ITAT allows Depreciation claimed on self-valued, unsubstantial intangibles declared as ‘Customers Contract’ and ‘Goodwill’ [Read Order]

The Income Tax Appellate Tribunal (ITAT), New Delhi Bench allowed the depreciation claimed under Section 32 of Income Tax Act on self-valued, unsubstantial intangibles declared as ‘customers contract’ and ‘goodwill’. During the year under assessment, the assessee, M/s. Infrasoft Technologies Ltd has acquired certain business interests from M/s. KPIT Cummins Infosystems Ltd. for a consideration […]

from Taxscan | Simplifying Tax Laws https://ift.tt/3583GIS