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“Section 32(1)(ii)(b)”

Section References (mined)Section 32Section 32(1)(ii)(b)1 judgments

The decision most relied on for Section 32(1)(ii)(b) is CIT v. Karnataka Power Corporation (247 ITR 268), cited in 124 judgments on BharatTax.

Leading authorities on Section 32(1)(ii)(b)

CIT v. Karnataka Power Corporation
247 ITR 268 · 2001 · Supreme Court
124
citing judgments

Income earned during the project construction stage, which has a direct nexus or is inextricably linked to the project's setting up, constitutes a capital receipt not liable to tax and reduces the project cost.

I & B Seeds P. Ltd. v. DCIT
142 Taxmann.com 274 · 2022 · ITAT
14
citing judgments

Depreciation on goodwill arising on amalgamation was allowable prior to the amendments made by the Finance Act, 2021, which took effect from April 1, 2021.

Judgments citing Section 32(1)(ii)(b)

Jx Nippon Two Lubricants India Pvt. Ltd, Gurgaon vs. DCIT Circle-2(1), Gurgaon

In the result, the appeal of the assessee is allowed

ITA 4985/DEL/2019[2015-16]Status: DisposedITAT Delhi02 Mar 2021AY 2015-16

Bench: Sh. Amit Shukladr. B. R. R. Kumar(Through Video Conferencing) Ita No. 4985/Del/2019 :Asstt. Year : 2015-16 & Sa No. 985/Del/2019 :Asstt. Year : 2015-16 Jx Nippon Two Lubricants India Pvt. Vs Dcit, Ltd., Unit No. 1003, 10Th Floor, Vatika Circle-2(1), City Point, Mg Road, Gurgaon, Gurgaon-122001 Haryana-122001 (Appellant) (Respondent) Pan No. Aadcj3601L Assessee By :Sh. Nageswarrao, Adv. Revenue By:Sh. Vedprakash Mishra, Sr.Dr Date Of Hearing:13.01.2021 Date Of Pronouncement: 02.03.2021

For Appellant: Sh. NageswarRao, AdvFor Respondent: Sh. VedPrakash Mishra, Sr.DR
Section 234ASection 271(1)(c)Section 32Section 32(1)(ii)

goodwill totaling to Rs.107,74,29,864/- out of which the assessee had claimed depreciation of Rs.13,46,78,733/- under section 32(1)(ii)(b) of the act. It is also being observed that the assessee had capitalized the goodwill on account of excess consideration paid