https://www.taxtmi.com/caselaws?id=763402 ITAT Mumbai upheld PCIT's revision order u/s 263 regarding assessee's depreciation claim on goodwill acquired through slump sale. The AO failed to examine the 25% depreciation claim on intangible goodwill asset during assessment u/s 143(3) r.w. 144B, resulting in erroneous order prejudicial to revenue. ITAT found PCIT correctly invoked revisionary jurisdiction as AO made no inquiries or verification regarding the depreciation claim. The assessment order was set aside for de novo adjudication on the limited issue of goodwill depreciation claim, with directions for AO to decide as per law. en-us Tue, 17 Dec 2024 00:00:00 +0530 Thu, 19 Dec 2024 08:47:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763402 ITAT Mumbai upheld PCIT's revision order u/s 263 regarding assessee's depreciation claim on goodwill acquired through slump sale. The AO failed to examine the 25% depreciation claim on intangible goodwill asset during assessment u/s 143(3) r.w. 144B, resulting in erroneous order prejudicial to revenue. ITAT found PCIT correctly invoked revisionary jurisdiction as AO made no inquiries or verification regarding the depreciation claim. The assessment order was set aside for de novo adjudication on the limited issue of goodwill depreciation claim, with directions for AO to decide as per law. Case-Laws Income Tax Tue, 17 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763402