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 302Supreme Court of India2012#119 most cited

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.

540

judgments rely on this decision, according to BharatTax’s citation analysis of 367,735 Indian tax judgments — from 2011 to 2026.

Also referred to as

Smifs Securities Ltd. · depreciation on goodwill · Section 32(1) · intangible asset · goodwill on amalgamation · slump sale · business acquisition · commercial rights · Section 32(1)(ii) · excess consideration · Section 43(1) · CIT v. Smifs Securities Ltd.

Also reported as

24 Taxmann.com 222210 Taxmann 42813 SCC 488252 CTR 233

Sections most often in play

Section 143(3)Section 32(1)Section 115JB Section 32 Section 32(1)(ii)Section 14A Section 143(2)Section 43(1)

Issues it is cited on

goodwill arising on amalgamation depreciation on goodwill business transfer agreement section 43(6)(c)section 32(1)(ii)commercial rights transferor company section 43(6)transferee company slump sale section 32(1)section 170

Judgments citing CIT v. Smifs Securities Ltd.

Toshali Cements Private Limited, Hyd, Hyderabad vs. ITO, Ward-2(2), Hyderabad

In the result, all the appeals under consideration are dismissed in above terms

ITA 650/HYD/2015[2009-10]Status: DisposedITAT Hyderabad02 Sept 2021AY 2009-10

Bench: Shri Satbeer Singh Godara & Laxmi Prasad Sahu

For Appellant: Shri V. Siva KumarFor Respondent: Shri Sunil Kumar Pandey

Section 143(3)

…ry to law and facts of the case. 2. a) Commissioner of Income Tax (Appeals)-2 grossly erred in law in confirming the disallowance of depreciation on goodwill brushing aside the decision of the Hon'ble Supreme Court in the case of CIT vs. Smifs Securities Ltd (348 ITR 302) on the ground that the facts of the appellant's case are different from the facts of the case before the Supreme Court. b) Commissioner of Income Tax (Appeals)-2 erred in stating that it is not clear as to how deferred sales tax liability is claimed under the head of Goodwill and sought to be depreciated. Commissioner of Income Tax :- 3 -: ITA…

Misys Trade & Risk Management India P.Ltd, Mumbai vs. Asst CIT Cir 7(2)(1), Mumbai

In the result, the appeal of the assessee is allowed

ITA 1800/MUM/2017[2012-13]Status: DisposedITAT Mumbai25 Aug 2021AY 2012-13

Bench: Shri Mahavir Singh & Shri Rajesh Kumarassessment Year: 2012-13 M/S. Misys Trade & The Acit, Risk Management India Circle-7(2)(1), Pvt. Ltd., Room No.573, 5Th Floor, 1302, Tower-3, Aayakar Bhavan, Indiabulls Finance Vs. Maharshi Karve Road, Centre, Mumbai - 400020 Senapati Bapat Marg, Elphinstone Road (West), Mumbai – 400 013 Pan: Aaect1497K (Appellant) (Respondent) Present For: Assessee By : Shri Nitessh Joshi, A.R. Revenue By : Shri Anil Kumar, D.R. Date Of Hearing : 25.08.2021 Date Of Pronouncement : 15.11.2021 O R D E R

For Appellant: Shri Nitessh Joshi, A.RFor Respondent: Shri Anil Kumar, D.R

Section 143(1)Section 143(3)Section 144C(13)Section 144C(3)Section 144C(5)Section 92C

…t intrinsic value of intangible acquired by the assessee and classified the same under the head ‘Goodwill’ and as such can not be considered as sham transaction. The assessee relied on the decision of Hon’ble Supreme Court in the case of Smifs Securities Ltd. 348 ITR 302 (SC). 13. However, the DRP dismissed the appeal of the assessee by affirming the order of AO on this issue by observing that the claim of the assessee of not taking over any assets and liability under the business transfer agreement was in contradiction to the language of the agreement itself. The DRP noted that there is no mention at all in the…

