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Income Tax - Highlights / Catch Notes

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Deprecation - value of customer related contracts and goodwill - ...

Case Laws     Income Tax

March 2, 2023

Deprecation - value of customer related contracts and goodwill - The action of Commissioner (Appeals) in reducing the value of customer contract and goodwill, as determined by the independent Valuer is wholly inappropriate, hence, unsustainable. Accordingly, we reverse the decision of Commissioner (Appeals) on the issue of valuation. Consequently, the computation of the Assessing Officer in allowing depreciation at 25% is upheld. - AT

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