What is CIT v. Smifs Securities Ltd. authority for?

Goodwill, whether arising from an amalgamation or a slump sale, is an intangible asset eligible for depreciation under Section 32(1) of the Income-tax Act. While the assessee must prove the existence and valuation of such goodwill, it is recognized as a depreciable asset.

How many judgments cite CIT v. Smifs Securities Ltd.?

540 judgments on BharatTax cite CIT v. Smifs Securities Ltd. (348 ITR 302), spanning 2011 to 2026.

Which sections of the Income Tax Act does CIT v. Smifs Securities Ltd. come up under?

It is most often cited in judgments turning on Section 143(3), Section 32(1), Section 115JB, Section 32, Section 32(1)(ii), Section 14A.

CIT v. Smifs Securities Ltd. (348 ITR 302)

Olympia Tech Park Private Limited, Chennai vs. PCIT - 4, Chennai

In the result, the appeal filed by the assessee is dismissed

ITA 922/CHNY/2022[2017-2018]Status: DisposedITAT Chennai27 Apr 2023AY 2017-2018

Bench: Shri V. Durga Rao & Dr. Manish Boradआयकर अपील सं./I.T.A. No.922/Chny/2022 िनधा"रण वष"/Assessment Year: 2017-18 Olympia Tech Park (Chennai) Vs. The Principal Commissioner Of Private Limited, No. 1, Sidco Income Tax, Chennai-4, Industrial Estate, Guindy, Chennai. Chennai 600 032. [Pan:Aabco8102F] (अपीलाथ"/Appellant) (""थ"/Respondent) अपीलाथ" की ओर से / Appellant By : Shri N.V. Balaji, Advocate ""थ" की ओर से/Respondent By : Shri M. Rajan, Cit सुनवाई की तारीख/ Date Of Hearing : 20.04.2023 घोषणा की तारीख /Date Of Pronouncement : 27.04.2023 आदेश /O R D E R Per V. Durga Rao: This Appeal Filed By The Assessee Is Directed Against The Order Of The Ld. Principal Commissioner Of Income Tax, Chennai -4, Chennai, Dated 25.03.2022 Relevant To The Assessment Year 2017-18 Passed Under Section 263 Of The Income Tax Act, 1961 [“Act” In Short].

For Appellant: Shri N.V. Balaji, AdvocateFor Respondent: Shri M. Rajan, CIT

Section 143(3)Section 253Section 263Section 80I

…n appeal before the Tribunal. The ld. Counsel for the assessee has submitted that the issue involved in this appeal is depreciation on goodwill which is covered by the decision of the Hon’ble Supreme Court in the case of CIT v. Smifs Securities Limited [2012] 348 ITR 302 (SC) and once the issue is covered by the decision of the Hon’ble Supreme Court, the Assessing Officer need not make enquiry as even after enquiry is made, the result will be the same. Therefore, the order passed by the Assessing Officer is neither erroneous nor prejudicial to the interest of Revenue. It was also submitted that once two views are…

M/S. Sun Edition Solar Power India Pvt. Ltd., Chennai vs. DCIT, Corporate Circle - 6 (2), Chennai

In the result, the appeals filed by the assessee for the assessment years 2013-14, 2014-15 and 2015-16 are allowed and the appeal filed by the Revenue for the assessment year 2015-16 is dismissed

ITA 570/CHNY/2020[2015-16]Status: DisposedITAT Chennai12 Apr 2023AY 2015-16

Bench: Shri V. Durga Rao & Shri G. Manjunatha

For Appellant: Shri S.K. Gupta, AdvocateFor Respondent: Shri S. Senthil Kumaran, CIT

Section 32(1)

…, as a going concern, On the appointed date the demerged company did not have any asset or property as goodwill. (g) In support of the contention, assessee relied on the following decisions which are distinguishable as under: CIT Vs Smifs Securities Ltd. (SC) 348 ITR 302: In this case assessee paid excess consideration paid by assessee over the value of the net assets was claimed as goodwill arising on amalgamation, on which depreciation was claimed. There is a specific finding by Hon’ble Supreme Court that CIT challenged only the issue of whether goodwill is an asset eligible for depreciation and not the factum…

ACIT Corporate Circle-6(2), Chennai vs. M/S Sun Edison Solar Power India Pvt Ltd, Chennai

In the result, the appeals filed by the assessee for the assessment years 2013-14, 2014-15 and 2015-16 are allowed and the appeal filed by the Revenue for the assessment year 2015-16 is dismissed

