PMV MALTINGS PVT LTD vs. DY COMMISSIONER OF INCOME TAX, CIRCLE 19(1) & ANR.

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ITA - 366 / 2023HC Delhi12 July 20232 pages
For Petitioner: SATYEN SETHI
AI SummaryPartly Allowed

What did the High Court hold?

The High Court admitted the appeals for consideration. It framed a question of law regarding the sustainability of the disallowance of depreciation on goodwill under Section 32.

What were the facts?

The appeals concern the disallowance of depreciation claimed on goodwill post-demerger for AY 2015-16 and AY 2016-17. The appellant relies on the Supreme Court judgment in CIT vs. Smiff Securities Ltd.

What were the issues?

The key issue is whether goodwill, post-demerger, is eligible for depreciation under Section 32 of the Income Tax Act.

Which sections of the Income-tax Act were involved?

Section 32

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$~15 & 18 * IN THE HIGH COURT OF DELHI AT NEW DELHI

+ ITA 363/2023 & CM APPL. 34723/2023

PMV MALTINGS PVT LTD

..... Appellant Through: Mr Satyen Sethi and Mr Arta Trana Panda, Advs.

versus

DY. COMMISSIONER OF INCOME TAX, CIRCLE 19(1) & ANR.

..... Respondents

Through: Mr Aseem Chawla , Sr Standing Counsel with Ms Pratishtha Chaudhary and Mr Aditya Gupta, Advs.

+ ITA 366/2023 & CM APPL. 34732/2023

PMV MALTINGS PVT LTD

..... Appellant Through: Mr Satyen Sethi and Mr Arta Trana Panda, Advs.

versus

DY COMMISSIONER OF INCOME TAX, CIRCLE 19(1) & ANR.

..... Respondents

Through: Mr Aseem Chawla , Sr Standing Counsel with Ms Pratishtha Chaudhary and Mr Aditya Gupta, Advs.

CORAM:

HON'BLE MR. JUSTICE RAJIV SHAKDHER

HON'BLE MR. JUSTICE GIRISH KATHPALIA

O R D E R %

12.07.2023 [Physical Hearing/Hybrid Hearing (as per request)]

ITA 363/2023 & 366/2023

page 1 of 2 This is a digitally signed order. The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above. The Order is downloaded from the DHC Server on 27/03/2026 at 13:13:18

CM No.34723/2023 in ITA 363/2023 CM No.34732/2023 in ITA 366/2023 1. Allowed, subject to the appellant filing legible copies of the annexures, at least three days before the next date of hearing. ITA 363/2023 ITA 366/2023 2. The above-captioned appeals concern Assessment Year (AY) 2016-17 [ITA No.363/2023] and AY 2015-16 [ITA No.366/2023]. 3. Admit. 4. The following question of law is framed for the consideration of this court: Whether disallowance of depreciation claimed on goodwill under Section 32, albeit post demerger was sustainable in law? 5. That goodwill was eligible for depreciation in the period in issue is sought to be supported by the judgment of the Supreme Court rendered in CIT vs. Smiff Securities Ltd., (2012) 348 ITR 302. SC 6. List the above-captioned appeals on 10.01.2024. 7. In the meanwhile, learned counsel for the parties will file their written submissions, not exceeding three (3) pages each, at least three (3) days before the next date of hearing.

RAJIV SHAKDHER, J

GIRISH KATHPALIA, J

JULY 12, 2023

Click here to check corrigendum, if any ITA 363/2023 & 366/2023

page 2 of 2 This is a digitally signed order. The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above. The Order is downloaded from the DHC Server on 27/03/2026 at 13:13:18

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