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

…cost to the amalgamating company, i.e. KFG. In such situation the cost of the goodwill for the amalgamated company should also be Nil. 4.3.35 The appellant has mainly relied upon the decision of Supreme Court in the case of CIT v. Smifs Securities Ltd.[2012] 348 ITR 302/210 Taxman 428/24 taxmann.com 222 (SC). It has also quoted various judgements in which reliance is placed on the aforesaid decision of the Supreme Court. 4.3.36 I have carefully read the said judgement. I find that the hon'ble Supreme Court has mainly decided the question of considering the goodwill in the category of intangible assets as per th…

M/S. Bayer Vapi Private Limited (Formerly Known As Bilag Industries Pvt.Ltd.), Vapi vs. Deputy Commissioner of Income Tax, Vapi Circle, Vapi

In the result, the appeal of the assessee is allowed

ITA 219/SRT/2018[2012-03]Status: DisposedITAT Surat22 Jun 2021AY 2012-03

Bench: Shri Pawan Singh, Jm & Dr. A. L. Saini, Am आयकरअपीलसं./Ita No.219/Srt/2018 ("नधा"रणवष" / Assessment Year: (2012-13) (Virtual Court Hearing) M/S.Bayer Vapi Private Limited The Deputy Commissioner Of V (Formerly Known As Bilag Industries Pvt. Income Tax, Vapi Circle, Vapi. S. Ltd.,), 306/3, Iind Phase, Gidc, Vapi – 396 195. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aabcb 2100 L (Assessee) (Respondent) Assessee By : Shri Gopala Krishnan - Ca Respondent By : Shri S.T.Bidari-Cit(Dr) & Ms.Anupama Singla – Sr.Dr सुनवाईक"तार"ख/ Date Of Hearing : 09/06/2021 घोषणाक"तार"ख/Date Of Pronouncement : 28/06/2021 आदेश / O R D E R Per Dr. A. L. Saini: Captioned Appeal Filed By The Assessee Pertaining To A.Y.2012-13 Is Directed Against The Order Passed By The Ld.Commissioner Of Income Tax(Appeals), Valsad Dated 29.01.2018 Which In Turn Arises Out Of Assessment Order Passed By The Ld.Assessing Officer Under Section 143(3) Of The Income Tax Act, 1961 [Hereinafter Referred To As ‘The Act’] Dated 29.03.2016. 2. Grievances Raised By The Assessee Are As Follows: “01. The Order Of Assessment Is Contrary To The Facts & Prejudicial To The Assessee. 02. On Appreciation Of The Facts & Circumstances Of The Case & Law, The Additions Made By The Learned Assessing Officer & Confirmed By The Learned Commissioner Of Income Tax (Appeals) Are Contrary To Law & Based On Erroneous Understanding Of The Facts. 03. On Appreciation Of The Facts & Circumstances Of The Case & Law The Learned Commissioner Of Income Tax (Appeals) Has Erred In Confirming

For Appellant: Shri Gopala Krishnan - CAFor Respondent: Shri S.T.Bidari-CIT(DR) & Ms.Anupama Singla – Sr.DR

Section 143(3)Section 40A(2)(b)

…IN THE INCOME TAX APPELLATE TRIBUNAL, SURAT BENCH, SURAT BEFORE SHRI PAWAN SINGH, JM & DR. A. L. SAINI, AM आयकरअपीलसं./ITA No.219/SRT/2018 ("नधा"रणवष" / Assessment Year: (2012-13) (Virtual Court Hearing) M/s.Bayer Vapi Private Limited The Deputy Commissioner of V (Formerly Known as Bilag Industries Pvt. Income Tax, Vapi Circle, Vapi. s. Ltd.,), 306/3, IInd Phase, GIDC, Vapi – 396 195. "थायीलेखासं./जीआइआरसं./PAN/GIR No.: AABCB 2100 L (Assessee) (Respondent) Assessee by : Shri Gopala Krishnan - CA Respondent by : Shri S.T.Bidari-CIT(DR) & Ms.Anupama Singla – Sr.DR सुनवाईक"तार"ख/ Date of Hearing : 09/06/2021 घोषणाक"…

Tech Pacific India Ltd ( Now Known As Ingram Micro India Ltd), Mumbai vs. DCIT OSD -II Cen RG 7, Mumbai

