The assessee-company is engaged in the business of publication. \u00a0During the year under consideration, the assessee-company merged itself with its wholly owned subsidiary company of the assessee. \u00a0As per the scheme of amalgamation between the assessee and the subsidiary company, the asset was valued. \u00a0The amalgamation of the assessee with its subsidiary company was approved by the Madras High Court and the Delhi High Court. \u00a0The assessee claimed depreciation on the goodwill taken on the books of the assessee-company. \u00a0The Revenue in its appeal against the order of the CIT(A) contended that, since no amount was paid as consideration over and above the net value of the shares of subsidiary company, the question of claiming depreciation on the goodwill does not arise. \u00a0The Tribunal held that during the course of amalgamation, no amount in excess was paid, hence the order of the CIT(Appeals) is set aside and the entire issue is remitted back to the file of the CIT(A) for reconsideration. \u00a0(AY. \u00a02012-13)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 32 : Depreciation-Goodwill\u2013Intangible Asset\u2013Amalgamation\u2013Matter remanded to CIT(A)]<\/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_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-8537","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-2dH","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/8537","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=8537"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/8537\/revisions"}],"predecessor-version":[{"id":8538,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/8537\/revisions\/8538"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=8537"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=8537"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=8537"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}