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)<\/p>\n","protected":false},"excerpt":{"rendered":"
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)] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[21],"tags":[],"class_list":["post-61825","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-g5b","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/61825","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=61825"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/61825\/revisions"}],"predecessor-version":[{"id":61826,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/61825\/revisions\/61826"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=61825"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=61825"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=61825"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}