The appeal of the assessee is allowed in terms of our aforesaid observations

ITA 8794/MUM/2011[2006-07]Status: DisposedITAT Mumbai07 Jun 2021AY 2006-07

Bench: Shri M.Balaganesh (Account Member ) & Shri Ravish Sood () Ita Nos.8794, 8795 & 8797/Mum/2011 (Assessment Years: 2005-06, 2006-07 & 2008-09) Tech Pacific India Limited Dy. Commissioner Of (Now Known As Ingram Vs. Income-Tax, Osd Ii, Micro India Ltd.) Central Range -7, Gate No. 1A, Godrej Aayakar Bhavan, Industries Complex, M.K. Road, Pirojshanagar, Vikroli Mumbai – 400 020 (East) Mumbai – 400 079 Pan No. Aabct1296R (Assessee ) (Revenue)

For Appellant: Shri J.D. Mistry &For Respondent: Shri V. Sreekar , D.R

Section 143(3)Section 234A(3)Section 234BSection 234DSection 271(1)(c)

…well as considered the judicial pronouncements that have been pressed into service by the ld. A.R and find substantial force in the claim of the assessee. As observed by the Hon’ble Supreme Court in the case of CIT, Kolkata Vs. Smifs Securities Limited (2012) 348 ITR 302(S.C) „goodwill‟ is an asset under „Explanation 3(b)‟ to Sec. 32(1) of the Act. It was observed by the Hon‟ble Apex Court, that a reading of the words „any other business or commercial rights of similar nature‟ in clause (b) of „Explanation 3‟ indicates that „goodwill‟ would fall under the expression „any other business or commercial right of a si…

ACIT 14 (2) (2), Mumbai vs. M/S Nuvoco Vistas Corporation Ltd(Formerly Known As Lafarge India Pvt Ltd), Mumbai

In the result, appeals filed by the revenue are dismissed

ITA 7886/MUM/2019[2001-02]Status: DisposedITAT Mumbai02 Jun 2021AY 2001-02

Bench: Shri Saktijit Dey & Shri M. Balaganeshassessment Year: 2001-02 Assessment Year: 2003–04 & Assessment Year: 2005-06

For Appellant: Shri Madhur Agrawal (AR)For Respondent: Shri Tharian Oommen (DR)

…, the assess filed a revised computation claiming depreciation. The Assessing Officer, though, agreed that the assessee is entitled to claim depreciation on goodwill in view of the decision of the Hon’ble Supreme Court in case of CIT vs. Smif Securities Ltd. (348 ITR 302) and the decision of the Hon’ble Bombay High Court in case of Taj Sat Air Catering Ltd. vs. CIT (211 Taxmann 84). However, he disallowed assessee’s claim on the ground that the assessee has not made such claim in the return of income. While doing so, he relied upon the decision of the Hon’ble Supreme Court in the case of Goetze India Ltd. (2006)…

Coventya India Pvt.Ltd, Pune vs. Income-Tax Officer, Ward - 1(3), Pune

In the result, appeal is partly allowed

ITA 3030/PUN/2017[2014-15]Status: DisposedITAT Pune29 Apr 2021AY 2014-15

Bench: Shri R.S. Syal, Vp & Shri S.S. Viswanethra Ravi, Jm आयकर अपीऱ सं. / Ita No. 3030/Pun/2017 नििाारण वषा / Assessment Year : 2014-15 Coventya India Private Limited Gat No.520 B, Shelkewadi, Rihe Andhale Road, Ghotawade Mulshi, Pune-412 115 Pan : Aaecc5710A .......अऩीऱाथी / Appellant बिाम / V/S. The Income Tax Officer, Ward-1(3), Pune. ……प्रत्यथी / Respondent

For Appellant: Shri Kishore PhadkeFor Respondent: Shri Vitthal Bhosale

Section 32(1)(ii)

