https://www.taxtmi.com/caselaws?id=776496 The ITAT Ahmedabad upheld the allowance of depreciation on goodwill arising from a High Court-approved amalgamation scheme, rejecting Revenue's disallowance as it would undermine the court's final order. The Tribunal set aside the MAT deduction issue for reassessment to correctly compute business loss and unabsorbed depreciation. The initiation of search proceedings under section 153A was held unlawful due to lack of incriminating material. Disallowance of CENVAT credit and section 14A disallowance were dismissed, affirming the assessee's consistent accounting method and surplus funds for investment. Marked-to-market loss on foreign exchange hedging was allowed as an expense under section 37. Interest under sections 234B and 234C was directed to be recomputed following Supreme Court precedent, disallowing interest on returned income but permitting interest from the date of the apex court decision. All Revenue grounds were dismissed or remanded accordingly. en-us Thu, 31 Jul 2025 00:00:00 +0530 Mon, 11 Aug 2025 13:31:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=776496 The ITAT Ahmedabad upheld the allowance of depreciation on goodwill arising from a High Court-approved amalgamation scheme, rejecting Revenue's disallowance as it would undermine the court's final order. The Tribunal set aside the MAT deduction issue for reassessment to correctly compute business loss and unabsorbed depreciation. The initiation of search proceedings under section 153A was held unlawful due to lack of incriminating material. Disallowance of CENVAT credit and section 14A disallowance were dismissed, affirming the assessee's consistent accounting method and surplus funds for investment. Marked-to-market loss on foreign exchange hedging was allowed as an expense under section 37. Interest under sections 234B and 234C was directed to be recomputed following Supreme Court precedent, disallowing interest on returned income but permitting interest from the date of the apex court decision. All Revenue grounds were dismissed or remanded accordingly. Case-Laws Income Tax Thu, 31 Jul 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=776496