MYLAN LABORATORIES LIMITED (FORMERLY KNOWN AS MATRIX LABORATORIES.,HYDERABAD vs. ASST. COMMISSIONER OF INCOME TAX, CIRCLE-16(2), HYDERABAD

ITA 1730/HYD/2017Status: DisposedITAT Hyderabad29 June 2018AY 2012-136 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal dismissed the revenue's appeal, upholding the CIT(A)'s deletion of disallowance under Section 14A and allowing depreciation on non-compete fees. The Tribunal also dismissed the assessee's appeal, rejecting claims for further deduction under Section 35(1)(i) and depreciation on non-compete fees, and deeming the penalty proceedings premature.

What were the facts?

The assessee company claimed depreciation on non-compete fees and weighted deduction for scientific research expenditure. The Assessing Officer made disallowances, which were partly allowed by the CIT(A). Both the assessee and revenue filed appeals against the CIT(A)'s order.

What were the issues?

The key issues were the allowability of depreciation on non-compete fees and the validity of disallowances made under Section 14A and Section 35(2AB) of the Income Tax Act.

Which sections of the Income-tax Act were involved?

Section 14A,Section 32(1)(ii),Section 35(2AB),Section 35(1)(i),Section 271(1)(c)

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Cases cited in this judgment(1)Show list

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Income Tax Appellate Tribunal, Hyderabad ‘ A ‘ Bench, Hyderabad

Before: Smt. P. Madhavi Devi & Shri S.Rifaur Rahman

Hearing: 26.06.2018Pronounced: 29.06.2018

Per Smt. P. Madhavi Devi, J.M.

Both are cross appeals for the A.Y 2012-13 against the order of the CIT (A)-4, Hyderabad, dated 28.07.2017. 2. Brief facts of the case are that the assessee company, engaged in pharmaceutical business, filed its return of income for ITA Nos 1730 and 1645 of 2017 Mylan Laboratories Ltd Hyderabad.

the A.Y 2012-13 on 30.11.2012, admitting a total income of Rs.455,59,26,229 under the normal provisions of the I.T. Act. During the p

The order continues below.

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