ITA 427/CHNY/2020[2015-16]Status: DisposedITAT Chennai12 Apr 2023AY 2015-16

Bench: Shri V. Durga Rao & Shri G. Manjunatha

For Appellant: Shri S.K. Gupta, AdvocateFor Respondent: Shri S. Senthil Kumaran, CIT

Section 32(1)

…, as a going concern, On the appointed date the demerged company did not have any asset or property as goodwill. (g) In support of the contention, assessee relied on the following decisions which are distinguishable as under: CIT Vs Smifs Securities Ltd. (SC) 348 ITR 302: In this case assessee paid excess consideration paid by assessee over the value of the net assets was claimed as goodwill arising on amalgamation, on which depreciation was claimed. There is a specific finding by Hon’ble Supreme Court that CIT challenged only the issue of whether goodwill is an asset eligible for depreciation and not the factum…

M/S Sun Edison Solar Power India Pvt Ltd, Chennai vs. ITO, Corporate Ward - 6 (3), Chennai

In the result, the appeals filed by the assessee for the assessment years 2013-14, 2014-15 and 2015-16 are allowed and the appeal filed by the Revenue for the assessment year 2015-16 is dismissed

ITA 2164/CHNY/2019[2014-15]Status: DisposedITAT Chennai12 Apr 2023AY 2014-15

Bench: Shri V. Durga Rao & Shri G. Manjunatha

For Appellant: Shri S.K. Gupta, AdvocateFor Respondent: Shri S. Senthil Kumaran, CIT

Section 32(1)

…, as a going concern, On the appointed date the demerged company did not have any asset or property as goodwill. (g) In support of the contention, assessee relied on the following decisions which are distinguishable as under: CIT Vs Smifs Securities Ltd. (SC) 348 ITR 302: In this case assessee paid excess consideration paid by assessee over the value of the net assets was claimed as goodwill arising on amalgamation, on which depreciation was claimed. There is a specific finding by Hon’ble Supreme Court that CIT challenged only the issue of whether goodwill is an asset eligible for depreciation and not the factum…

M/S Sun Edison Solar Power India Pvt Ltd, Chennai vs. DCIT Corporate Circle 6 (2), Chennai

In the result, the appeals filed by the assessee for the assessment years 2013-14, 2014-15 and 2015-16 are allowed and the appeal filed by the Revenue for the assessment year 2015-16 is dismissed

ITA 1520/CHNY/2018[2013-14]Status: DisposedITAT Chennai12 Apr 2023AY 2013-14

Bench: Shri V. Durga Rao & Shri G. Manjunatha

For Appellant: Shri S.K. Gupta, AdvocateFor Respondent: Shri S. Senthil Kumaran, CIT

Section 32(1)

…, as a going concern, On the appointed date the demerged company did not have any asset or property as goodwill. (g) In support of the contention, assessee relied on the following decisions which are distinguishable as under: CIT Vs Smifs Securities Ltd. (SC) 348 ITR 302: In this case assessee paid excess consideration paid by assessee over the value of the net assets was claimed as goodwill arising on amalgamation, on which depreciation was claimed. There is a specific finding by Hon’ble Supreme Court that CIT challenged only the issue of whether goodwill is an asset eligible for depreciation and not the factum…

DCIT, Circle- 10(1), New Delhi vs. Global Fairs & Media Pvt. Ltd., Delhi

In the result, the appeal of the Revenue in ITA No

ITA 4317/DEL/2017[2012-13]Status: DisposedITAT Delhi29 Mar 2023AY 2012-13

Bench: Shri N.K. Billaiya & Shri Anubhav Sharma

For Appellant: Shri KVSR Krishnan, AdvFor Respondent: Shri Anuj Garg, Sr. DR

Section 47

…The ld. CIT(A) was not convinced with the observations of the Assessing Officer that the assessee has over valued the projections for valuation of good will and drawing support from the decision of the Hon'ble Supreme Court in the case of Smifs Securities Ltd 348 ITR 302 and the decision of the Hon'ble Jurisdictional High Court in the case of Triune Energy Services Pvt Ltd 237 ITR 230, came to the conclusion that depreciation is an inherent claim under the Act and claim of deprecation by the assessee on goodwill is based on relevant provision of law and in due deference to the decision of the Hon'ble Supreme Cour…

