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 115JBSection 32Section 32(1)(ii)Section 14ASection 143(2)Section 43(1)

Issues it is cited on

goodwill arising on amalgamationdepreciation on goodwillbusiness transfer agreementsection 43(6)(c)section 32(1)(ii)commercial rightstransferor companysection 43(6)transferee companyslump salesection 32(1)section 170

Judgments citing CIT v. Smifs Securities Ltd.

DCIT, Circle-12(1), New Delhi vs. Infrasoft Technologies Ltd., Mumbai

ITA 1637/DEL/2019[2015-16]Status: DisposedITAT Delhi20 Oct 2020AY 2015-16

Bench: Shri R.K. Panda & Shri Kuldip Singh(Through Video Conference)

For Appellant: Shri Manish Shah, CAFor Respondent: Ms. Parul Singh, Senior DR
Section 32

…business transfer agreement, complete detail of specified BSFI business, target assets, target customers and name of the target customers are available at pages 46 & 47 of the paper book. 11. Hon’ble Supreme Court in CIT vs. Smiffs Securities Ltd. (2012) 348 ITR 302 held that, ““goodwill” is an asset under Explanation 3B to section 32 of the Act and is eligible for depreciation”. 12. So far as depreciation of customer contracts is concerned, ld. AR for the assessee contended that the assessee is entitled for depreciation on customer contracts also in view of the decision 7 ITA Nos.3475/Del./2018 ITA Nos.3…

DCIT, Circle-12(1), New Delhi vs. Infrasoft Technologies Ltd., Mumbai

ITA 3475/DEL/2018[2012-13]Status: DisposedITAT Delhi20 Oct 2020AY 2012-13

Bench: Shri R.K. Panda & Shri Kuldip Singh(Through Video Conference)

For Appellant: Shri Manish Shah, CAFor Respondent: Ms. Parul Singh, Senior DR
Section 32

…business transfer agreement, complete detail of specified BSFI business, target assets, target customers and name of the target customers are available at pages 46 & 47 of the paper book. 11. Hon’ble Supreme Court in CIT vs. Smiffs Securities Ltd. (2012) 348 ITR 302 held that, ““goodwill” is an asset under Explanation 3B to section 32 of the Act and is eligible for depreciation”. 12. So far as depreciation of customer contracts is concerned, ld. AR for the assessee contended that the assessee is entitled for depreciation on customer contracts also in view of the decision 7 ITA Nos.3475/Del./2018 ITA Nos.3…

DCIT, Circle-12(1), New Delhi vs. Infrasoft Technologies Ltd., Mumbai

ITA 4330/DEL/2018[2014-15]Status: DisposedITAT Delhi20 Oct 2020AY 2014-15

Bench: Shri R.K. Panda & Shri Kuldip Singh(Through Video Conference)

For Appellant: Shri Manish Shah, CAFor Respondent: Ms. Parul Singh, Senior DR
Section 32

…business transfer agreement, complete detail of specified BSFI business, target assets, target customers and name of the target customers are available at pages 46 & 47 of the paper book. 11. Hon’ble Supreme Court in CIT vs. Smiffs Securities Ltd. (2012) 348 ITR 302 held that, ““goodwill” is an asset under Explanation 3B to section 32 of the Act and is eligible for depreciation”. 12. So far as depreciation of customer contracts is concerned, ld. AR for the assessee contended that the assessee is entitled for depreciation on customer contracts also in view of the decision 7 ITA Nos.3475/Del./2018 ITA Nos.3…

DCIT, Circle-12(1), New Delhi vs. Infrasoft Technologies Ltd., Mumbai

ITA 3850/DEL/2018[2013-14]Status: DisposedITAT Delhi20 Oct 2020AY 2013-14

Bench: Shri R.K. Panda & Shri Kuldip Singh(Through Video Conference)

For Appellant: Shri Manish Shah, CAFor Respondent: Ms. Parul Singh, Senior DR
Section 32

