ITAT directs Re adjudication in Respect of Depreciation Claimed on Goodwill arising on Acquisition of Business under Slump Sale [Read Order]

The Income Tax Appellate Tribunal (ITAT), Bangalore bench, directed readjudication regarding depreciation claims on goodwill arising from the acquisition of business under a slump sale. I&B Seeds Private Limited, the assessee, a private limited company engaged in R&D, production, and marketing of hybrid seeds, purchased proprietary concerns from Mr. Praveen Noojibail and M/s. Sasya Gentech…