Srf Ltd., Gurgaon vs. Addl CIT, New Delhi

In the result, this ground of the assessee is allowed for statistical purposes

ITA 774/DEL/2017[2009-10]Status: DisposedITAT Delhi23 Feb 2023AY 2009-10

Bench: Sh. Anil Chaturvedi & Sh. Yogesh Kumar Ussrf Limited Vs. Acit Unitech Crest, Greenwood Range – 9, City Block – C, Sector – 45, Ltu, New Delhi Gurgaon – 122 003 Pan No. Aaacs 0206 P (Appellant) (Respondent) Assessee By Shri Pradeep Dinodia, Shri R. K. Kapoor C.A. Shri Ravi Kumar Revenue By Shri Mahesh Shah, Cit (Dr) Shri Rajesh Kumar, Cit (Dr) Date Of Hearing: 10/01/2023 Date Of Pronouncement: 23/02/2023 Order Per Anil Chaturvedi, Am: The Present Appeal Is Filed By The Assessee Directed Against The Order Dated 27.09.2016 Of The Commissioner Of Income Tax (Appeals)-44, New Delhi [For Short, Cit(A)] Under Section 143(3) R.W.S 144C Of The Income Tax Act, 1961 [For Short, 'The Act'] For Assessment Year 2009-10. 2. Brief Facts Of The Case As Culled Out From The Material On Record Are As Under:-

Section 143(2)Section 143(3)Section 144CSection 14ASection 92C

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘I’, NEW DELHI BEFORE SH. ANIL CHATURVEDI, ACCOUNTANT MEMBER AND SH. YOGESH KUMAR US, JUDICIAL MEMBER SRF Limited Vs. ACIT Unitech Crest, Greenwood Range – 9, City Block – C, Sector – 45, LTU, New Delhi Gurgaon – 122 003 PAN No. AAACS 0206 P (APPELLANT) (RESPONDENT) Assessee by Shri Pradeep Dinodia, Shri R. K. Kapoor C.A. Shri Ravi Kumar Revenue by Shri Mahesh Shah, CIT (DR) Shri Rajesh Kumar, CIT (DR) Date of hearing: 10/01/2023 Date of Pronouncement: 23/02/2023 ORDER PER ANIL CHATURVEDI, AM: The present appeal is filed by the assessee directed against the order…

Vertiv Energy Pvt. Ltd( Formerly Known As Emerson Network Power India Pvt. Ltd, Mumbai vs. Pr. CIT -1, Thane

ITA 790/MUM/2022[2018-19]Status: DisposedITAT Mumbai20 Feb 2023AY 2018-19

Bench: Shri Kuldip Singh, Hon'Ble & Shri S. Rifaur Rahman, Hon'Ble & & Vertiv Energy Private Limited V. Pcit-1 (Formerly Known As Emerson B Wing Ashar It Park, 6Th Floor Road No. 16Z Wagle Industrial Estate Network Power India Pvt. Ltd) Thane (W) - 400604 Plot No. 20, Road No. 19 Wagle Ind. Estate, Thane (W)-400604. Pan: Aaact4033H (Appellant) (Respondent) Assessee Represented By : Dhanesh Bafna, Chandni Shah & Riddhi Maru Department Represented By : Shri Nimesh Yadav

Section 143(3)Section 263Section 47

…show cause notice, the assessee filed its written submissions in which it was submitted that the claim of depreciation on goodwill as per the provisions of the Act and the same is supported by the following decisions: - (i). CIT v. Smifs Securities Limited (348 ITR 302) (ii). Chowgule & company Private Limited vs. Addl. CIT (2016) 95 CCH (Mum H.C.) (iii). Principal Commissioner vs. Zydus Wellness Ltd (2017) 87 taxmann.com 82 (Gujarat H.C.) (iv). Toyo Engineering India Limited ITS-655-ITAT-2014(Mum) (v). Deputy Commissioner of Income Tax vs. GEA Process Engineering Private Limited (ITA No. 4337/Mum/2015) (vi). A…

Vertiv Energy Pvt. Ltd (Formerly Known As Emerson Network Power (India) P. Ltd., Thane (W) vs. Pr. Comm of Income Tax -1, Thane

ITA 789/MUM/2022[2017-18]Status: DisposedITAT Mumbai20 Feb 2023AY 2017-18

Bench: Shri Kuldip Singh, Hon'Ble & Shri S. Rifaur Rahman, Hon'Ble & & Vertiv Energy Private Limited V. Pcit-1 (Formerly Known As Emerson B Wing Ashar It Park, 6Th Floor Road No. 16Z Wagle Industrial Estate Network Power India Pvt. Ltd) Thane (W) - 400604 Plot No. 20, Road No. 19 Wagle Ind. Estate, Thane (W)-400604. Pan: Aaact4033H (Appellant) (Respondent) Assessee Represented By : Dhanesh Bafna, Chandni Shah & Riddhi Maru Department Represented By : Shri Nimesh Yadav

