https://www.taxtmi.com/highlights?id=93547 The ITAT allowed the assessee's appeal for AY 2012-13, holding that depreciation under s.32 on goodwill arising on amalgamation was wrongly disallowed by the CIT(A) and AO. The Tribunal applied binding precedent from the Supreme Court and relevant High Court authority to conclude that statutory amendments excluding goodwill from intangible assets operate prospectively from AY 2021-22 and do not preclude depreciation claims for earlier years. Consequently, the revenue's contention that the amalgamation was a colourable device creating non-depreciable goodwill was rejected, and the assessment order denying depreciation on goodwill for the relevant year was set aside. en-us Sat, 25 Oct 2025 09:00:56 +0530 Sat, 25 Oct 2025 09:00:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=93547 The ITAT allowed the assessee's appeal for AY 2012-13, holding that depreciation under s.32 on goodwill arising on amalgamation was wrongly disallowed by the CIT(A) and AO. The Tribunal applied binding precedent from the Supreme Court and relevant High Court authority to conclude that statutory amendments excluding goodwill from intangible assets operate prospectively from AY 2021-22 and do not preclude depreciation claims for earlier years. Consequently, the revenue's contention that the amalgamation was a colourable device creating non-depreciable goodwill was rejected, and the assessment order denying depreciation on goodwill for the relevant year was set aside. Highlights Income Tax Sat, 25 Oct 2025 09:00:56 +0530 https://www.taxtmi.com/highlights?id=93547