Goodwill acquired on Amalgamation is Eligible for Depreciation u/s 32 of Income Tax Act: ITAT deletes Disallowance [Read Order]

By Aparna. M - On August 6, 2023 7:45 pm - 2 mins read

Goodwill - Goodwill acquired on Amalgamation - Amalgamation - Depreciation - Income Tax Act - ITAT deletes Disallowance - ITAT - Disallowance - Income Tax - taxscan

The Income Tax Appellate Tribunal (ITAT) Delhi Bench held that Goodwill acquired on Amalgamation is eligible for depreciation under Section 32 of Income Tax Act,1961.Therefore the bench deleted the disallowance. The assessee GBT India Private Limited, is a wholly owned subsidiary of GBT III BV, Netherlands and is engaged in the business of arranging travel…

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