PMV MALTINGS PVT LTD,NEW DELHI vs. ACIT CIRCLE-19(2), NEW DELHI

ITA 3103/DEL/2019Status: DisposedITAT Delhi26 September 2025AY 2015-1618 pages
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What did the Tribunal hold?

The Tribunal held that goodwill is an intangible asset eligible for depreciation under Section 32 of the Income Tax Act. The Supreme Court's decision in Smifs Securities Ltd. was cited as precedent, and the amendment by the Finance Act 2021 was noted as prospective.

What were the facts?

The assessee claimed depreciation on goodwill arising from the acquisition of business units. The Assessing Officer (AO) and Commissioner (Appeals) denied this claim, arguing goodwill is not an intangible asset eligible for depreciation.

What were the issues?

Whether goodwill arising from a business acquisition is an intangible asset eligible for depreciation under Section 32 of the Income Tax Act, especially in light of subsequent legislative amendments.

Which sections of the Income-tax Act were involved?

Section 32

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Cases cited in this judgment(6)Show list

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Income Tax Appellate Tribunal, DELHI BENCH “F”: NEW DELHI

Before: SHRI ANUBHAV SHARMA

For Appellant: Ms. Aditi Gupta, & Shri Abdullah
For Respondent: Ms. Harpreet Kaur Hansra, Sr
Hearing: 31.07.2025Pronounced: 26.09.2025

PER AMITABH SHUKLA, A.M: These two appeals, preferred by the assessee for assessment year 2015-16and 2016-17, are directed against the orders of Commissioner of Income-Tax (Appeals)-7, New Delhidated 06.02.2019 and 24.06.2019 respectively. Through the aforementioned orders the Ld.First Appellate Authority has confirmed orders of Ld.AO passed u/s 143(3) dated 29.12.2017 and 28.12.2018 for assessment year 2015-16 and 2016-17respectively. ITA Nos. 3103 & 6906/Del/2019 Thereference to the word “Act” in

The order continues below.

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