What is Ashwin Vanaspati Industries v. CIT authority for?

Depreciation is allowable on goodwill acquired through the slump sale of a business. When an assessee claims depreciation on the enhanced cost of an asset supported by a registered valuer's report, tax authorities must produce countervailing evidence, such as a departmental valuation report, to challenge it, rather than simply disregarding the expert opinion.

How many judgments cite Ashwin Vanaspati Industries v. CIT?

57 judgments on BharatTax cite Ashwin Vanaspati Industries v. CIT (255 ITR 26), spanning 2015 to 2025.

Which sections of the Income Tax Act does Ashwin Vanaspati Industries v. CIT come up under?

It is most often cited in judgments turning on Section 1961, Section 143(3), Section 32, Section 43(1), Section 11UA(2), Section 143(3) of the Income-tax Act.

Ashwin Vanaspati Industries v. CIT (255 ITR 26)

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

In the result the appeal of the assessee for ITA No

ITA 6906/DEL/2019[2016-17]Status: DisposedITAT Delhi26 Sept 2025AY 2016-17

Bench: Shri Anubhav Sharma & Shri Amitabh Shukla

Section 143(3)Section 32

…s the law of the land and is binding on all the lower authorities, in terms of Article 141 of the Constitution of India. In this regard, we place further reliance on the decision of the Hon'ble Karnataka High in the case of Manipal Universal Learning P. Ltd., 255 ITR 26, the facts and circumstances of which are similar to the present case, wherein the Hon'ble HC allowed the claim of depreciation on goodwill arising on acquisition of business under slump sale model, reiterating the decision of the Hon'ble SC in the case of Smifs Securities (Supra). Further, we place reliance on the following decisions, wherein it…

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

In the result the appeal of the assessee for ITA No

ITA 3103/DEL/2019[2015-16]Status: DisposedITAT Delhi26 Sept 2025AY 2015-16

Bench: Shri Anubhav Sharma & Shri Amitabh Shukla

Section 143(3)Section 32

…s the law of the land and is binding on all the lower authorities, in terms of Article 141 of the Constitution of India. In this regard, we place further reliance on the decision of the Hon'ble Karnataka High in the case of Manipal Universal Learning P. Ltd., 255 ITR 26, the facts and circumstances of which are similar to the present case, wherein the Hon'ble HC allowed the claim of depreciation on goodwill arising on acquisition of business under slump sale model, reiterating the decision of the Hon'ble SC in the case of Smifs Securities (Supra). Further, we place reliance on the following decisions, wherein it…

SAGARLAXMI AGRISEEDS PRIVATE LIMITED,AHMEDABAD vs. THE ACIT, CIRCLE-4(1)(1), AHMEDABAD

In the result, appeal of the assessee stands allowed

ITA 1918/AHD/2024[2017-18]Status: DisposedITAT Ahmedabad05 Aug 2025AY 2017-18

Bench: S/Shri Sanjay Garg & Narendra Prasad Sinhaassessment Year : 2017-18 Sagarlaxmi Agriseeds Pvt Ltd Acit, Cir.4(1)(1) 206, Ashwamegh Avenue Vs Ahmedabad. Opp: Mithakhali Garden Navrangpura Ahmedabad. Pan : Aawcs 7561 F (Respondent) (Appellant) Assessee By : Shri Deepak R. Shah, Ar Revenue By : Shri Dharnidas V.S., Sr.Dr सुनवाई की तारीख/Date Of Hearing : 15/05/2025 घोषणा की तारीख /Date Of Pronouncement: 05/08/2025 आदेश/O R D E R

For Appellant: Shri Deepak R. Shah, ARFor Respondent: Shri Dharnidas V.S., Sr.DR

Section 143(1)Section 143(2)Section 143(3)Section 250Section 32

…on that the exorbitant value of Goodwill has been mentioned in the valuation report. 13. The Ld. Counsel for the assessee has, in this respect, placed reliance upon on the decision of the hon’ble Gujarat High Court in the case of Ashwin Vanaspati Industries (255 ITR 26) to contend that the hon’ble High Court has held that where the enhanced cost was supported by valuation report by a registered value, it was incumbent upon the Income tax authority to dislodge the same by bringing adequate material on record in the form of departmental valuation report, because in absence of the same a technical expert’s opinion…

ADITYA BIRLA FINANCE LIMITED,MUMBAI vs. ASSISTANT COMMISSIONER OF INCOME-TAX - 2(1)(1), MUMBAI

In the result, the appeal is partly allowed

ITA 4821/MUM/2024[AY 2017-18]Status: DisposedITAT Mumbai08 Jul 2025

For Appellant: Shri Yogesh Thar & Ms. S.Jayaram, ARsFor Respondent: Shri Rajesh Kumar Yadav, (CIT DR)