…on of Rs.1 crore made during the year was in Non compete fees. The Assessing Officer did not find any difficulty in allowing depreciation on Goodwill by relying upon the judgment of the Hon‟ble Supreme Court in the case of CIT Vs. Smifs Securities Ltd. (2012) 348 ITR 302 (SC). He, however, held that other items: Non compete fees, Distribution net work rights and Customer list included by the assessee under the head `Intangible assets‟ for claiming depreciation u/s.32(1)(ii) of the Income Tax Act, 1961 (hereinafter referred to as „the Act‟) were not of the nature as specified in the section. He, therefore, held th…

Geodis Overseas Pvt. Ltd., Gurgaon vs. DCIT, New Delhi

The appeal of the assessee is allowed

ITA 483/DEL/2017[2012-13]Status: DisposedITAT Delhi17 Mar 2021AY 2012-13

Bench: Shri N. K. Billaiya & Ms Suchitra Kamble

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

…to be not includible in the expression used in the provision to explain the unspecified intangible assets. In our considered opinion, this issue is no more res integra in view of the judgment of the Hon'ble Summit court in CIT vs. Smifs Securities Ltd. (2012) 348 ITR 302 (SC) in which it ITA No.1976/Del/2006 has been held: "that goodwill will fall under the expression 'or any other business or commercial rights of similar nature'" 10 and, hence, qualifies for depreciation u/s 32(1) of the Act. We, therefore, answer the legal issue raised in the question before the Special bench in affirmative by holding, in prin…

Exlservice.Com(India) Private Limited, New Delhi vs. ACIT, Ltu, Circle-1, New Delhi

In the result, all the appeals of the assessee in ITA Nos

ITA 8452/DEL/2019[2015-16]Status: DisposedITAT Delhi08 Mar 2021AY 2015-16

Bench: Shri N.K. Billaiya & Ms. Suchitra Kamble

For Appellant: Shri Ajay Vohra, Sr. AdvFor Respondent: Shri Surender Pal, CIT-DR

Section 143(3)

…by the learned dispute resolution panel. It is apparent that in assessee’s own case for assessment year 2010 – 11 in ITA number 302/del/2015 the coordinate bench relying on the decision of the honourable Supreme Court in CIT versus Smif securities Ltd (2012) 348 ITR 302 and the decision of the honourable Delhi High Court in case of Areva T & D India Ltd versus Deputy Commissioner Of Income Tax (2012) 345 ITR 421 held that depreciation was admissible on goodwill amounting to 769,789,365 and dismissed the appeal of the revenue. The learned dispute resolution panel deleted the disallowance following its own direct…

Exlservices.Com (India) Pvt. Ltd., New Delhi vs. DCIT, Ltu, Circle- 1, New Delhi

In the result, all the appeals of the assessee in ITA Nos

ITA 5436/DEL/2017[2013-14]Status: DisposedITAT Delhi08 Mar 2021AY 2013-14

Bench: Shri N.K. Billaiya & Ms. Suchitra Kamble

For Appellant: Shri Ajay Vohra, Sr. AdvFor Respondent: Shri Surender Pal, CIT-DR

Section 143(3)

Exlservice.Com (India) P.Ltd, New Delhi vs. DCIT Ltu, Circle-1, New Delhi

In the result, all the appeals of the assessee in ITA Nos

ITA 5435/DEL/2017[2012-13]Status: DisposedITAT Delhi08 Mar 2021AY 2012-13

Bench: Shri N.K. Billaiya & Ms. Suchitra Kamble

For Appellant: Shri Ajay Vohra, Sr. AdvFor Respondent: Shri Surender Pal, CIT-DR

Section 143(3)

Jx Nippon Two Lubricants India Pvt. Ltd, Gurgaon vs. DCIT Circle-2(1), Gurgaon

In the result, the appeal of the assessee is allowed

ITA 4985/DEL/2019[2015-16]Status: DisposedITAT Delhi02 Mar 2021AY 2015-16

Bench: Sh. Amit Shukladr. B. R. R. Kumar(Through Video Conferencing) Ita No. 4985/Del/2019 :Asstt. Year : 2015-16 & Sa No. 985/Del/2019 :Asstt. Year : 2015-16 Jx Nippon Two Lubricants India Pvt. Vs Dcit, Ltd., Unit No. 1003, 10Th Floor, Vatika Circle-2(1), City Point, Mg Road, Gurgaon, Gurgaon-122001 Haryana-122001 (Appellant) (Respondent) Pan No. Aadcj3601L Assessee By :Sh. Nageswarrao, Adv. Revenue By:Sh. Vedprakash Mishra, Sr.Dr Date Of Hearing:13.01.2021 Date Of Pronouncement: 02.03.2021

