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

By Aparna. M - On January 16, 2024 1:33 pm - 2 mins read
ITAT Bangalore - Income Tax - Goodwill depreciation - I and B Seeds Private Limited - Hybrid seeds business - taxscan

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…

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