Held that the goodwill arising as a result of the payment of excess consideration over the net book value of assets and liabilities of the amalgamating company taken over by the assessee-company pursuant to a scheme of amalgamation sanctioned by the High Court, which is supported by an independent valuation report prepared by a registered valuer, constitutes a depreciable intangible asset within the meaning of S. 32(1)(ii) and, therefore, eligible for depreciation.(AY. 2015-16)
ACIT v. Intas Pharmaceuticals Ltd. (2025) 236 TTJ 550/ 174 taxmann.com 867 (Ahd)(Trib)
S. 32: Depreciation-Intangible asset-Goodwill arising pursuant to amalgamation-The excess consideration paid is bona fide, attributable to commercial intent, and not a colourable device-The goodwill constitutes a depreciable asset]-Depreciation is allowable. [S.2(IB), 32(1)(ii)43(1), 43(6), 49(1)(iii)(e)]
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