Home Highlights February 2014 Year 2014 This

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1. Depreciation on goodwill - zero asset shown in the books - The contention of the Ld. DR that it has zero asset shown in the books of CRAZY NETWORK appears to be...

2. Receipt of amount as goodwill on retirement - right of partner in the partnership firm - capital asset u/s 2(14) - extinguishment of such right in the firm - HC...

3. Deprecation u/s 32 on goodwill - Depreciation could not be denied to the Taxpayer merely for the reason that the assets were classified as ‘goodwill’ in the books of...

4. Depreciation on goodwill - business or commercial rights acquired - goodwill is an asset under Explanation 3(b) to section 32(1) - the depreciation allowed even on the...

5. Claim of deduction u/s 35DD or alternatively u/s 32 - acquiring commercial rights - the assessee has not paid any consideration to acquire the Palakollu Bank, the...

6. When a partner retires from the firm and receives share of amount calculated on the value of partnership asset including goodwill of the firm, there is no transfer of...

7. Transfer of goodwill to partners - reconstruction of firm - the partnership firm did not cease to hold the property - its right to the property is not extinguished - no...

8. Short term capital gain - capital gain arose from transfer of land to the partnership firm by way of capital contribution as the assets was converted to Fixed Capital...

9. Characterization of income - consideration received by the partner of a firm upon retirement from the firm - retirement benefit - any money received by the partner upon...

10. Characterization of receipt - amount received by the appellant upon retirement from the partnership - taxability as capital gains under the Income Tax or not? - The High...

11. Capital gain on relinquishment of rights in the assets of the firm - ascertained goodwill for the purposes of accounting and settlement - When an Accounting Standard...

12. Non compete right is an "intangible asset" eligible for depreciation - AT

13. Depreciation on goodwill - goodwill as acquired during business acquisition - We find merit in the argument of assessee that the net balance of purchase consideration...

14. Capital gain u/s 45(4) in partnership firm on retirement of a partner - dissolution/reconstitution of partnership firm - the provisions of Section 45(4) would not be...

15. Depreciation on the non-compete rights - the commercial right thus acquired by the assessee unambiguously falls in the category of an 'intangible asset' - AT