AO reopened assessment for relevant assessment year 2018-19 on the basis of DRP\u2019s order in assessment year 2014-15 disallowing depreciation claimed on goodwill on the ground that recording of goodwill was in contradiction with the amount which was recorded in books of acquired company before acquisition. However, the addition made on account of DRP\u2019s recommendation was deleted by the Tribunal on the applicability of section 92BA of the Act. Merely because the Tribunal had not dealt with the merits of the matter while deciding the issue for assessment year 2014-15, the same could not be considered as information, so as to assume jurisdiction to issue a reopening notice. High Court has quashed the reassessment notice and consequential orders. SLP of the revenue was dismissed on account of delay of 124 days and also on merits. (AY. 2018-19)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 148A: Reassessment-Conducting inquiry, providing opportunity before issue of notice-Claim of depreciation disallowed in earlier year has been deleted in appeal proceedings by Appellate Tribunal-Reopening notice issued for subsequent assessment year to disallow the claim of depreciation in contravention of the order passed by Appellate Tribunal is against the settled provisions of law-Reassessment notice and consequential orders were quashed by High Court-SLP of revenue was dismissed on account of delay of 124 days as well as on merits. [S. 32, 32AC, 92BA,148 Art . 136] <\/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-64412","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-gKU","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/64412","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=64412"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/64412\/revisions"}],"predecessor-version":[{"id":64413,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/64412\/revisions\/64413"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=64412"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=64412"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=64412"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}