…business transfer agreement, complete detail of specified BSFI business, target assets, target customers and name of the target customers are available at pages 46 & 47 of the paper book. 11. Hon’ble Supreme Court in CIT vs. Smiffs Securities Ltd. (2012) 348 ITR 302 held that, ““goodwill” is an asset under Explanation 3B to section 32 of the Act and is eligible for depreciation”. 12. So far as depreciation of customer contracts is concerned, ld. AR for the assessee contended that the assessee is entitled for depreciation on customer contracts also in view of the decision 7 ITA Nos.3475/Del./2018 ITA Nos.3…

DCIT, New Delhi vs. M/S. Metal One Corporation India Pvt. Ltd., New Delhi

In the result, the appeal of the Revenue is dismissed

ITA 2245/DEL/2017[2011-12]Status: DisposedITAT Delhi10 Sept 2020AY 2011-12

Bench: Shri H.S. Sidhu & Shri O.P. Kant[Assessment Year: 2011-12]

For Appellant: Sh. Shatavik Chakrborty, AdvFor Respondent: Ms. Rakhi Vimal, Sr. DR

…the difference between sale value and book value of the assets was booked and depreciation was claimed, though during the course of assessment proceedings. The Ld. AR for the assessee points out that the Hon’ble Supreme Court in Smifs Securities Ltd.: (2012) 348 ITR 302 has held that goodwill was intangible asset and depreciation is to be allowed on it. Our attention was drawn to the order of the CIT(A) in Assessment Year 2011-12 and the Remand Report of the Assessing Officer which are placed at pages 25 to 29 of the Paperbook. The assessee further pointed out that the Hon’ble Delhi High Court in Triune Energy S…

Vodafone India Limited, Mumbai vs. Principal Commissioner of Income Tax - 8, Mumbai

In the result, appeal of the assessee is allowed

ITA 3327/MUM/2018[2011-12]Status: DisposedITAT Mumbai28 Aug 2020AY 2011-12

Bench: Shri R.C. Sharma, Am & Shriramlal Negi, Jm Vodafone India Ltd., Principal Commissioner Of Income Peninsula Corporate Park, Tax-8, Vs. Ganpatrao Kadam Marg, Lower Room No. 611, Aayakar Bhavan, M.K. Parel, Mumbai-400013. Road, Mumbai, Maharastra, Pin- 400020. Pan: Aaach 5332 B Appellant) .. Respondent)

Section 143(3)Section 144C(13)Section 144C(5)Section 263Section 32(1)Section 35ASection 37

…s paid for acquisition of 3G spectrum, reliance was placed on the following judicial pronouncements:- 1. Idea Cellular Ltd. (ITA No.360/Mum/2016) [Mumbai Bench of the Tribunal] 2. Techno Shares and Stocks Ltd. 327 ITR 323 (SC) 3. CIT vs Smifs Securities Ltd, 348 ITR 302 (SC) 10. Inviting out attention to the order passed by the AO, the ld. AR of the assessee contended that the AO has conducted detailed enquiries during the course of the proceedings then change of opinion by merely reappraising evidence is not within the parameters of revisional jurisdiction under section 263 of the Act. Reliance in this regard…

DCIT, Circle- 16(2), New Delhi vs. Metal One Corporation India Pvt. Ltd., New Delhi

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

ITA 6101/DEL/2017[2012-13]Status: DisposedITAT Delhi28 Aug 2020AY 2012-13

Bench: Shri N.K. Billaiya & Shri Kuldip Singh[Assessment Year: 2012-13]

For Appellant: Shri Nageshwar Rao, AdvFor Respondent: Shri Baranwal, Sr. DR

…the difference between sale value and book value of the assets was booked and depreciation was claimed, though during the course of assessment proceedings. The Ld. AR for the assessee points out that the Hon’ble Supreme Court in Smifs Securities Ltd.: (2012) 348 ITR 302 has held that goodwill was intangible asset and depreciation is to be allowed on it. Our attention was drawn to the order of the CIT(A) in Assessment Year 2011-12 and the Remand Report of the Assessing Officer which are placed at pages 25 to 29 of the Paperbook. The assessee further pointed out that the Hon’ble Delhi High Court in Triune Energy S…