Section 143(3)Section 263Section 47

…show cause notice, the assessee filed its written submissions in which it was submitted that the claim of depreciation on goodwill as per the provisions of the Act and the same is supported by the following decisions: - (i). CIT v. Smifs Securities Limited (348 ITR 302) (ii). Chowgule & company Private Limited vs. Addl. CIT (2016) 95 CCH (Mum H.C.) (iii). Principal Commissioner vs. Zydus Wellness Ltd (2017) 87 taxmann.com 82 (Gujarat H.C.) (iv). Toyo Engineering India Limited ITS-655-ITAT-2014(Mum) (v). Deputy Commissioner of Income Tax vs. GEA Process Engineering Private Limited (ITA No. 4337/Mum/2015) (vi). A…

M/S. Vertiv Energy Pvt. Ltd(Formerly Known As Emerson Network Power India Pvt. Ltd, Mumbai vs. Pr. CIT -1, Thane

ITA 788/MUM/2022[2016-17]Status: DisposedITAT Mumbai20 Feb 2023AY 2016-17

Bench: Shri Kuldip Singh, Hon'Ble & Shri S. Rifaur Rahman, Hon'Ble & & Vertiv Energy Private Limited V. Pcit-1 (Formerly Known As Emerson B Wing Ashar It Park, 6Th Floor Road No. 16Z Wagle Industrial Estate Network Power India Pvt. Ltd) Thane (W) - 400604 Plot No. 20, Road No. 19 Wagle Ind. Estate, Thane (W)-400604. Pan: Aaact4033H (Appellant) (Respondent) Assessee Represented By : Dhanesh Bafna, Chandni Shah & Riddhi Maru Department Represented By : Shri Nimesh Yadav

Section 143(3)Section 263Section 47

…show cause notice, the assessee filed its written submissions in which it was submitted that the claim of depreciation on goodwill as per the provisions of the Act and the same is supported by the following decisions: - (i). CIT v. Smifs Securities Limited (348 ITR 302) (ii). Chowgule & company Private Limited vs. Addl. CIT (2016) 95 CCH (Mum H.C.) (iii). Principal Commissioner vs. Zydus Wellness Ltd (2017) 87 taxmann.com 82 (Gujarat H.C.) (iv). Toyo Engineering India Limited ITS-655-ITAT-2014(Mum) (v). Deputy Commissioner of Income Tax vs. GEA Process Engineering Private Limited (ITA No. 4337/Mum/2015) (vi). A…

Harita Fehrer Ltd., Chennai vs. DCIT, CC - 2 (2), Chennai

Appeals stand allowed in terms of our above order

ITA 2746/CHNY/2019[2016-17]Status: DisposedITAT Chennai31 Jan 2023AY 2016-17

Bench: Hon’Ble Shri Mahavir Singh & Hon’Ble Shri Manoj Kumar Aggarwal, Am आयकरअपील सं./ Ita No.2254/Chny/2018 (िनधाBरण वषB / Assessment Year: 2011-12) & आयकरअपील सं./ Ita No.3480/Chny/2018 (िनधाBरण वषB / Assessment Year: 2013-14) & आयकरअपील सं./ Ita No.3481/Chny/2018 (िनधाBरण वषB / Assessment Year: 2014-15) & आयकरअपील सं./ Ita No.2746/Chny/2019 (िनधाBरण वषB / Assessment Year: 2016-17) M/S. Harita Fehrer Limited Dcit-Corporate Circle-2(2) / बनाम/ No.29, Jayalakshmi Estates, Acit, Salary Circle-Ii Vs. Haddows Road, Chennai-600 006. Chennai. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aacch-1037-R (अपीलाथ"/Appellant) : ( !थ" / Respondent) अपीलाथ" की ओर से/ Appellant By : Shri Pradeep Dinodia, (Fca), Shri Ravikumar, (Ca) & Shri Anil Kumar, (Ca) - Ld. Ars !थ"कीओरसे/Respondent By : Shri Ar.V. Sreenivasan (Add.Cit)-Ld. Dr

For Appellant: Shri Pradeep Dinodia, (FCA)For Respondent: Shri AR.V. Sreenivasan (Add.CIT)-Ld. DR

Section 143(3)Section 36(1)(vii)

