Negative goodwill arising on amalgamation credited to General reserve not taxable

Negative goodwill arising on amalgamation credited to General reserve not taxable Posted: 09 Jun 2012 09:21 PM PDT The Chennai Tribunal in the case of Quintegra Solutions Pvt. Ltd., had considered the applicability of Section 28(iv) of the Act in the case of amalgamation. In that case the CIT(A) held that differential amount between share issued and net assets taken over, being balancing figure, did not... No interest can be charged in absence of any mention of charging of interest in assessment order Posted: 09 Jun 2012 09:15 PM PDT Interest u/s. 234A, 234B and 234C cannot be charged in the absence of any mention of charging of interest in assessment order - The High Court observed that in the case of Anjum M. H Ghaswala the Supreme Court has held collection of interest under Section 234A, 234B and 234C of the Act was... In the absence of specific valuation of assets/liabilities and goodwill, depreciation on goodwill created in the books of account at the time of amalgamation not allowable Posted: 09 Jun 2012 11:30 AM PDT ITAT Mumbai in this case was of the view that the perusal of AS 14 does not support the contention of the taxpayer that the investment by the taxpayer over the net assets taken over should be treated as goodwill. It was held that unless the fair valuation of assets, including any goodwill, is...