Borkar Packaging (P.) Borkar Packaging (P.) Ltd. v. ACIT

ACIT CIRCLE 8(3)(1), MUMBAI, MUMBAI vs. GANJAM TRADING CO. PVT. LTD., MUMBAI

In the result, the appeal of the Revenue is dismissed and the Cross

Bench: Shri B.R. Baskaran & Shri Raj Kumar Chauhan: A.Y. : 2018-19 C.O. No. 99/Mum/2024 : A.Y. : 2018-19 (Arising Out Of Ita No. 458/M/24)

…on on goodwill was rightly held by the Ld.CIT(A) to be prospective in nature. Hence, the AO could not take support of the said amendment. 11 C.O.No. 99/Mum/2024 10. The Ld.DR relied upon by the Co-ordinate Benches in the case of Borkar Packaging P Ltd (2010)(131 TTJ 99)(Panaji), wherein the goodwill, being the difference between purchase consideration and NAV of assets was held to be not eligible for depreciation. However, the above said decision has been rendered prior to the decision of the Hon‟ble Supreme Court rendered in the case of Smifs Securities Ltd (supra). Hence, the Revenue cannot take support of the…

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...

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

…e Ld. DR relied on the decision of the Co On the contrary, the Ld. DR relied on the decision of the Co- ordinate Bench of the Tribunal in the case of ordinate Bench of the Tribunal in the case of Borkar Packaging (P.) Borkar Packaging (P.) Ltd. v. ACIT (2010) 131 TTJ 99 (Panaji), d. v. ACIT (2010) 131 TTJ 99 (Panaji), Jeypore Sugar Co. Ltd. Jeypore Sugar Co. Ltd. v. ACIT [2011] 9 taxmann.com 122 (Visakhapatnam). In the v. ACIT [2011] 9 taxmann.com 122 (Visakhapatnam) v. ACIT [2011] 9 taxmann.com 122 (Visakhapatnam) rejoinder, the Ld. counsel for the assessee rejoinder, the Ld. counsel for the assessee submitted s…

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...

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

…e Ld. DR relied on the decision of the Co On the contrary, the Ld. DR relied on the decision of the Co- ordinate Bench of the Tribunal in the case of ordinate Bench of the Tribunal in the case of Borkar Packaging (P.) Borkar Packaging (P.) Ltd. v. ACIT (2010) 131 TTJ 99 (Panaji), d. v. ACIT (2010) 131 TTJ 99 (Panaji), Jeypore Sugar Co. Ltd. Jeypore Sugar Co. Ltd. v. ACIT [2011] 9 taxmann.com 122 (Visakhapatnam). In the v. ACIT [2011] 9 taxmann.com 122 (Visakhapatnam) v. ACIT [2011] 9 taxmann.com 122 (Visakhapatnam) rejoinder, the Ld. counsel for the assessee rejoinder, the Ld. counsel for the assessee submitted s…

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...

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

…e Ld. DR relied on the decision of the Co On the contrary, the Ld. DR relied on the decision of the Co- ordinate Bench of the Tribunal in the case of ordinate Bench of the Tribunal in the case of Borkar Packaging (P.) Borkar Packaging (P.) Ltd. v. ACIT (2010) 131 TTJ 99 (Panaji), d. v. ACIT (2010) 131 TTJ 99 (Panaji), Jeypore Sugar Co. Ltd. Jeypore Sugar Co. Ltd. v. ACIT [2011] 9 taxmann.com 122 (Visakhapatnam). In the v. ACIT [2011] 9 taxmann.com 122 (Visakhapatnam) v. ACIT [2011] 9 taxmann.com 122 (Visakhapatnam) rejoinder, the Ld. counsel for the assessee rejoinder, the Ld. counsel for the assessee submitted s…

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...

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

…e Ld. DR relied on the decision of the Co On the contrary, the Ld. DR relied on the decision of the Co- ordinate Bench of the Tribunal in the case of ordinate Bench of the Tribunal in the case of Borkar Packaging (P.) Borkar Packaging (P.) Ltd. v. ACIT (2010) 131 TTJ 99 (Panaji), d. v. ACIT (2010) 131 TTJ 99 (Panaji), Jeypore Sugar Co. Ltd. Jeypore Sugar Co. Ltd. v. ACIT [2011] 9 taxmann.com 122 (Visakhapatnam). In the v. ACIT [2011] 9 taxmann.com 122 (Visakhapatnam) v. ACIT [2011] 9 taxmann.com 122 (Visakhapatnam) rejoinder, the Ld. counsel for the assessee rejoinder, the Ld. counsel for the assessee submitted s…

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

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

…ein the intangibles acquired pursuant to a slump sale agreement are held to be eligible for depreciation. 10. On the contrary, the Ld. DR relied on the decision of the Co- ordinate Bench of the Tribunal in the case of Borkar Packaging (P.) Ltd. v. ACIT (2010) 131 TTJ 99 (Panaji), Jeypore Sugar Co. Ltd. v. ACIT [2011] 9 taxmann.com 122 (Visakhapatnam). In the rejoinder, the Ld. counsel for the assessee submitted that both the decisions are for the period prior to the decision of the Hon'ble Supreme Court in the case of Smiffs Securities Ltd. (supra). 11. We have heard rival submission of the parties and perused th…