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.

Assistant Commissioner of Income Tax Circle-7(1)(2), Bangalore vs. M/S Vf Brands India Pvt Ltd, Bangalore

In the result, the appeal by the revenue is dismissed

ITA 42/BANG/2017[2011-12]Status: DisposedITAT Bangalore28 Jun 2019AY 2011-12

Bench: Shri Arun Kumar Garodia & Shri Pavan Kumar Gadaleassessment Year : 2011-12 M/S. Vf Brands India Pvt. Ltd., (Formerly Known As ‘Vf Arvind The Assistant Brands Pvt. Ltd.), Bagmane Commissioner Of Income- Laurel, Block B, Level 09, Tax, Vs. Floor 8, Circle – 7 (1) (2), Bagmane Tech Park, C.V. Bangalore. Raman Nagar, Bangalore – 560 093. Pan: Aaccv2727L Appellant Respondent Assessee By : Smt. Shreya Loyalka, Ca Revenue By : Shri K.N. Dhandapani, Jcit (Dr) Date Of Hearing : 14.06.2019 Date Of Pronouncement : 28.06.2019

For Appellant: Smt. Shreya Loyalka, CAFor Respondent: Shri K.N. Dhandapani, JCIT (DR)
Section 32

…er, the issue is discussed by the Tribunal regarding allowability of depreciation on goodwill. She pointed out that in this para, the Tribunal has followed the judgment of Hon’ble Apex Court rendered in the case of CIT Vs. Smifs Securities Ltd. as reported in 348 ITR 302 and the Tribunal has reproduced the relevant para of this judgment of Hon’ble Apex Court and respectfully following the same, the Tribunal has decided the issue in favour of the assessee regarding allowability of depreciation on goodwill. 4. We have considered the rival submissions. We find that as per ground no. 3 of appeal raised by the revenue…

Si Group India Ltd, Navi Mumbai vs. Asst CIT Ltu, Mumbai

ITA 1745/MUM/2014[2009-10]Status: DisposedITAT Mumbai19 Jun 2019AY 2009-10

Bench: Shri Saktijit Dey, Jm & Shri M.Balaganesh, Am M/S. Si Group India Limited Vs. Asst. Commissioner Of Plot No.D-2/1, Ttc Income Tax, Industrial Area, Ltu, Mumbai Thane-Belapur Road Opp. Juinagar Railway Station Navi Mumbai – 400 705 Pan/Gir No.Aaach7323L (Appellant) .. (Respondent) Asst. Commissioner Of Vs. M/S. Si Group India Limited Income Tax, Plot No.D-2/1, Ttc Industrial Centre-1, 29Th Floor Area, World Trade Centre Thane-Belapur Road Cuffe Parade, Opp. Juinagar Railway Station Mumbai-400 005 Navi Mumbai – 400 705 Pan/Gir No.Aaach7323L (Appellant) .. (Respondent) Assessee By Shri Ajit Kumar Jain & Shri Siddhesh Chaugule Revenue By Shri Manoj Kumar Singh Date Of Hearing 17/05/2019 Date Of Pronouncement 19/06/2019

Section 143(3)

…above the value of the Undertaking. 6.2. The assessee had not claimed depreciation on such Goodwill in its Return of Income. Based on subsequent development in terms of the law / principle laid down by the Hon’ble Supreme Court in CIT v.Smifs Securities Ltd. 348 ITR 302 (SC), the assessee for the first time made its claim before this Tribunal for Asst Year 2003-04 and subsequently, for Asst Years 2006-07 and 2007-08. This Tribunal in assessee’s own case M/s. SI Group India Ltd., for Asst Year 2003-04 in ITA No. 4384/Mum/2010 dated 16.1.2015 had remanded the matter back to the file of the ld AO for fresh adjudic…

St- Ericsson India Pvt. Ltd., New Delhi vs. ACIT, New Delhi

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

ITA 6247/DEL/2015[2011-12]Status: DisposedITAT Delhi28 May 2019AY 2011-12
For Appellant: Shri S.D. Kapila, Advocate &For Respondent: Shri Sarabjeet Singh, Sr. DR
Section 143(3)Section 144CSection 92CSection 92D