Exlservice.Com (India) Pvt. Ltd., New Delhi vs. DCIT (Ltu), New Delhi

In the result, appeal filed by the learned assessing officer is dismissed

ITA 1708/DEL/2016[2011-12]Status: DisposedITAT Delhi26 Aug 2020AY 2011-12

Bench: Shri Amit Shukla & Shri Prashant Maharishi(Through Video Conferencing) Dcit(Ltu), Vs. Exl Service.Com (India) Pvt. Circle-1, Ltd, Nbcc Plaza Pusph Vihar, 414, 4Th Floor, Dlf Tower-B, New Delhi Plot No. 10 & 11, Dda District Centre, Jasola, New Delhi Pan: Aaace5174C (Appellant) (Respondent) Exl Service.Com (India) Pvt. Ltd, Vs. Dcit(Ltu), 414, 4Th Floor, Dlf Tower-B, Plot Circle-1, No. 10 & 11, Dda District Nbcc Plaza Pusph Vihar, Centre, Jasola, New Delhi New Delhi Pan: Aaace5174C (Appellant) (Respondent)

For Appellant: Shri Ajay Vohra, Sr. AdvFor Respondent: Shri Surendra Pal, CIT DR
Section 143(3)Section 144CSection 92D

…INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “I-1”: NEW DELHI BEFORE SHRI AMIT SHUKLA, JUDICIAL MEMBER AND SHRI PRASHANT MAHARISHI, ACCOUNTANT MEMBER (THROUGH VIDEO CONFERENCING) DCIT(LTU), Vs. EXL Service.com (India) Pvt. Circle-1, Ltd, NBCC Plaza Pusph Vihar, 414, 4th Floor, DLF Tower-B, New Delhi Plot No. 10 & 11, DDA District Centre, Jasola, New Delhi PAN: AAACE5174C (Appellant) (Respondent) EXL Service.com (India) Pvt. Ltd, Vs. DCIT(LTU), 414, 4th Floor, DLF Tower-B, Plot Circle-1, No. 10 & 11, DDA District NBCC Plaza Pusph Vihar, Centre, Jasola, New Delhi New Delhi PAN: AAACE5174C (Appellant) (Respondent) Ass…

DCIT (Ltu), New Delhi vs. M/S. Exl Service.Com (India) Pvt. Ltd., New Delhi

In the result, appeal filed by the learned assessing officer is dismissed

ITA 1482/DEL/2016[2011-12]Status: DisposedITAT Delhi26 Aug 2020AY 2011-12

Bench: Shri Amit Shukla & Shri Prashant Maharishi(Through Video Conferencing) Dcit(Ltu), Vs. Exl Service.Com (India) Pvt. Circle-1, Ltd, Nbcc Plaza Pusph Vihar, 414, 4Th Floor, Dlf Tower-B, New Delhi Plot No. 10 & 11, Dda District Centre, Jasola, New Delhi Pan: Aaace5174C (Appellant) (Respondent) Exl Service.Com (India) Pvt. Ltd, Vs. Dcit(Ltu), 414, 4Th Floor, Dlf Tower-B, Plot Circle-1, No. 10 & 11, Dda District Nbcc Plaza Pusph Vihar, Centre, Jasola, New Delhi New Delhi Pan: Aaace5174C (Appellant) (Respondent)

For Appellant: Shri Ajay Vohra, Sr. AdvFor Respondent: Shri Surendra Pal, CIT DR
Section 143(3)Section 144CSection 92D

…INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “I-1”: NEW DELHI BEFORE SHRI AMIT SHUKLA, JUDICIAL MEMBER AND SHRI PRASHANT MAHARISHI, ACCOUNTANT MEMBER (THROUGH VIDEO CONFERENCING) DCIT(LTU), Vs. EXL Service.com (India) Pvt. Circle-1, Ltd, NBCC Plaza Pusph Vihar, 414, 4th Floor, DLF Tower-B, New Delhi Plot No. 10 & 11, DDA District Centre, Jasola, New Delhi PAN: AAACE5174C (Appellant) (Respondent) EXL Service.com (India) Pvt. Ltd, Vs. DCIT(LTU), 414, 4th Floor, DLF Tower-B, Plot Circle-1, No. 10 & 11, DDA District NBCC Plaza Pusph Vihar, Centre, Jasola, New Delhi New Delhi PAN: AAACE5174C (Appellant) (Respondent) Ass…

