https://www.taxtmi.com/caselaws?id=471633 Goodwill and business or commercial rights acquired when an undertaking is transferred as a going concern through slump sale qualify as depreciable intangible assets under Section 32(1)(ii). Consideration may arise from assuming and discharging liabilities exceeding tangible-asset value, and accounting treatment does not determine tax treatment. The sixth proviso to Section 32(1) does not apply where the goodwill was not a depreciable asset in the transferor's books. Write-offs of transferred receivables, advances and loans require evidence of ordinary-course origin, prior income recognition where relevant, and business-purpose advances; the claim requires fresh factual examination. en-us Mon, 13 May 2024 00:00:00 +0530 Fri, 11 Sep 2026 15:04:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=471633 Goodwill and business or commercial rights acquired when an undertaking is transferred as a going concern through slump sale qualify as depreciable intangible assets under Section 32(1)(ii). Consideration may arise from assuming and discharging liabilities exceeding tangible-asset value, and accounting treatment does not determine tax treatment. The sixth proviso to Section 32(1) does not apply where the goodwill was not a depreciable asset in the transferor's books. Write-offs of transferred receivables, advances and loans require evidence of ordinary-course origin, prior income recognition where relevant, and business-purpose advances; the claim requires fresh factual examination. Case-Laws Income Tax Mon, 13 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=471633