ASSISTANT COMMISSIONR OF INCOME TAX, AAYAKAR BHAWAN vs. GLOBEOP FINANCIAL SERVICES TECHNOLOGIES INDIA PVT LTD, NAVI MUMBAI

ITA 6934/MUM/2024Status: DisposedITAT Mumbai08 June 2026AY 2020-2117 pages
AI SummaryRemanded

What were the facts?

The assessee claimed depreciation on goodwill arising from the acquisition of business units. The Assessing Officer (AO) disallowed this claim, viewing the transactions as amalgamations and citing provisions of the Income Tax Act. The CIT(A) deleted the addition, agreeing with the assessee that the acquisitions were slump sales.

What did the Tribunal hold?

The Tribunal found that the CIT(A) made a decision without calling for comments from the AO on serious allegations made by the assessee. The Tribunal also noted an additional ground regarding the non-existence of the assessee entity. Therefore, the matter was remitted back to the CIT(A) for a fresh adjudication.

What were the issues?

Whether depreciation on goodwill arising from slump sale is allowable, and whether the CIT(A) properly adjudicated the appeal without seeking the AO's response to allegations of non-application of mind.

Which sections of the Income-tax Act were involved?

Section 32(1),Section 43(1),Section 43(6)

AI-generated summary — verify with the full judgment below

Before: SHRI SAKTIJIT DEY & SHRI PRABHASH SHANKAR

For Appellant: Shri P.J. Pardiwala/ Shri Jeet Kamdar, ARs
For Respondent: Shri Subhas K.R., (CIT-DR)
Hearing: 20.04.2026Pronounced: 08.06.2026

PER PRABHASH SHANKAR [A.M.] :- The present appeal emanating from the appellate order dated 30.10.2024 is preferred by the Revenue against the order passed by the Learned Commissioner of Income-tax (Appeals)/National Faceless Appeal Centre, Delhi [hereinafter referred to as “CIT(A)”] pertaining to the assessment order passed u/s. 143(3) of the Income-tax Act, 1961

P a g e | 2 A.Y. 2020-21 M/s GlobeOp Financial Services Technologies India Pvt. Ltd. [hereinafter referred to as “Act”] dat

The order continues below.

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