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2011 (7) TMI 322 - HC - Income TaxGoodwill - loss making company - the assessee purchased loss making cement plant - value of the brand name - AO viewed that 10% of the purchase price represented goodwill and on that basis he did not allow the depreciation on Rs.10.53 crores. - Held that:- the authorities below held that the Assessing Officer was not justified in assigning the value towards the goodwill which was not there at all as a matter of fact - The authorities below pointed out that the finding of the Assessing Officer as without any basis and hence, the Officer was not justified in deducting 10% towards the estimated value on goodwill from the total purchase consideration for the purpose of grant of depreciation allowance to the assessee - Decided in favour of assessee.
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