FABINDIA OVERSEAS PVT. LTD.,NEW DELHI vs. JOINT CIT SPECIAL RANGE-3, NEW DELHI
What did the Tribunal hold?
The Tribunal held that depreciation on trademark is allowable as per earlier decisions. It also upheld the transfer pricing adjustment on deferred shares, stating they carried rights convertible to ordinary shares. The addition of notional interest on interest-free advances was set aside for fresh examination by the AO.
What were the facts?
The assessee claimed depreciation on a trademark and the revenue challenged the deletion of disallowance of depreciation on intangible assets. The assessee also had a transfer pricing adjustment on redemption of deferred shares, and the revenue upheld the addition. The assessee had advanced interest-free loans to its subsidiary.
What were the issues?
Whether depreciation on trademark is allowable and if transfer pricing adjustment on redemption of deferred shares is valid. The issue of notional interest on interest-free advances was also considered.
Which sections of the Income-tax Act were involved?
AI-generated summary — verify with the full judgment below
Income Tax Appellate Tribunal, DELHI BENCH ‘I’, NEW DELHI
Before: Sh. Kul BharatDr. B. R. R. Kumar
Heard together (2 matters)
Read from the judgment's own cause title. This page is filed under one of them.
Per Dr. B. R. R. Kumar, Accountant Member:
The present appeals have been filed by the assessee and the revenue against the orders of ld. CIT(A)-44, New Delhi dated 31.07.2019. 2. In ITA No. 7980/Del/2019, following grounds have been raised by the assessee:
“1. 1. That on the facts and circumstances of the case, the ld. CIT(A) has erred in not allowing the claim of Fabindia Oveerseas Pvt. Ltd. depreciation on trademark amounting to Rs. 22
The order continues below.
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