…o have appreciated the fact that the appellant had received technical know-how and special processes from the transferor along with the foam division, which are of the nature of intangible assets and are entitled to depreciation. (CIT vs Smifs Securities Ltd- 348 ITR 302 -SC). Without prejudice, if the amount is held to be as non-compete, the same is allowable as revenue expenditure. (Carborundum Universal Ltd vs JCIT - 2012-TIOL-790 - Madras HC and Orchid Chemicals & Pharmaceuticals Ltd vs Assistant Commissioner of Income tax, 131 ITD 385- IT AT Chennai). Ground No 2: The learned CIT (A) erred in upholding he d…

Harita Fahrer Ltd, Chennai vs. DCIT, Corp Cir-2(2), Chennai

Appeals stand allowed in terms of our above order

ITA 3481/CHNY/2018[2014-15]Status: DisposedITAT Chennai31 Jan 2023AY 2014-15

Bench: Hon’Ble Shri Mahavir Singh & Hon’Ble Shri Manoj Kumar Aggarwal, Am आयकरअपील सं./ Ita No.2254/Chny/2018 (िनधाBरण वषB / Assessment Year: 2011-12) & आयकरअपील सं./ Ita No.3480/Chny/2018 (िनधाBरण वषB / Assessment Year: 2013-14) & आयकरअपील सं./ Ita No.3481/Chny/2018 (िनधाBरण वषB / Assessment Year: 2014-15) & आयकरअपील सं./ Ita No.2746/Chny/2019 (िनधाBरण वषB / Assessment Year: 2016-17) M/S. Harita Fehrer Limited Dcit-Corporate Circle-2(2) / बनाम/ No.29, Jayalakshmi Estates, Acit, Salary Circle-Ii Vs. Haddows Road, Chennai-600 006. Chennai. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aacch-1037-R (अपीलाथ"/Appellant) : ( !थ" / Respondent) अपीलाथ" की ओर से/ Appellant By : Shri Pradeep Dinodia, (Fca), Shri Ravikumar, (Ca) & Shri Anil Kumar, (Ca) - Ld. Ars !थ"कीओरसे/Respondent By : Shri Ar.V. Sreenivasan (Add.Cit)-Ld. Dr

For Appellant: Shri Pradeep Dinodia, (FCA)For Respondent: Shri AR.V. Sreenivasan (Add.CIT)-Ld. DR

Section 143(3)Section 36(1)(vii)

…o have appreciated the fact that the appellant had received technical know-how and special processes from the transferor along with the foam division, which are of the nature of intangible assets and are entitled to depreciation. (CIT vs Smifs Securities Ltd- 348 ITR 302 -SC). Without prejudice, if the amount is held to be as non-compete, the same is allowable as revenue expenditure. (Carborundum Universal Ltd vs JCIT - 2012-TIOL-790 - Madras HC and Orchid Chemicals & Pharmaceuticals Ltd vs Assistant Commissioner of Income tax, 131 ITD 385- IT AT Chennai). Ground No 2: The learned CIT (A) erred in upholding he d…

Harita Fahrer Ltd, Chennai vs. DCIT, Corp Cir-2(2), Chennai

Appeals stand allowed in terms of our above order

ITA 3480/CHNY/2018[2013-14]Status: DisposedITAT Chennai31 Jan 2023AY 2013-14

Bench: Hon’Ble Shri Mahavir Singh & Hon’Ble Shri Manoj Kumar Aggarwal, Am आयकरअपील सं./ Ita No.2254/Chny/2018 (िनधाBरण वषB / Assessment Year: 2011-12) & आयकरअपील सं./ Ita No.3480/Chny/2018 (िनधाBरण वषB / Assessment Year: 2013-14) & आयकरअपील सं./ Ita No.3481/Chny/2018 (िनधाBरण वषB / Assessment Year: 2014-15) & आयकरअपील सं./ Ita No.2746/Chny/2019 (िनधाBरण वषB / Assessment Year: 2016-17) M/S. Harita Fehrer Limited Dcit-Corporate Circle-2(2) / बनाम/ No.29, Jayalakshmi Estates, Acit, Salary Circle-Ii Vs. Haddows Road, Chennai-600 006. Chennai. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aacch-1037-R (अपीलाथ"/Appellant) : ( !थ" / Respondent) अपीलाथ" की ओर से/ Appellant By : Shri Pradeep Dinodia, (Fca), Shri Ravikumar, (Ca) & Shri Anil Kumar, (Ca) - Ld. Ars !थ"कीओरसे/Respondent By : Shri Ar.V. Sreenivasan (Add.Cit)-Ld. Dr

