https://www.taxtmi.com/caselaws?id=767693 ITAT Delhi allowed depreciation on goodwill acquired through court-sanctioned amalgamation. The tribunal rejected revenue's contention that goodwill should be valued at nil merely because amalgamating company had not assigned value to it in books. Following Delhi HC precedent in Eltek SGS case, ITAT held that goodwill created pursuant to Punjab and Haryana HC approved amalgamation scheme was eligible for depreciation. Appeal decided in favor of assessee for assessment years 2015-16 and 2016-17. en-us Wed, 12 Mar 2025 00:00:00 +0530 Sat, 22 Mar 2025 08:34:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=767693 ITAT Delhi allowed depreciation on goodwill acquired through court-sanctioned amalgamation. The tribunal rejected revenue's contention that goodwill should be valued at nil merely because amalgamating company had not assigned value to it in books. Following Delhi HC precedent in Eltek SGS case, ITAT held that goodwill created pursuant to Punjab and Haryana HC approved amalgamation scheme was eligible for depreciation. Appeal decided in favor of assessee for assessment years 2015-16 and 2016-17. Case-Laws Income Tax Wed, 12 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=767693