CIT v. Mira Exim Ltd.

359 ITR 70High Court2013#17737 most cited
5

judgments rely on this decision, according to BharatTax’s citation analysis of 341,001 Indian tax judgments — from 2020 to 2026.

Sections most often in play

Section 10AASection 115JBSection 195Section 2(1B)Section 32(1)(ii)Section 35(2AB)Section 36(1)(iii)Section 43(1)
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Issues it is cited on

goodwill arising on amalgamationsection 5(2)(b)proximate nexuscommercial substancesection 14a disallowancesection 49section 39interest on outstanding receivablessection 43(6)section 9(1)(i)section 195(2)scheme of arrangement

Judgments citing CIT v. Mira Exim Ltd.

ACIT Central Circle 2(3), Ahmedabad vs. Intas Pharmaceuticals Limited, Ahmedabad

In the result, the appeal of the Revenue is dismissed

ITA 1842/AHD/2024[2016-17]Status: DisposedITAT Ahmedabad24 Feb 2026AY 2016-17

Bench: Ms. Suchitra R. Kamble & Shri Narendra Prasad Sinhaasst. Commissioner Of M/S. Intas Pharmaceuticals Ltd., Vs. Income-Tax, Corporate House, S.G. Highway, Central Circle 2(3), Nr. Sola Bridge, Thaltej, Ahmedabad Ahmedabad-380 054 [Pan : Aaaci 5120 L] (Appellant) .. (Respondent) Appellant Represented By : Shri Sher Singh, Cit (Dr) Respondent Represented By: Shri S. N. Soparkar, Sr. Advocate & Ms. Urvashi Sodhan, Ar Date Of Hearing 07.01.2026 Date Of Pronouncement 24.02.2026 O R D E R Per Ms. Suchitra R. Kamble:-

Section 250

…of the amalgamated company cannot be brushed aside as a colourable device. The consideration paid by way of share allotment constitutes valid consideration for the purpose of recognising goodwill. The Hon’ble Delhi High Court in CIT v. Mira Exim Ltd. [(2013) 359 ITR 70] has affirmed that share allotment as consideration constitutes "payment" in kind and satisfies the requirement for depreciation claim under section 32. 49. As regards the DR’s reliance on the fact that ILPL had no independent customers and that the entirety of its business was dependent on transactions with the assessee itself, we are of the cons…

The ACIT, Circle-2(1)(1), Ahmedabad vs. M/S. Intas Pharmaceuticals Ltd., Ahmedabad

Accordingly, this ground raised by the Revenue is dismissed

ITA 281/AHD/2021[2015-16]Status: DisposedITAT Ahmedabad21 May 2025AY 2015-16

Bench: S/Shri T.R. Senthil Kumar & Makarand V.Mahadeokarasstt.Year : 2015-16 Acit, Cir.2(1)(1) M/S.Intas Pharmaceuticals Ltd Vejalpur Vs Corporate House Ahmedabad. S.G. Highway Nr.Sola Bridge, Thaltej Ahmedabad 380 054. Pan : Aaaci 5120 L Asstt.Year : 2015-16 M/S.Intas Pharmaceuticals Ltd Acit, Cir.2(1)(1) Corporate House Vs Vejalpur S.G. Highway Ahmedabad. Nr.Sola Bridge, Thaltej Ahmedabad 380 054. Pan : Aaaci 5120 L (Applicant) (Responent) : Assessee By Shri S.N. Soparkar, Sr.Advocae & Shri Parin Shah, Ar : Shri Ragnesh Das, Cit-Dr Revenue By सुनवाई क" तारीख/Date Of Hearing : 28/04/2025 घोषणा क" तारीख /Date Of Pronouncement: 21/05/2025 आदेश आदेश/O R D E R आदेश आदेश

Section 115JSection 142(1)Section 143(2)Section 143(3)Section 144CSection 14ASection 35Section 36(1)(iii)Section 37Section 92C

…of the amalgamated company cannot be brushed aside as a colourable device. The consideration paid by way of share allotment constitutes valid consideration for the purpose of recognising goodwill. The Hon’ble Delhi High Court in CIT v. Mira Exim Ltd. [(2013) 359 ITR 70] has affirmed that share allotment as consideration constitutes "payment" in kind and satisfies the requirement for depreciation claim under section 32. 49. As regards the DR’s reliance on the fact that ILPL had no independent customers and that the entirety of its business was dependent on transactions with the assessee itself, we are of the cons…