For Appellant: Shri Pradeep Dinodia, (FCA)For Respondent: Shri AR.V. Sreenivasan (Add.CIT)-Ld. DR

Section 143(3)Section 36(1)(vii)

…o have appreciated the fact that the appellant had received technical know-how and special processes from the transferor along with the foam division, which are of the nature of intangible assets and are entitled to depreciation. (CIT vs Smifs Securities Ltd- 348 ITR 302 -SC). Without prejudice, if the amount is held to be as non-compete, the same is allowable as revenue expenditure. (Carborundum Universal Ltd vs JCIT - 2012-TIOL-790 - Madras HC and Orchid Chemicals & Pharmaceuticals Ltd vs Assistant Commissioner of Income tax, 131 ITD 385- IT AT Chennai). Ground No 2: The learned CIT (A) erred in upholding he d…

Harita Fehrer Limited, Chennai vs. ACIT Salary Circle II, Chennai

Appeals stand allowed in terms of our above order

ITA 2254/CHNY/2018[2011-12]Status: DisposedITAT Chennai31 Jan 2023AY 2011-12

Bench: Hon’Ble Shri Mahavir Singh & Hon’Ble Shri Manoj Kumar Aggarwal, Am आयकरअपील सं./ Ita No.2254/Chny/2018 (िनधाBरण वषB / Assessment Year: 2011-12) & आयकरअपील सं./ Ita No.3480/Chny/2018 (िनधाBरण वषB / Assessment Year: 2013-14) & आयकरअपील सं./ Ita No.3481/Chny/2018 (िनधाBरण वषB / Assessment Year: 2014-15) & आयकरअपील सं./ Ita No.2746/Chny/2019 (िनधाBरण वषB / Assessment Year: 2016-17) M/S. Harita Fehrer Limited Dcit-Corporate Circle-2(2) / बनाम/ No.29, Jayalakshmi Estates, Acit, Salary Circle-Ii Vs. Haddows Road, Chennai-600 006. Chennai. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aacch-1037-R (अपीलाथ"/Appellant) : ( !थ" / Respondent) अपीलाथ" की ओर से/ Appellant By : Shri Pradeep Dinodia, (Fca), Shri Ravikumar, (Ca) & Shri Anil Kumar, (Ca) - Ld. Ars !थ"कीओरसे/Respondent By : Shri Ar.V. Sreenivasan (Add.Cit)-Ld. Dr

For Appellant: Shri Pradeep Dinodia, (FCA)For Respondent: Shri AR.V. Sreenivasan (Add.CIT)-Ld. DR

Section 143(3)Section 36(1)(vii)

…o have appreciated the fact that the appellant had received technical know-how and special processes from the transferor along with the foam division, which are of the nature of intangible assets and are entitled to depreciation. (CIT vs Smifs Securities Ltd- 348 ITR 302 -SC). Without prejudice, if the amount is held to be as non-compete, the same is allowable as revenue expenditure. (Carborundum Universal Ltd vs JCIT - 2012-TIOL-790 - Madras HC and Orchid Chemicals & Pharmaceuticals Ltd vs Assistant Commissioner of Income tax, 131 ITD 385- IT AT Chennai). Ground No 2: The learned CIT (A) erred in upholding he d…

Merck Specialities P.Ltd, Mumbai vs. Asst CIT Cir 7(2)(1), Mumbai

In the result, appeal of the assessee is partly allowed for statistical purposes

ITA 1727/MUM/2017[2012-13]Status: DisposedITAT Mumbai31 Jan 2023AY 2012-13

Section 143(3)Section 144C(5)Section 92C

…nting the excess consideration discharged by the assessee company over the net worth of the amalgamating company and thus the same is eligible for depreciation. Reliance has been placed on the addition of Hon’ble Supreme Court in CIT v. Smifs Securities Ltd., 348 ITR 302 (SC). During the course of hearing, assessee placed on record audited accounts of assessee as well as order of Hon’ble jurisdictional High Court approving the scheme of amalgamation. Further, reference was also made to balance sheet of amalgamating subsidiary company as well as other documents forming part of the paper book in support of its clai…

M/S. Aaris Group India Private Limited, Bangalore vs. Deputy Commissioner of Income-Tax, Circle-1(1)(1), Bangalore

In the result the appeal filed by the assessee stands partly allowed

ITA 177/BANG/2022[2017-18]Status: DisposedITAT Bangalore20 Jan 2023AY 2017-18

Bench: Shri Chandra Poojari & Smt. Beena Pillaiit(Tp)A No. 177/Bang/2022 (Assessment Year: 2017-18)

