S. 32(1): Depreciation-Goodwill-Amalgamation of companies-Excess purchase consideration over net assets recorded as goodwill-Fallacy of Assessing Officer in treating goodwill as transferred from amalgamating to amalgamated company-Goodwill generated only as result of amalgamation, not asset transferred-Statutory provisions relied on inapplicable-Goodwill created as result of amalgamation allowable for depreciation-Appellate Tribunal-Scheme of amalgamation-National Company Law Tribunal’s order approving amalgamation attaining finality-Revenue ought to redress grievance before appropriate forum-Having failed to do so, cannot raise ground before Tribunal. [S. 254(1)]
Held that Goodwill generated only as a result of amalgamation is not an asset; transferred goodwill created as a result of amalgamation is allowable for depreciation–Appellate Tribunal. National Company Law Tribunal’s order approving amalgamation attaining finality. Revenue ought to redress grievance before appropriate forum; having failed to do so, cannot raise ground before Tribunal. (AY. 2016-17, 2017-18)
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