the tribunal confirmed CIT(A)'s deletion of addition, noting consistent favorable rulings since AY 2006-07. Second, excess depreciation disallowance on furniture and fittings was deleted as revenue failed to distinguish from previous years decided favorably. Third, depreciation on goodwill generated through amalgamation was allowed, with CIT(A)'s order set aside for being non-speaking. ITAT followed Urmin Marketing precedent, holding that goodwill from court-approved amalgamation schemes represents purchase consideration difference, not transferred assets, making depreciation allowable under Section 32 per SC ruling in Smifs Securities. en-us Mon, 21 Oct 2024 00:00:00 +0530 Fri, 15 Nov 2024 13:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761776 ITAT Ahmedabad ruled in favor of the assessee on three issues. First, regarding offshore unit profits in Dubai, the tribunal confirmed CIT(A)'s deletion of addition, noting consistent favorable rulings since AY 2006-07. Second, excess depreciation disallowance on furniture and fittings was deleted as revenue failed to distinguish from previous years decided favorably. Third, depreciation on goodwill generated through amalgamation was allowed, with CIT(A)'s order set aside for being non-speaking. ITAT followed Urmin Marketing precedent, holding that goodwill from court-approved amalgamation schemes represents purchase consideration difference, not transferred assets, making depreciation allowable under Section 32 per SC ruling in Smifs Securities. Case-Laws Income Tax Mon, 21 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761776