For Appellant: Shri Salil Kapoor, AdvocateFor Respondent: Shri Praveen Karanth, CIT-DR

Section 144CSection 234BSection 92D

…nch of the ITAT in the case of United Breweries Ltd. v/s. Addl. CIT in ITA nos. 722, 801 and 1065/Bang/2014 6.7. The assessee however placed reliance on the decision of the Hon'ble Supreme Court in the case of CIT v/s. Smifs Securities Ltd. reported in [2012] 348 ITR 302. Reference was also made to the amendment by the Finance Act, 2021 vis-à-vis the allowability of depreciation on Goodwill which was negated by the DRP. 6.8. The Ld.AR submitted that though 'goodwill' is arrived by calculating excess of purchase consideration over the value of business assets and business liabilities taken over, however, it repre…

Teleperformance Global Services P. Ltd., Mumbai vs. Pr CIT-5, Mumbai

In the result, the two appeals filed by the assessee are partly allowed

ITA 976/MUM/2021[2013-14]Status: HeardITAT Mumbai04 Jan 2023AY 2013-14

Bench: Shri Prashant Maharishi & Shri Pavan Kumar Gadaleita No. 976 & 977/Mum/2021 (A.Y: 2013-14 & 2014-15) Teleperformance Global Vs. The Pr.Cit-5 Services Pvt Ltd., Room No. 515, 5Th Teleperformance Tower, Floor, Aaykar Bhavan, Plot Cst No. 1406 Mk Road, A/28 Mindspace Mumbai – 400020. Goregaon West Mumbai– 400 064. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aabcv2572L Appellant .. Respondent Appellant By : Shri Madhur Agarwal.Ar Respondent By : Shri H.N Singh.Dr Date Of Hearing 18.10.2022 Date Of Pronouncement 04.01.2023 आदेश / O R D E R Per Pavan Kumar Gadale Jm: These Two Appeals Are Filed By The Assessee Against The Separate Orders Of The Pr. Commissioner Of Income Tax(Pr.Cit)-5 Mumbai Passed U/S 263 Of The Act.

For Appellant: Shri Madhur Agarwal.ARFor Respondent: Shri H.N Singh.DR

Section 143(3)Section 263

…IN THE INCOME TAX APPELLATE TRIBUNAL “J” BENCH, MUMBAI BEFORE SHRI PRASHANT MAHARISHI, ACCOUNTANT MEMBER & SHRI PAVAN KUMAR GADALE, JUDICIAL MEMBER ITA No. 976 & 977/Mum/2021 (A.Y: 2013-14 & 2014-15) Teleperformance Global Vs. The Pr.CIT-5 Services Pvt Ltd., Room No. 515, 5th Teleperformance Tower, Floor, Aaykar Bhavan, Plot CST No. 1406 MK Road, A/28 Mindspace Mumbai – 400020. Goregaon West Mumbai– 400 064. "थायी लेखा सं./जीआइआर सं./PAN/GIR No. : AABCV2572L Appellant .. Respondent Appellant by : Shri Madhur Agarwal.AR Respondent by : Shri H.N Singh.DR Date of Hearing 18.10.2022 Date of Pronouncement 04.01.202…

Mylan Laboratoreis Limited, Hyderabad vs. Asst. Commissioner of Income Tax, Circle-16(2), Hyderabad

In the result, appeal of the assessee is partly allowed

ITA 1897/HYD/2019[2015-16]Status: DisposedITAT Hyderabad26 Dec 2022AY 2015-16

Bench: Shri Rama Kanta Panda & Shri K.Narasimha Chary

For Appellant: Shri P.V.S.S. Prasad, ARFor Respondent: Shri Rajendra Kumar, CIT-DR

Section 115Section 143(3)Section 32

…आयकर अपीलीय अधिकरण, हैदराबाद पीठ में IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD BENCHES “A”, HYDERABAD BEFORE SHRI RAMA KANTA PANDA, ACCOUNTANT MEMBER & SHRI K.NARASIMHA CHARY, JUDICIAL MEMBER आ.अपी.सं / ITA-TP No. 1897/Hyd/2019 (निर्धारण वर्ा / Assessment Year: 2015-16) Mylan Laboratories Vs. Assistant Commissioner Limited, of Income Tax, Hyderabad Circle-16(2), [PAN No. AADCM3491M] Hyderabad अपीलधर्थी / Appellant प्रत्‍यर्थी / Respondent निर्धाररती‍द्वधरध / Assessee by: Shri P.V.S.S. Prasad, AR रधजस्‍व‍द्वधरध / Revenue by: Shri Rajendra Kumar, CIT-DR सुिवधई‍की‍तधरीख/Date of hearing: 19/12/2022 घोर्णध की…