Section 143(3)Section 32Section 43BSection 80G

…aw of the land and is binding\non all the lower authorities, in terms of Article 141 of the Constitution of India.\nii. In this regard, we place further reliance on the decision of the Hon'ble Karnataka\nHigh in the case of Manipal Universal Learning P. Ltd., 255 ITR 26, the facts and\ncircumstances of which are similar to the present case, wherein the Hon'ble HC\nallowed the claim of depreciation on goodwill arising on acquisition of business under\nslump sale model, reiterating the decision of the Hon'ble SC in the case of Smifs\nSecurities (Supra).\n12.5 Whether the assessee is entitled to claim depreciation o…

DCIT-CC-5(3), MUMABI, MUMBAI vs. JWL COLD STORE PRIVATE LIMITED , PANVEL , MAHARASHTRA

In the result, appeal of the revenue is dismissed

ITA 3098/MUM/2023[2014-15]Status: DisposedITAT Mumbai31 Jul 2024AY 2014-15

Bench: Shri Pavan Kumar Gadale, Hon’Ble & Shri Girish Agrawal, Hon’Ble

For Appellant: Shri Satish Mody, A/RFor Respondent: Ms. Rajeshwari Menon, Sr. D/R

Section 115JSection 143(3)Section 56(2)(viib)

…e considered for the purpose of such DCF valuation, though not permitted, the value per share is Rs.34.71 which is more than the pricing of Rs.30 per share allotted by us” I.T.A. No. 3098/Mum/2023 8 5.3.11. In the case of Ashwin Vanaspati Industries vs CIT, 255 ITR 26 (Guj HC), the Hon’ble Gujarat HC has held as follows: “The valuation report is by a registered valuer. Neither in the assessment order nor in the Tribunal’s order is there any whisper that the valuation report by the registered valuer is incorrect in any manner whatsoever. Once there is a report by the registered valuer, it is incumbent upon an au…

GATI KINTETSU EXPRESS PRIVATE LIMITED,MUMBAI vs. DY.COMMISSIONER OF INCOME , CIRLCE 14(1)(2)TAX, MUMBAI

In the result, In the result, appeal for AY 2013-14 is allowed partly for 14 is allowed partly for statistical purposes, purposes, appeal for AY 2014-15 is partly allowed, is partly allowed, appeal...

ITA 2833/MUM/2023[2017-18]Status: DisposedITAT Mumbai13 May 2024AY 2017-18

Bench: Shri Om Prakash Kant () & Shri Sandeep Singh Karhail ()

For Respondent: Mr. Madhur Agrawal

Section 143(3)Section 250

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “G” MUMBAI BEFORE SHRI OM PRAKASH KANT (ACCOUNTANT MEMBER) AND SHRI SANDEEP SINGH KARHAIL (JUDICIAL MEMBER) ITA Nos. 2829 to 2833/MUM/2023 Assessment Year: 2013-14 to 2017-18 M/s Gati Kintetsu Express Pvt. Ass./Dy. CIT, Circle 14(1)(2), Ltd, Room No. 455, 4th floor, 4th floor, A Wing, Allcargo House, Vs. Aayakar Bhavan, M.K. Road, CST Road, Kalina, Mumbai-400020. Santacruz (East), Mumbai-400098. PAN NO. AADCG 2096 A Appellant Respondent : Mr. Madhur Agrawal, Assessee by Mr. Fenil Bhatt & Mr. C.C. Dangi : Ms. R A Dhyani, CIT-DR Revenue by : 19/02/2024 Date of Hear…

GATI KINTETSU EXPRESS PRIVATE LIMITED ,MAHARASHTRA AND MUMBAI vs. DY. COMMISSIONER OF INCOME TAX, CIRCLE 14(1)(2), MUMBAI, MAHARASHTRA AND MUMBAI

In the result, In the result, appeal for AY 2013-14 is allowed partly for 14 is allowed partly for statistical purposes, purposes, appeal for AY 2014-15 is partly allowed, is partly allowed, appeal...

