Depreciation u/s 32(1)(ii) can’t be allowed when No Goodwill has been acquired by a Subsidiary Company nor by any Purchase: ITAT [Read Order]

By Sunayana Dhal - On December 8, 2023 8:00 am - 2 mins read

Depreciation - No Goodwill - Subsidiary Company - Subsidiary Company nor by any Purchase - ITAT - No Goodwill has been acquired by a Subsidiary Company - taxscan

The Pune bench of the Income Tax Appellate Tribunal (ITAT) held that the depreciation under Section 32(1)(ii) of the Income Tax Act, 1961 cannot be allowed when no goodwill has been acquired by a subsidiary company nor by any purchase. The assessee is an Indian company. During the year under consideration, the assessee acquired its…

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