https://www.taxtmi.com/caselaws?id=765694 The HC upheld the Tribunal's decision allowing depreciation on goodwill from an amalgamating company. The Tribunal held that once a HC-approved amalgamation scheme is sanctioned after providing notice to stakeholders including the Income Tax Department, and the revenue raises no objections, they are estopped from subsequently challenging the scheme's validity. The Income Tax Department was given fifteen days to comment on the proposed scheme but failed to respond. The share exchange ratio was integral to the approved scheme. The Tribunal noted that depreciation on goodwill was previously allowed for assessment year 2013-14 and initially for 2014-15. The HC found the CIT's order affirming the AO's disallowance was erroneous and decided against the revenue. en-us Fri, 31 Jan 2025 00:00:00 +0530 Thu, 06 Feb 2025 18:07:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765694 The HC upheld the Tribunal's decision allowing depreciation on goodwill from an amalgamating company. The Tribunal held that once a HC-approved amalgamation scheme is sanctioned after providing notice to stakeholders including the Income Tax Department, and the revenue raises no objections, they are estopped from subsequently challenging the scheme's validity. The Income Tax Department was given fifteen days to comment on the proposed scheme but failed to respond. The share exchange ratio was integral to the approved scheme. The Tribunal noted that depreciation on goodwill was previously allowed for assessment year 2013-14 and initially for 2014-15. The HC found the CIT's order affirming the AO's disallowance was erroneous and decided against the revenue. Case-Laws Income Tax Fri, 31 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765694