Web1 Feb 2024 · However, in the Smiff Securities case, India’s Supreme Court ruled that goodwill is to be treated as a depreciable asset. Under the Finance Bill, goodwill has now specifically not been allowed as a depreciable asset, and where goodwill is purchased by a taxpayer, the purchase price of the goodwill can only be considered as a cost of … Web22 Feb 2024 · The Supreme Court in the case of Smiff Securities Ltd (2012) 348 ITR 302 has held that goodwill of a business is an asset and depreciation on it is admissible as deduction. Union Budget – 2024 has reversed the above judgment and has provided that no deduction shall be available towards depreciation on goodwill. Union Budget – 2024 has ...
Union Budget – 2024: Few Amendments related to Businesses
Web9 Mar 2024 · The decision of the Hon’ble Supreme Court in the case of Smiff Securities Limited (2012) 348 ITR 302 (SC) is no longer good law. Consequential amendment has … Web27 Feb 2024 · Smiff Securities Ltd. (2012) 348 ITR 302 (SC) on merger Goodwill isvalued and depreciation is provided as an intangible asset. findlay winnelson
Union Budget 2024:No Depreciation on goodwill now
Web13 May 2024 · Subsequent to the decision of Smifs Securities, there have been a plethora of judgments that have relied on the apex court ruling and allowed depreciation on goodwill … Web25 Feb 2024 · Specified person means a person who has not filed his Income Tax returns for immediately 2 proceeding years for which the time limit of filing return of income under section 139 (1) has been expired; and … Web2 Feb 2024 · A company that has acquired a business as a slump-sale or through a merger would have factored in tax savings on account of depreciation against goodwill in determining the transaction price. A … erasmus the humanist