EXLSERVICE.COM(INDIA) PRIVATE LIMITED,NEW DELHI vs. ACIT, LTU, CIRCLE-1, NEW DELHI

ITA 8452/DEL/2019Status: DisposedITAT Delhi08 March 2021AY 2015-1631 pages
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What did the Tribunal hold?

The Tribunal held that the disallowance of depreciation on goodwill was not justified. It also directed the deletion of disallowance under Section 14A and allowed the deductibility of education cess.

What were the facts?

The assessee claimed depreciation on goodwill acquired through an asset purchase agreement. The Assessing Officer disallowed this claim, stating the assessee failed to establish the existence and valuation of the goodwill. The CIT(A) confirmed the disallowance.

What were the issues?

Whether depreciation is allowable on goodwill acquired through a slump sale, and whether disallowance under Section 14A and deductibility of education cess are valid.

Which sections of the Income-tax Act were involved?

Section 14A,Section 115JB,Section 234A,Section 234B,Section 234C

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Cases cited in this judgment(5)Show list

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Income Tax Appellate Tribunal, DELHI ‘I-1’ BENCH,

Before: SHRI N.K. BILLAIYA, & MS. SUCHITRA KAMBLE

For Appellant: Shri Ajay Vohra, Sr. Adv, Shri Neeraj Jain, Adv
For Respondent: Shri Surender Pal, CIT-DR
Hearing: 02.03.2021Pronounced: 08.03.2021

Heard together (3 matters)

ITA No. 8452/DEL/2019
ITA No. 5435/DEL/2017
ITA No. 5436/DEL/2017

Read from the judgment's own cause title. This page is filed under one of them.

PER N.K. BILLAIYA, ACCOUNTANT MEMBER,

ITA No. 5435 and 5436/DEL/2012 are appeals by the assessee

preferred against the orders of the ld. CIT(A)-22, New Delhi dated

16.06.

2017 for A.Y 2012-13 and 2013-14. ITA No. 8452/DEL/2019 is appeal by the assessee preferred against the order dated 26.09.2019

for A.Y 2015-16 framed u/s 143(3) r.w.s 144C(13) of the Income tax

Act, 1961 [hereinafter referred to as 'The Act' for short] pertaining to A.Y 2013-14. 2. At the very outset, the ld. DR strongly objected for hearing of

The order continues below.

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