M/S. Croda India Company Pvt. Ltd, Mumbai vs. The Pr. Comm of Income Tax, Mumbai-6

In the result, the appeal of the assessee is allowed

ITA 1439/MUM/2022[2017-18]Status: DisposedITAT Mumbai23 Dec 2022AY 2017-18

Section 143(3)Section 14ASection 263Section 32Section 32(1)Section 32(1)(ii)Section 35Section 43(6)

…zed the Goodwill as an asset. However, no depreciation u/s 32(1)(ii) of the Act was claimed and allowed on the same for the Assessment Years 2007-08 to 2011-12. Subsequently, the Hon’ble Supreme Court in the case of CIT vs Smifs Securities Limited reported in 348 ITR 302(SC), wherein it was held that the Goodwill is an intangible asset within the meaning of section 32 of the Act and thus depreciation on the same will be allowable. The assessee also placed reliance on the decisions of Hon’ble Jurisdictional High Court in the case of Toyo Engineering India Limited vs DCIT in ITA No. 1330 of 2012 and CIT vs Birla Gl…

Mahavir Ghar Sansar Pvt. Ltd, Mumbai vs. ITO 1(1), Mumbai

In the result, the appeal filed by the assessee stands allowed

ITA 141/MUM/2022[2013-14]Status: DisposedITAT Mumbai18 Nov 2022AY 2013-14

Bench: Shri Amit Shukla, Jm & Shri M. Balaganesh, Am आयकरअपीलसं./ I.T.A. No. 141/Mum/2022 (निर्धारणवर्ा / Assessment Year: 2013-14) Ito-1(1)(1), Mahavir Ghar Sansar Aayakar Bhavan, M. K. Private Limited, बिधम/ Road, Mumbai-400 020 19 Raj Mahal, 84, Veer Vs. Nariman Road, Mumbai-400 020 स्थायीलेखासं./जीआइआरसं./ Pan No. Aaacs7170C (अपीलाथी/Appellant) (प्रत्यथी / Respondent) : अपीलाथीकीओरसे/ Appellant By : None प्रत्यथीकीओरसे/Respondent By : Shri Mahita Nair, Ld. Dr सुनवाईकीतारीख/ : 22.08.2022 Date Of Hearing घोषणाकीतारीख / : 18.11.2022 Date Of Pronouncement आदेश / O R D E R Per Amit Shukla: The Aforesaid Appeal Has Been Filed By The Assessee Against The Impugned Order Dated 01.12.2021, Passed By National Faceless Appeal Centre (Nfac), Delhi For The Quantum Of Assessment Passed U/S 143(3) R.W.S. 263 For Ay 2015-16. The Assessee Has Raised The Following Grounds Of Appeal:-

For Appellant: NoneFor Respondent: Shri Mahita Nair, Ld. DR

Section 143(3)Section 148Section 32(1)(ii)

…IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, MUMBAI BEFORE SHRI AMIT SHUKLA, JM & SHRI M. BALAGANESH, AM आयकरअपीलसं./ I.T.A. No. 141/Mum/2022 (निर्धारणवर्ा / Assessment Year: 2013-14) ITO-1(1)(1), Mahavir Ghar Sansar Aayakar Bhavan, M. K. Private Limited, बिधम/ Road, Mumbai-400 020 19 Raj Mahal, 84, Veer Vs. Nariman Road, Mumbai-400 020 स्थायीलेखासं./जीआइआरसं./ PAN No. AAACS7170C (अपीलाथी/Appellant) (प्रत्यथी / Respondent) : अपीलाथीकीओरसे/ Appellant by : None प्रत्यथीकीओरसे/Respondent by : Shri Mahita Nair, Ld. DR सुनवाईकीतारीख/ : 22.08.2022 Date of Hearing घोषणाकीतारीख / : 18.11.2022 Date of Pronouncement आदे…

CIT v. Smifs Securities Ltd.

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Judgments citing CIT v. Smifs Securities Ltd.

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M/S. Croda India Company Pvt. Ltd, Mumbai vs. The Pr. Comm of Income Tax, Mumbai-6

Mahavir Ghar Sansar Pvt. Ltd, Mumbai vs. ITO 1(1), Mumbai