M/S GERA DEVELOPMENTS PVT. LTD,PUNE vs. PCIT (CENTRAL), PUNE, PUNE

ITA 1053/PUN/2024Status: DisposedITAT Pune09 December 2025AY 2020-21Bench: DR.MANISH BORAD (Accountant Member), SHRI VINAY BHAMORE (Judicial Member)25 pages
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What did the Tribunal hold?

The Tribunal held that the PCIT's observations regarding the nil value of goodwill from prior years were uncalled for in the revision proceedings for the current year. However, the PCIT was correct in directing the AO to examine the depreciation claim on goodwill.

What were the facts?

The assessee claimed depreciation on goodwill. The PCIT invoked Section 263, holding the assessment order erroneous as the Assessing Officer (AO) allegedly did not properly examine the depreciation claim on goodwill generated from amalgamation.

What were the issues?

Whether the PCIT correctly invoked Section 263 to revise the assessment order concerning depreciation on goodwill, and whether the AO had conducted adequate inquiry.

Which sections of the Income-tax Act were involved?

Section 263,Section 143(3),Section 32,Section 43(1)

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Income Tax Appellate Tribunal, PUNE BENCHES “A”, PUNE

Before: DR.MANISH BORAD & SHRI VINAY BHAMORE

For Appellant: Shri Hari Krishan
For Respondent: Shri Amol Khairnar
Hearing: 24.09.2025Pronounced: 09.12.2025

PER DR. MANISH BORAD, ACCOUNTANT MEMBER :

The captioned appeal at the instance of assessee pertaining to A.Y. 2020-21 is directed against the order dated 19.03.2024 of PCIT (Central), Pune passed u/s.263 of the Income-tax Act, 1961 (hereinafter also called ‘the Act’) arising out of Assessment Order dated 31.03.2022 passed u/s.143(3) of the Act.

2.

Assessee has raised following grounds of appeal : “The following grounds of appeal are taken independently and without prejudice to one another.

1.

The revision order dated 19-03-2024 passed u/s 263 of the Income Tax Act by the Pr. Commission of Income Tax, Pune is invalid, bad in law and unsustainable in law. The same may be quashed/canc

The order continues below.

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