SRF LIMITED,DELHI vs. ACIT, CIRCLE- 1, LTU, NEW DELHI

ITA 6252/DEL/2019Status: DisposedITAT Delhi20 November 2023AY 2015-16Bench: SHRI N.K.BILLAIYA (Accountant Member), SHRI KUL BHARAT (Judicial Member)20 pages
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What did the Tribunal hold?

The Tribunal held that the assessee is eligible for depreciation on goodwill, directing the AO to allow the claim. Regarding additional depreciation, the Tribunal remitted the matter back to the AO for verification and allowance in light of previous orders.

What were the facts?

The assessee company claimed weighted deduction under Section 35(2AB) and depreciation on goodwill. The Assessing Officer made additions for disallowance of weighted deduction and depreciation on goodwill. The CIT(A) partly allowed the appeal, deleting the addition under Section 14A but sustaining other additions.

What were the issues?

The key issues were the allowability of weighted deduction under Section 35(2AB) and depreciation on goodwill, as well as the claim for additional depreciation.

Which sections of the Income-tax Act were involved?

Section 35(2AB),Section 115JB,Section 32(1)(iia),Section 14A,Section 143(3),Section 250(6),Section 271(1)(c),Section 234C,Section 234D

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

Before: SHRI N.K.BILLAIYA & SHRI KUL BHARAT

For Appellant: Shri Pradeep Dinodia, CA, Shri R.K.Kapoor, Adv. &, Shri Harish Dhamija, Adv
For Respondent: Shri Subhra Jyoti Chakraborty, CIT DR
Hearing: 26.10.2023Pronounced: 20.11.2023

PER KUL BHARAT, JM : The present appeal filed by the assessee is directed against the order passed by Ld.CIT(A)-22, New Delhi dated 31.05.2019 for the assessment year 2015-16. 2. The assessee has raised following grounds of appeal:-

General Ground 1. “The Ld CIT(A) has erred in law and on facts and in the circumstances of the appellant's case in upholding the addition/ disallowance/ denying deductions amounting to 35,88,28,243/-on account of disallowance of weighted deduction u/s 35(2AB), disallowance of depreciation on Goodwill and claim of balance additional depreciation. Further Ld. CIT(A)

The order continues below.

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