DCIT 9(3)(1), Mumbai vs. Dhl Logistics P.Ltd, Mumbai

In the result, appeal of the assessee is allowed

ITA 1923/MUM/2016[2011-12]Status: DisposedITAT Mumbai10 Aug 2020AY 2011-12

Bench: Shri R.C. Sharma & Shri Pawan Singhdcit-9(3)(1) M/S. Dhl Logistics Pvt. Ltd. 215, 2Nd Floor, Aayakar 201, Silver Utopia, Cardinal Bhavan, M.K. Road, Gracias Road, Chakala, Mumbai-400020. Andheri (East), Vs. Mumbai-400099. Pan: Aaacm6824H Appellant Respondent C.O. No.159/Mum/2016 (Assessment Year 2011-12) M/S. Dhl Logistics Pvt. Ltd. Dcit-9(3)(1) 201, Silver Utopia, Cardinal 215, 2Nd Floor, Aayakar Gracias Road, Chakala, Bhavan, M.K. Road, Andheri (East), Mumbai-400020. Vs. Mumbai-400099. Pan: Aaacm6824H Appellant Respondent It(Tp) A No.1385/Mum/2016 (Assessment Year 2011-12) M/S. Dhl Logistics Pvt. Ltd. Dcit-9(3)(1) 201, Silver Utopia, Cardinal 215, 2Nd Floor, Aayakar Gracias Road, Chakala, Bhavan, M.K. Road, Andheri (East), Mumbai-400020. Vs. Mumbai-400099. Pan: Aaacm6824H Appellant Respondent Appellant By : Shri Anand Mohan (Cit-Dr) Respondent By : Shri Madhur Agrawal (Ar) Date Of Hearing : 24.07.2020 Date Of Pronouncement : 10.08.2020 Order Under Section 254(1)Of Income Tax Act

For Appellant: Shri Anand Mohan (CIT-DR)For Respondent: Shri Madhur Agrawal (AR)
Section 143(3)Section 144C(11)Section 144C(13)Section 254(1)

…ee & Muirhead Pvt. Ltd. in AY 2008-09 and granting depreciation on the same. 3.6. On the facts and in the circumstances of the case and in law, the Ld. AO has erred in holding that the ratio laid by the Hon'ble Supreme Court in case of Smifs Securities Ltd. (348 ITR 302) is not applicable in the present case and consequently erred in disallowing depreciation on intangible assets including goodwill. ITA No. 1923, C.O. No. 159 & IT(TP) A No. 1385 Mum 2016 M/s. DHL Logistics Pvt. Ltd. It is prayed that the Ld. AO be directed to allow depreciation of INR 16,77,05,859 on intangible assets including goodwill. 4. Pe…

Classic Stripes P.Ltd, Mumbai vs. DCIT 6(2), Mumbai

In the result, appeal of the assessee is partly allowed

ITA 2378/MUM/2017[2010-11]Status: DisposedITAT Mumbai07 Aug 2020AY 2010-11

Bench: Shri M.Balaganesh, Am & Shri Ravish Sood, Jm M/S. Classic Stripes Pvt. Vs. Dcit 6(2) Ltd., Aayakar Bhawan Astarc House, 76/79, Mumbai Makwana Lane, Takpada Marol, Andheri (East) Mumbai – 400 069 Pan/Gir No.Aaacc5076F (Appellant) .. (Respondent)

Section 143(3)

…n of Co- ordinate Bench of Jaipur Tribunal in the case of Jaypore Sugar Co.Ltd., reported in 44 SOT 625 to support their proposition. We find that subsequent to this decision, the Hon’ble Supreme Court in the case of CIT vs. Smifs Securities Ltd., reported in 348 ITR 302(SC) vide order dated 22/08/2012 had specifically held that goodwill arising on account of amalgamation would constitute intangible asset eligible for depreciation u/s.32 of the Act. We find that the issue before the Hon’ble Supreme Court was whether goodwill is an asset within the meaning of Section 32 of the Act and whether depreciation thereon,…