For Appellant: Sh. NageswarRao, AdvFor Respondent: Sh. VedPrakash Mishra, Sr.DR

Section 234ASection 271(1)(c)Section 32Section 32(1)(ii)

…under section 32(1)(ii). In this regard, it is relevant to refer to the discussion of the Hon’ble Apex Court on the issue whether goodwill is an asset within the meaning of Sec.32 of the I.T. Act. The Hon’ble Apex Court in the case of CIT Vs. Smifs Securities 348 ITR 302 discussed as under: Question No.[b] “Whether goodwill is an asset within the meaning of Section 32 of the Income Tax Act, 1961 and whether depreciation on “goodwill” is allowable under the said Section:” Answer: In the present case, the assesse had claimed the deduction of Rs. 54,85,430/- as depreciation on goodwill. In the course of hearing, t…

M/S. Dabur India Ltd., New Delhi vs. Addl.CIT, New Delhi

In the result, the appeals filed by the Revenue are partly allowed and the appeals filed by the assessee are partly allowed for statistical purposes

ITA 6525/DEL/2014[2008-09]Status: DisposedITAT Delhi18 Feb 2021AY 2008-09

Bench: Shri R.K. Panda & Ms Suchitra Kamble

For Appellant: Shri Ajay Vohra, Sr. AdvocateFor Respondent: Shri Anupam Kant Garg, CIT-DR

Section 115JSection 143(1)Section 143(2)Section 143(3)Section 80GSection 80ISection 92CSection 92E

…pression “business or commercial rights of similar nature”, so as to qualify for depreciation under section 32 of the Act. Referring to the following decisions, he submitted that depreciation is allowable on goodwill:- 1) CIT vs. Smifs Securities Ltd.: (2012) 348 ITR 302 (SC); 2) Areva T and D India Ltd. v. DCIT: 345 ITR 421 (Del); 3) Triune Energy Services Private Limited vs. DCIT: 237 Taxman 230 (Del); 4) Zydus Wellness Ltd: [2017] 87 taxmann.com 82 (Guj); 5) CIT v. Hindustan Coca-Cola Beverages (P) Ltd.: 331 ITR 192 (Del.) - SLP filed by revenue has been dismissed by the Supreme Court in SLP No. 26151/2011; 6)…

DCIT, New Delhi vs. M/S. Dabur India Ltd., New Delhi

In the result, the appeals filed by the Revenue are partly allowed and the appeals filed by the assessee are partly allowed for statistical purposes

ITA 6256/DEL/2014[2008-09]Status: DisposedITAT Delhi18 Feb 2021AY 2008-09

Bench: Shri R.K. Panda & Ms Suchitra Kamble

For Appellant: Shri Ajay Vohra, Sr. AdvocateFor Respondent: Shri Anupam Kant Garg, CIT-DR

Section 115JSection 143(1)Section 143(2)Section 143(3)Section 80GSection 80ISection 92CSection 92E

M/S. Dabur India Ltd., New Delhi vs. Addl.CIT, New Delhi

In the result, the appeals filed by the Revenue are partly allowed and the appeals filed by the assessee are partly allowed for statistical purposes

ITA 3241/DEL/2014[2007-08]Status: DisposedITAT Delhi18 Feb 2021AY 2007-08

Bench: Shri R.K. Panda & Ms Suchitra Kamble

For Appellant: Shri Ajay Vohra, Sr. AdvocateFor Respondent: Shri Anupam Kant Garg, CIT-DR

Section 115JSection 143(1)Section 143(2)Section 143(3)Section 80GSection 80ISection 92CSection 92E

