https://www.taxtmi.com/caselaws?id=762315 The ITAT Mumbai allowed the assessee's claim for depreciation on goodwill arising from amalgamation under section 32(1)(ii). The tribunal held that goodwill computed as excess consideration over net assets acquired following Accounting Standard-14 qualifies for depreciation, citing Smifs Securities Ltd. precedent. The AO's contention that goodwill was merely a balancing factor was rejected. The tribunal also allowed depreciation on distribution network and customer relations, finding these intangible assets were properly valued by independent valuers. However, the claim for refund of excess dividend distribution tax was dismissed following Total Oil India precedent. en-us Mon, 25 Nov 2024 00:00:00 +0530 Thu, 21 May 2026 11:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762315 The ITAT Mumbai allowed the assessee's claim for depreciation on goodwill arising from amalgamation under section 32(1)(ii). The tribunal held that goodwill computed as excess consideration over net assets acquired following Accounting Standard-14 qualifies for depreciation, citing Smifs Securities Ltd. precedent. The AO's contention that goodwill was merely a balancing factor was rejected. The tribunal also allowed depreciation on distribution network and customer relations, finding these intangible assets were properly valued by independent valuers. However, the claim for refund of excess dividend distribution tax was dismissed following Total Oil India precedent. Case-Laws Income Tax Mon, 25 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762315