Metal One Corporation India Pvt. Ltd., New Delhi vs. DCIT, New Delhi

In the result, the appeal of the assessee is partly allowed

ITA 1761/DEL/2015[2010-11]Status: DisposedITAT Delhi31 Jul 2020AY 2010-11

Bench: Ms. Sushma Chowla, Vp & Dr. B.R.R. Kumar, Am [Through Video Conferencing] आयकर अपील सं. / Ita No. 1761/Del/2015 आयकर अपील सं आयकर अपील सं आयकर अपील सं िनधा"रण वष" िनधा"रण वष" / Assessment Year: 2010-11 िनधा"रण वष" िनधा"रण वष" Metal One Corporation India Pvt.Ltd., 1St Floor, Sood Tower, 25, Barakhamba Road, New Delhi-110001. .............अपीलाथ"/Appellant Pan-Aafcm1225 Vs The Dcit, Circle-16(2), …………. ""यथ" / Respondent New Delhi अपीलाथ" क" ओर से / Appellant By: Sh. Nageshwar Rao, Sr.Adv. ""यथ" क" ओर से / Respondent By: Sh. M.Barnwal, Sr.Dr

For Appellant: Sh. Nageshwar Rao, Sr.AdvFor Respondent: Sh. M.Barnwal, Sr.DR
Section 143(3)Section 92C(2)Section 92F

…e difference between sale value and book value of the assets was booked and depreciation was claimed, though during the course of assessment proceedings. The Ld. AR for the assessee points out that the Hon’ble Supreme Court in Smifs Securities Ltd.: (2012) 348 ITR 302 has held that goodwill was intangible asset and depreciation is to be allowed on it. Our attention was drawn to the order of the CIT(A) in Assessment Year 2011-12 and the Remand Report of the Assessing Officer which are placed at pages 25 to 29 of the Paperbook. The assessee further pointed out that the Hon’ble Delhi High Court in Triune Ener…

L, Oreal India Pvt. Ltd., Mumbai vs. DCIT, Circle 7 (1)(2), Mumbai

In the result, this ground of appeal allowed for statistical purpose

ITA 7204/MUM/2019[2015-16]Status: DisposedITAT Mumbai27 Jul 2020AY 2015-16

Bench: Shri R.C. Sharma & Shri Pawan Singhl‟Oreal India Pvt. Ltd. Dcit Circle-7(1)(2) A-Wing, 8Th Floor, Marathon Aayakar Bhavan, Futurex, N.M. Joshi Marg, M.K. Road, Lower Parel, Mumbai-400013. Mumbai-400020. Vs. Pan: Aaacl0738K Appellant Respondent Appellant By : Shri Neeraj Seth (Ar) Respondent By : Shri Anand Mohan (Cit-Dr) Date Of Hearing : 03.07.2020 Date Of Pronouncement : 27 .07.2020 Order Under Section 254(1)Of Income Tax Act

For Appellant: Shri Neeraj Seth (AR)For Respondent: Shri Anand Mohan (CIT-DR)
Section 143(3)Section 254(1)Section 4Section 92Section 92BSection 92C

…IN THE INCOME-TAX APPELLATE TRIBUNAL “K” BENCH MUMBAI BEFORE SHRI R.C. SHARMA, ACCOUNTANT MEMBER AND SHRI PAWAN SINGH, JUDICIAL MEMBER L‟Oreal India Pvt. Ltd. DCIT Circle-7(1)(2) A-Wing, 8th Floor, Marathon Aayakar Bhavan, Futurex, N.M. Joshi Marg, M.K. Road, Lower Parel, Mumbai-400013. Mumbai-400020. Vs. PAN: AAACL0738K Appellant Respondent Appellant by : Shri Neeraj Seth (AR) Respondent by : Shri Anand Mohan (CIT-DR) Date of Hearing : 03.07.2020 Date of Pronouncement : 27 .07.2020 ORDER UNDER SECTION 254(1)OF INCOME TAX ACT PER PAWAN SINGH, JUDICIAL MEMBER; 1. This appeal by assessee is directed agains…

DCIT 1(1)(2), Mumbai vs. Gilbarco Veeder India Pvt. Ltd., Mumbai

The appeal stands partly allowed for statistical purposes in terms of our above order

ITA 1247/MUM/2019[2013-14]Status: DisposedITAT Mumbai13 Jul 2020AY 2013-14
For Appellant: S/Shri Pranith Golecha &For Respondent: Shri V. Vinod Kumar -Ld. DR
Section 139(5)Section 143(3)

