https://www.taxtmi.com/caselaws?id=49617 Whether tax authorities may disregard allocation in a sale deed by treating part of the consideration as goodwill and thereby reduce the base for depreciation was treated as a question of law; the legal principle emphasised is that depreciation is ordinarily calculated on the assessee's original cost, and unilateral reallocation by assessing authorities raises a legal issue on valuation and attribution. The Supreme Court concluded that this legal question should have been referred to the High Court under the statutory reference mechanism and directed that the point be referred and the matter remitted to the Tribunal to proceed in accordance with law. en-us Mon, 02 Mar 1959 00:00:00 +0530 Thu, 04 Sep 2014 17:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49617 Whether tax authorities may disregard allocation in a sale deed by treating part of the consideration as goodwill and thereby reduce the base for depreciation was treated as a question of law; the legal principle emphasised is that depreciation is ordinarily calculated on the assessee's original cost, and unilateral reallocation by assessing authorities raises a legal issue on valuation and attribution. The Supreme Court concluded that this legal question should have been referred to the High Court under the statutory reference mechanism and directed that the point be referred and the matter remitted to the Tribunal to proceed in accordance with law. Case-Laws Income Tax Mon, 02 Mar 1959 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49617