DCIT, New Delhi vs. M/S. Dabur India Ltd., New Delhi

In the result, the appeals filed by the Revenue are partly allowed and the appeals filed by the assessee are partly allowed for statistical purposes

ITA 3114/DEL/2014[2007-08]Status: DisposedITAT Delhi18 Feb 2021AY 2007-08

Bench: Shri R.K. Panda & Ms Suchitra Kamble

For Appellant: Shri Ajay Vohra, Sr. AdvocateFor Respondent: Shri Anupam Kant Garg, CIT-DR

Section 115JSection 143(1)Section 143(2)Section 143(3)Section 80GSection 80ISection 92CSection 92E

Cadbury India Ltd, Mumbai vs. Addl CIT RG 5(1), Mumbai

Accordingly, this ground raised by the assessee is allowed

ITA 2214/MUM/2014[2009-10]Status: DisposedITAT Mumbai17 Feb 2021AY 2009-10

Bench: Shri Vikas Awasthy, Jm & Shri S. Rifaur Rahman, Am आयकरअपीलसं./ I.T.A. No. 2214/Mum/2014 (निर्धारणवर्ा / Assessment Year: 2009-10) The Acit Range-5(1), M/S Mondelez India M. K. Road, Aayakar Foods Pvt. Ltd. Unit No. 2001, 20Th Floor, बिधम/ Bhavan, Tower-3 (Wing C), India Mumbai-400 020 Vs. Bulls Finance Centre, Parel, Mumbai-400 013 स्थायीलेखासं./जीआइआरसं./ Pan No. Aaaco0460H (अपीलाथी/Appellant) (प्रत्यथी / Respondent) : अपीलाथीकीओरसे/ Appellant By : Shri Jehangir Mistry & Shri Hiten Chande, Ars. प्रत्यथीकीओरसे/Respondentby : Shri Sunil Jha, Dr सुनवाईकीतारीख/ : 02.12.2020 Date Of Hearing घोषणाकीतारीख / : 17/02/2021 Date Of Pronouncement आदेश / O R D E R Per S. Rifaur Rahman (): The Present Appeal Has Been Filed By The Assessee Against The Order Of Dispute Resolution Panel –Iii, Mumbai Dated 16.12.2013 For Assessment Year 2009-10 U/S 144C(5) Of The Act.

For Appellant: Shri Jehangir Mistry &For Respondent: Shri Sunil Jha, DR

Section 143(2)Section 143(3)Section 144C(5)

…e stand of Ld. 34 I.T.A. No. 2214/Mum/2014 M/s Mondelez India Foods Pvt. Ltd. AO. We find that Tribunal, in AY 2003-04, at para-17 allowed depreciation claim applying the ratio of decision of Hon‟ble Supreme Court rendered in M/s Smifs Securities Ltd. [2012 348 ITR 302]. Similar view has been taken in subsequent years. Therefore, respectfully following the consistent view of the Tribunal on this issue in assessee‟s own case, we allow assessee‟s claim of depreciation. Ground No. 13 stands allowed. 28. Therefore, respectfully following the above decision of Coordinate Bench in assessee’s own case in turn relying…

Inox Leisure Ltd., Baroda vs. ACIT, Circle-1(1)(2), Baroda

In the result, both the appeals of the assessee are allowed for statistical purposes

ITA 1924/AHD/2018[2013-14]Status: DisposedITAT Ahmedabad27 Jan 2021AY 2013-14

For Appellant: Shri S.N. Soparkar, Sr. A.RFor Respondent: Shri L.P. Jain, Sr. D.R

Section 115JSection 143(2)Section 143(3)Section 391

…im of goodwill arised on account of amalgamation of erstwhile Fame India Ltd. The Hon’ble High Court of Gujarat in the case of Pr. CIT vs. Zydus Wellness Ltd held that in view of ratio laid down by Hon’ble Supreme Court in CIT Vs. Smith Securities Ltd. (2012) 348 ITR 302 that assessee was to be allowed deprecation on goodwill. In the case of Pr. CIT Vs. Zydus Wellness Ltd. (2017) 87 taxmann.com 82 (Guj), the assessee had not raised a claim however during the course of assessment proceedings, the assessee presented a revised computation which included the assessee’s I.T.A Nos. 1924 & 1925 /Ahd/2018 A.Y. 2013-14 &…