…Assessment Years :2010-11, 2013-14 & 2014-15 आयकर अपीलीय अिधकरण आयकर अपीलीय अिधकरण “जी आयकर अपीलीय अिधकरण आयकर अपीलीय अिधकरण जी जी” ” ” ” "यायपीठ मुंबई म"। जी "यायपीठ मुंबई म"। "यायपीठ मुंबई म"। "यायपीठ मुंबई म"। M/s Gilbarco Veeder Root India Private Ltd. IN THE INCOME TAX APPELLATE TRIBUNAL “G” BENCH, MUMBAI माननीय "ी महावीर िसंह, उपा"" एवं माननीय "ी मनोज कुमार अ"वाल ,लेखा सद" के सम"। BEFORE HON’BLE SHRI MAHAVIR SINGH, VP AND HON’BLE SHRI MANOJ KUMAR AGGARWAL, AM (Hearing Through Video Conferencing Mode) आयकर अपील सं./ I.T.A. No.1246/Mum/2019 (िनधा"रण वष" / Assessment Year: 2010-11) & आयकर अपील सं./ I.T.A. No.…

DCIT 1(1)(2), Mumbai vs. Gilbarco Veeder India Pvt. Ltd., Mumbai

The appeal stands partly allowed for statistical purposes in terms of our above order

ITA 1248/MUM/2019[2014-15]Status: DisposedITAT Mumbai13 Jul 2020AY 2014-15
For Appellant: S/Shri Pranith Golecha &For Respondent: Shri V. Vinod Kumar -Ld. DR
Section 139(5)Section 143(3)

…Assessment Years :2010-11, 2013-14 & 2014-15 आयकर अपीलीय अिधकरण आयकर अपीलीय अिधकरण “जी आयकर अपीलीय अिधकरण आयकर अपीलीय अिधकरण जी जी” ” ” ” "यायपीठ मुंबई म"। जी "यायपीठ मुंबई म"। "यायपीठ मुंबई म"। "यायपीठ मुंबई म"। M/s Gilbarco Veeder Root India Private Ltd. IN THE INCOME TAX APPELLATE TRIBUNAL “G” BENCH, MUMBAI माननीय "ी महावीर िसंह, उपा"" एवं माननीय "ी मनोज कुमार अ"वाल ,लेखा सद" के सम"। BEFORE HON’BLE SHRI MAHAVIR SINGH, VP AND HON’BLE SHRI MANOJ KUMAR AGGARWAL, AM (Hearing Through Video Conferencing Mode) आयकर अपील सं./ I.T.A. No.1246/Mum/2019 (िनधा"रण वष" / Assessment Year: 2010-11) & आयकर अपील सं./ I.T.A. No.…

DCIT 1(1)(2), Mumbai vs. Gilbarco Veeder India Pvt. Ltd., Mumbai

The appeal stands partly allowed for statistical purposes in terms of our above order

ITA 1246/MUM/2019[2010-11]Status: DisposedITAT Mumbai13 Jul 2020AY 2010-11
For Appellant: S/Shri Pranith Golecha &For Respondent: Shri V. Vinod Kumar -Ld. DR
Section 139(5)Section 143(3)

…Assessment Years :2010-11, 2013-14 & 2014-15 आयकर अपीलीय अिधकरण आयकर अपीलीय अिधकरण “जी आयकर अपीलीय अिधकरण आयकर अपीलीय अिधकरण जी जी” ” ” ” "यायपीठ मुंबई म"। जी "यायपीठ मुंबई म"। "यायपीठ मुंबई म"। "यायपीठ मुंबई म"। M/s Gilbarco Veeder Root India Private Ltd. IN THE INCOME TAX APPELLATE TRIBUNAL “G” BENCH, MUMBAI माननीय "ी महावीर िसंह, उपा"" एवं माननीय "ी मनोज कुमार अ"वाल ,लेखा सद" के सम"। BEFORE HON’BLE SHRI MAHAVIR SINGH, VP AND HON’BLE SHRI MANOJ KUMAR AGGARWAL, AM (Hearing Through Video Conferencing Mode) आयकर अपील सं./ I.T.A. No.1246/Mum/2019 (िनधा"रण वष" / Assessment Year: 2010-11) & आयकर अपील सं./ I.T.A. No.…