Intas Pharmaceuticals Ltd., Ahmedabad vs. The DCIT, Circle-2(1)(1), Ahmedabad

Accordingly, this ground raised by the Revenue is dismissed

ITA 222/AHD/2021[2015-16]Status: DisposedITAT Ahmedabad21 May 2025AY 2015-16

Bench: S/Shri T.R. Senthil Kumar & Makarand V.Mahadeokarasstt.Year : 2015-16 Acit, Cir.2(1)(1) M/S.Intas Pharmaceuticals Ltd Vejalpur Vs Corporate House Ahmedabad. S.G. Highway Nr.Sola Bridge, Thaltej Ahmedabad 380 054. Pan : Aaaci 5120 L Asstt.Year : 2015-16 M/S.Intas Pharmaceuticals Ltd Acit, Cir.2(1)(1) Corporate House Vs Vejalpur S.G. Highway Ahmedabad. Nr.Sola Bridge, Thaltej Ahmedabad 380 054. Pan : Aaaci 5120 L (Applicant) (Responent) : Assessee By Shri S.N. Soparkar, Sr.Advocae & Shri Parin Shah, Ar : Shri Ragnesh Das, Cit-Dr Revenue By सुनवाई क" तारीख/Date Of Hearing : 28/04/2025 घोषणा क" तारीख /Date Of Pronouncement: 21/05/2025 आदेश आदेश/O R D E R आदेश आदेश

Section 115JSection 142(1)Section 143(2)Section 143(3)Section 144CSection 14ASection 35Section 36(1)(iii)Section 37Section 92C

…of the amalgamated company cannot be brushed aside as a colourable device. The consideration paid by way of share allotment constitutes valid consideration for the purpose of recognising goodwill. The Hon’ble Delhi High Court in CIT v. Mira Exim Ltd. [(2013) 359 ITR 70] has affirmed that share allotment as consideration constitutes "payment" in kind and satisfies the requirement for depreciation claim under section 32. 49. As regards the DR’s reliance on the fact that ILPL had no independent customers and that the entirety of its business was dependent on transactions with the assessee itself, we are of the cons…

Keva Frgrances Pvt Ltd., Mumbai vs. Dy CIT 4 (2)(2), Mumbai

In the result the appeal of the assessee is allowed and that of the Revenue is dismissed

ITA 334/MUM/2020[2016-17]Status: DisposedITAT Mumbai02 Aug 2021AY 2016-17

Bench: Shri Rajesh Kumar & Shri Amarjit Singhassessment Year: 2016-17

For Appellant: Shri Saurabh Bhat, A.RFor Respondent: Shri Sandeep Raj, D.R
Section 115J

…ost of assets which are 'acquired' by an assessee during the year. Amalgamation or merger is a manner in which acquisition of assets is made. Appellant placed reliance on the decision in the case of Hon'ble Delhi High Court in CIT vs. Mira Exim Limited (2013) 359 ITR 70. 4.3.39 I find that, there are express provisions in the section 55(2)(a)(ii) of the Act to determine the cost of acquisition of existing goodwill in the hands of the amalgamated company. As per the said provisions, the cost of acquisition of existing goodwill in the hands of the amalgamated company will be the cost/written down value in the hands…

M/S. Pik Studios P. Ltd (Formerly Known As Pik Pen Private Limited), Mumbai vs. ITO 8(2)(4), Mumbai

In the result, these appeals by the assessee stand dismissed

ITA 6681/MUM/2018[1999-11]Status: DisposedITAT Mumbai05 Mar 2020AY 1999-11

Bench: Shri Shamim Yahya & Shri Amarjit Singh.

Section 154Section 32Section 43(1)

…rib) (TM) (Pg. No.113-144 (120) Para 6.1 d) Ashwin Vanaspati Industries v. CIT [2002] 255 ITR 26 (GUJ)(HC). 2) In the following cases, it has been held that depreciation is allowable on revalued figures : ITA No.2470/Mum/2017. a) CIT v. Mira Exim Ltd. (2013) 359 ITR 70 (Del) - there is transfer on amalgamation. Hence, assesse entitled to depreciation on asset acquired under amalgamation, though depreciation was not allowable to amalgamating company. b) CIT v. Manipal Universal Learning Pvt. Ltd. (2013) 359 ITR 369 (Karn) - assesse entitled to depreciation on revalued amount. c) In De Nora India Ltd. vs. CIT (20…

CIT v. Mira Exim Ltd. (359 ITR 70) — Cited in 5 Judgments | BharatTax