https://www.taxtmi.com/caselaws?id=798750 Goodwill arising from the assumption of excess liabilities in a slump-sale acquisition of a going concern constitutes consideration for acquired business and commercial rights. Its absence as separately stated monetary consideration or an individual asset valuation does not make it a mere book entry. For assessment years preceding the prospective statutory exclusion of goodwill from depreciable assets, depreciation on such goodwill is allowable; consequential book-profit adjustments based on its disallowance cannot stand. TDS credit belongs to the assessment year in which the related income is assessable, subject to verification through the return, books of account and Form 26AS that the income was offered to tax in that year. en-us Tue, 08 Sep 2026 00:00:00 +0530 Fri, 11 Sep 2026 08:13:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=798750 Goodwill arising from the assumption of excess liabilities in a slump-sale acquisition of a going concern constitutes consideration for acquired business and commercial rights. Its absence as separately stated monetary consideration or an individual asset valuation does not make it a mere book entry. For assessment years preceding the prospective statutory exclusion of goodwill from depreciable assets, depreciation on such goodwill is allowable; consequential book-profit adjustments based on its disallowance cannot stand. TDS credit belongs to the assessment year in which the related income is assessable, subject to verification through the return, books of account and Form 26AS that the income was offered to tax in that year. Case-Laws Income Tax Tue, 08 Sep 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=798750