ITA 2832/MUM/2023[ASS YEAR 2016 - 2017]Status: DisposedITAT Mumbai13 May 2024

Bench: Shri Om Prakash Kant () & Shri Sandeep Singh Karhail ()

For Respondent: Mr. Madhur Agrawal

Section 143(3)Section 250

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “G” MUMBAI BEFORE SHRI OM PRAKASH KANT (ACCOUNTANT MEMBER) AND SHRI SANDEEP SINGH KARHAIL (JUDICIAL MEMBER) ITA Nos. 2829 to 2833/MUM/2023 Assessment Year: 2013-14 to 2017-18 M/s Gati Kintetsu Express Pvt. Ass./Dy. CIT, Circle 14(1)(2), Ltd, Room No. 455, 4th floor, 4th floor, A Wing, Allcargo House, Vs. Aayakar Bhavan, M.K. Road, CST Road, Kalina, Mumbai-400020. Santacruz (East), Mumbai-400098. PAN NO. AADCG 2096 A Appellant Respondent : Mr. Madhur Agrawal, Assessee by Mr. Fenil Bhatt & Mr. C.C. Dangi : Ms. R A Dhyani, CIT-DR Revenue by : 19/02/2024 Date of Hear…

GATI KINTETSU EXPRESS PRIVATE LIMITED ,MAHARASHTRA AND MUMBAI vs. DY. COMMISSIONER OF INCOME TAX, CIRCLE 14(1)(2), MUMBAI, MAHARASHTRA AND MUMBAI

In the result, In the result, appeal for AY 2013-14 is allowed partly for 14 is allowed partly for statistical purposes, purposes, appeal for AY 2014-15 is partly allowed, is partly allowed, appeal...

ITA 2831/MUM/2023[ASS YEAR 2015-2016]Status: DisposedITAT Mumbai13 May 2024

Bench: Shri Om Prakash Kant () & Shri Sandeep Singh Karhail ()

For Respondent: Mr. Madhur Agrawal

Section 143(3)Section 250

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “G” MUMBAI BEFORE SHRI OM PRAKASH KANT (ACCOUNTANT MEMBER) AND SHRI SANDEEP SINGH KARHAIL (JUDICIAL MEMBER) ITA Nos. 2829 to 2833/MUM/2023 Assessment Year: 2013-14 to 2017-18 M/s Gati Kintetsu Express Pvt. Ass./Dy. CIT, Circle 14(1)(2), Ltd, Room No. 455, 4th floor, 4th floor, A Wing, Allcargo House, Vs. Aayakar Bhavan, M.K. Road, CST Road, Kalina, Mumbai-400020. Santacruz (East), Mumbai-400098. PAN NO. AADCG 2096 A Appellant Respondent : Mr. Madhur Agrawal, Assessee by Mr. Fenil Bhatt & Mr. C.C. Dangi : Ms. R A Dhyani, CIT-DR Revenue by : 19/02/2024 Date of Hear…

GATI KINTETSU EXPRESS PRIVATE LIMITED,MUMBAI vs. DY COMMISSIONER OF INCOME TAX, CIRCLE 14(1)(2), MUMBAI, MUMBAI

In the result, In the result, appeal for AY 2013-14 is allowed partly for 14 is allowed partly for statistical purposes, purposes, appeal for AY 2014-15 is partly allowed, is partly allowed, appeal...

ITA 2830/MUM/2023[ASST YEAR 2014-15]Status: DisposedITAT Mumbai13 May 2024

Bench: Shri Om Prakash Kant () & Shri Sandeep Singh Karhail ()

For Respondent: Mr. Madhur Agrawal

Section 143(3)Section 250

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “G” MUMBAI BEFORE SHRI OM PRAKASH KANT (ACCOUNTANT MEMBER) AND SHRI SANDEEP SINGH KARHAIL (JUDICIAL MEMBER) ITA Nos. 2829 to 2833/MUM/2023 Assessment Year: 2013-14 to 2017-18 M/s Gati Kintetsu Express Pvt. Ass./Dy. CIT, Circle 14(1)(2), Ltd, Room No. 455, 4th floor, 4th floor, A Wing, Allcargo House, Vs. Aayakar Bhavan, M.K. Road, CST Road, Kalina, Mumbai-400020. Santacruz (East), Mumbai-400098. PAN NO. AADCG 2096 A Appellant Respondent : Mr. Madhur Agrawal, Assessee by Mr. Fenil Bhatt & Mr. C.C. Dangi : Ms. R A Dhyani, CIT-DR Revenue by : 19/02/2024 Date of Hear…

ACIT-2(2)(1), MMUMBAI vs. M/S. JICS LOGISTIC LIMITED , MUMBAI

In the result, the appeal of the revenue for assessment year the appeal of the revenue for assessment year the appeal of the revenue for assessment year

ITA 1781/MUM/2023[2017-18]Status: DisposedITAT Mumbai29 Nov 2023AY 2017-18