Day: January 29, 2026

No Legal Bar on Acting as Surety in More Than One Case: Allahabad High Court

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The Allahabad High Court has clarified that there is no legal prohibition on a person acting as a surety in more than one case, provided that the value of his property exceeds the total surety amount and the Court is satisfied about his sufficiency and fitness. Referring to Sections 485 and 486 of the Bharatiya … Read more

Depreciation on Goodwill arising on Slump Sale of Going Concern

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Depreciation on Goodwill arising on Slump Sale of Going Concern Core Issue: Whether goodwill arising from the acquisition of a manufacturing unit as a going concern through a slump sale being the excess of the consideration paid over the net assets acquired constitutes an intangible asset eligible for depreciation under section 32(1)(ii) of the Income-tax … Read more