Case Law Analysis
|Income Tax Appellate Tribunal
Section 32(1) IT Act | Goodwill from Pre-2021 Amalgamation Eligible for Depreciation: ITAT Ahmedabad Upholds Smifs Securities Precedent
ITAT Ahmedabad reaffirms that goodwill arising from amalgamations prior to the 2021 Finance Act amendment qualifies for depreciation under Section 32(1) of the Income Tax Act. The ruling reinforces the Smifs Securities precedent, impacting tax treatment for corporate mergers and intangible asset valuation.