Rentokil India Private Limited, Chennai vs. DCIT, Chennai

In the result, Ground Nos

ITA 79/CHNY/2018[2013-14]Status: DisposedITAT Chennai03 Jun 2020AY 2013-14

Bench: Shri Duvvuru Rl Reddy & Shri S.Jayaraman

For Appellant: Mr.S.P.Chidambaram, AdvocateFor Respondent: Mrs. R.Anita, JCIT

…the A.O. that the customer list and goodwill would fall within the definition of intangible assets being payment for acquisition of business or commercial rights and relied on the decision of Hon’ble Supreme Court in the case of CIT Vs. Smifs Securities Ltd. 348 ITR 302 for claiming depreciation on goodwill. The A.O held, inter-alia, that the purchase price paid is nothing but non-compete fee paid to the transferor by the assessee and has just renamed it as customer right/goodwill. Therefore, he disallowed the depreciation claimed by the assessee. Aggrieved, the assessee filed an appeal before the CIT(A) and the…

ACIT, Circle 7(2)(1), Mumbai vs. Mahindra Logistics Ltd., Mumbai

In the result, the assessee’s appeal is allowed

ITA 6645/MUM/2018[2009-10]Status: DisposedITAT Mumbai05 Feb 2020AY 2009-10

Bench: Shri Saktijit Dey, Jm & Shri G Manjunatha, Am Ita Nos.6645/Mum/2018 For Assessment Year : 2009-10

For Appellant: Shri Devendra JainFor Respondent: Shri Kamal Mangal
Section 115JSection 43(1)

…In the appeal filed against the assessment order before learned Commissioner (Appeals), assessee took an additional ground claiming depreciation on goodwill relying upon the decision of Hon’ble Supreme Court in the case of CIT vs. Smif Securities Ltd. [2012] 348 ITR 302 (SC). The learned Commissioner (Appeals) not only admitted the additional ground but also directed the Assessing Officer to allow assessee’s clam of depreciation on goodwill. 10. We have considered rival submissions and perused material on record. Undisputedly, the depreciation claimed by the assessee is on goodwill. As held by the Hon’ble Supre…

Mahindra Logistics Limited, Mumbai vs. DCIT 7 (2)(1), Mumbai

In the result, the assessee’s appeal is allowed

ITA 6453/MUM/2018[2011-12]Status: DisposedITAT Mumbai05 Feb 2020AY 2011-12

Bench: Shri Saktijit Dey, Jm & Shri G Manjunatha, Am Ita Nos.6645/Mum/2018 For Assessment Year : 2009-10

For Appellant: Shri Devendra JainFor Respondent: Shri Kamal Mangal
Section 115JSection 43(1)

…In the appeal filed against the assessment order before learned Commissioner (Appeals), assessee took an additional ground claiming depreciation on goodwill relying upon the decision of Hon’ble Supreme Court in the case of CIT vs. Smif Securities Ltd. [2012] 348 ITR 302 (SC). The learned Commissioner (Appeals) not only admitted the additional ground but also directed the Assessing Officer to allow assessee’s clam of depreciation on goodwill. 10. We have considered rival submissions and perused material on record. Undisputedly, the depreciation claimed by the assessee is on goodwill. As held by the Hon’ble Supre…

The DCIT, Anand Circle, Anand vs. M/S Optics India Equipments Pvt. Ltd, Anand

In the result, appeal of the Revenue is dismissed due to low tax effect

ITA 1217/AHD/2018[2014-15]Status: DisposedITAT Ahmedabad30 Jan 2020AY 2014-15

…ted 30.9.16. 1.4 That in the facts and circumstances of the case, and in law, the ld. CIT(A) erred in deleting the addition disallowing depreciation on goodwill without considering that the facts in this case were different from the facts in Smifs Securities (348 ITR 302), as the assessee had failed to substantiate the valuation of goodwill. 1.5 That in the facts and circumstances of the case, and in law, the ld. CIT(A) erred in deleting the addition disallowing depreciation on goodwill on the basis of the decision in AY 2013-14, without considering the facts brought on record in the year under consideration, an…