The Commissioner of Income-Tax vs. M/S Hewlett Packard India Sales Pvt Ltd

In the result, we do not find any merit in this

ITA/250/2011HC Karnataka30 Nov 2020

Bench: ALOK ARADHE,H.T. NARENDRA PRASAD

Section 143(1)Section 143(2)Section 260Section 260ASection 271Section 3Section 32(1)(ii)

…1 IN THE HIGH COURT OF KARNATAKA AT BENGALURU DATED THIS THE 30TH DAY OF NOVEMBER 2020 PRESENT THE HON’BLE MR. JUSTICE ALOK ARADHE AND THE HON’BLE MR. JUSTICE H.T.NARENDRA PRASAD I.T.A. NO.250 OF 2011 BETWEEN: 1. THE COMMISSIONER OF INCOME-TAX JSS TOWERS BSK III STAGE BANGALORE. 2. THE ASSISTANT COMMISSIONER OF INCOME-TAX CIRCLE - 11(2) JSS TOWERS BSK III STAGE BANGALORE. ... APPELLANTS (BY SRI.K.V.ARAVIND, ADV.,) AND: M/S HEWLETT PACKARD INDIA SALES PVT. LTD. (FORMERLY COMPAQ COMPUTERS INDIA P. LTD.) NO.24, SALARPURIA ARENA HOSUR MAIN ROAD ADUGODI BANGALORE - 560 030. ... R…

American Express Services India Ltd., New Delhi vs. Deputy Commissioner of Income-Tax, New Delhi

In the result, appeal of the assessee is allowed

ITA 1982/DEL/2015[2010-11]Status: DisposedITAT Delhi21 Oct 2020AY 2010-11

Bench: Ms. Sushma Chowla, Vp & Shri R.K. Panda, Am [Through Video Conferencing] आयकर अपील सं आयकर अपील सं. / Ita No. 1982/Del/2015 आयकर अपील सं आयकर अपील सं िनधा"रण वष" िनधा"रण वष" / Assessment Year: 2010-11 िनधा"रण वष" िनधा"रण वष" M/S. American Express Services India Private Limited (Earlier Known As American Express Services India Limited), Metropolitan Saket, 7Th Floor, Office Block, District Centre, Saket, New Delhi-110017 .............अपीलाथ"/Appellant Pan-Aabct0555D Vs The Dcit, Circle-2(2), Central Revenue Building, …………. ""यथ" / Respondent New Delhi अपीलाथ" क" ओर से / Appellant By: Sh. Nageshwar Rao, Advcate & Sh S. Chakrabarty, Ar ""यथ" क" ओर से / Respondent By: Sh. Anupam Kant Garg, Cit-Dr सुनवाई क" तारीख / घोषणा क" तारीख / Date Of Hearing : 17.09.2020 Date Of Pronouncement: 21.10.2020 आदेश आदेश / Order आदेश आदेश Per Sushma Chowla, Vp This Appeal Filed By The Assessee Is Against The Final Assessment Order Dated 28.01.2015, Relating To Assessment Year 2010-11 Passed Under Section 143(3) R.W.S. 144C Of The Income Tax Act, 1961 (In Short “The Act”).

For Appellant: Sh. Nageshwar Rao, Advcate, &For Respondent: Sh. Anupam Kant Garg, CIT-DR

Section 143(3)

…sessee. The AO disallowed the claim of deprecation on goodwill, because, goodwill did not feature as a depreciable intangible asset in section 32. 6. The AR pointed out that the issue is now covered by the decision of CIT vs Smifs Securities Ltd., reported in 348 ITR 302, rendered by Hon'ble Supreme Court.” 7. We, therefore, allow grounds no.6 & 7.” 20 Assessment Year: 2010-11 32. The issue of depreciation on goodwill stands covered in favour of the assessee in line with the order of the Tribunal in assessee’s own case in Assessment Year 2002-03 (supra). Following the same parity of reasoning, we allow the cla…