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH : FRIDAY I-2 : NEW DELHI BEFORE SHRI R.K. PANDA, ACCOUNTANT MEMBER AND SMT. BEENA A. PILLAI, JUDICIAL MEMBER Assessment Year: 2011-12 ST-Ericcson India Pvt. Ltd., Vs ACIT, D-28, South Extension Part I, Circle-24(2), New Delhi. New Delhi. PAN: AAMCS1022K (Appellant) (Respondent) Assessee by : Shri S.D. Kapila, Advocate & Shri R.R. Mourya, Advocate Revenue by : Shri Sarabjeet Singh, Sr. DR Date of Hearing : 28.02.2019 Date of Pronouncement : 28.05.2019 ORDER PER R.K. PANDA, AM: This appeal filed by the assessee is directed against the order dated 30.09.2015 passed…

Foodworld Supermarkets Ltd, Bangalore vs. Deputy Commissioner of Income Tax Circle-3(1)(1), Bangalore

In the result, all the appeals of the assessee are allowed and all the appeals of the Revenue are dismissed

ITA 2071/BANG/2017[2001-02]Status: DisposedITAT Bangalore15 May 2019AY 2001-02

Bench: Shri B.R Baskaran & Shri Pavan Kumar Gadale

For Appellant: Shri Padamchand Khincha, C.AFor Respondent: Smt. Swapna Das, JCIT
Section 32

…IN THE INCOME TAX APPELLATE TRIBUNAL “A’’ BENCH : BANGALORE BEFORE SHRI B.R BASKARAN, ACCOUNTANT MEMBER AND SHRI PAVAN KUMAR GADALE, JUDICIAL MEMBER ITA Nos.2551, 2552, 2553 & 2554/Bang/2017 Assessment year : 2001-02, 2002-03, 2004-05 & 2005-06 The Dy. Commissioner of Income-tax, Vs. M/s Foodworld Supermarkets Ltd., Circle-3(1)(1), 740, Eswari Industrial Estate, Bangalore. Gate-2, Hulimavu, Bannerghatta Raod, Bangalore-560 076. PAN – AAACF 4045 K. APPELLANT RESPONDENT ITA Nos.2071, 2072, 2074 & 2075/Bang/2017 Assessment year : 2001-02, 2002-03, 2004-05 & 2005-06 M/s Foodworld Supermarkets Ltd., Vs. The…

M/S Volvo India Pvt. Ltd vs. ACIT, Bangalore

In the result, appeal of the Assessee is partly allowed

ITA 1537/BANG/2012[2008-09]Status: DisposedITAT Bangalore08 May 2019AY 2008-09

Bench: Shri N.V. Vasudevan & Shri Jason P. Boaz

For Appellant: Shri Ajay Vohra, Sr. Advocate &For Respondent: Shri Pradeep Kumar, CIT(DR)(ITAT), Bengaluru
Section 139Section 143Section 143(3)Section 144Section 153(1)Section 18

…not claimed by the assessee, in the return of income on the value of Goodwill and certain other intangibles. 61. However, during the course of the assessment proceedings, in view of decision of the Supreme Court in the case of CIT vs. Sniffs Securities Ltd.: 348 ITR 302, the assessee vide letter dated 15.10.2012, made claim of depreciation @ 25% amounting to Rs.14,35,72,468 on goodwill and certain other intangibles. The working of depreciation on goodwill was also filed before the assessing officer vide the said reply dated 15.10.2012 (refer pages 604-606 of PB– Vol 1 / pages 2818-2820 of PB-Vol 4). The assessin…

M/S Incap Contract Manufacturing Services Private Limited, Bangalore vs. Deputy Commissioner of Income Tax Circle-3(1)(1), Bangalore

In the result, the assessee’s appeals for assessment years 2009-10, 2010-11 and 2011-12 are allowed

ITA 2216/BANG/2018[2011-12]Status: DisposedITAT Bangalore30 Apr 2019AY 2011-12

Bench: Shri B.R. Baskaran & Shri Pavan Kumar Gadale

For Appellant: Shri Chavali Narayana, CAFor Respondent: Dr. P.V.Pradeep Kumar, Addl.CIT
Section 143(3)Section 32(1)(ii)

…5. The learned CIT(A) has erred in law in not appreciating that if customer relationship rights can otherwise be treated as Goodwill, the same would be entitled to depreciation in light of the decision of Hon'ble Supreme Court in CIT v Smifs Securities Ltd. (348 ITR 302). 6. The learned CIT(A) has erred in disregarding the various submissions of the Appellant that depreciation on customer relationship rights to be allowed by treating the same to be in the nature of Goodwill under the Act. ITA Nos.2214 to 2216/Bang/2018 Page 3 of 11 The Appellant craves leave to add, alter, vary, omit, substitute or amend any of…

M/S Incap Contract Manufacturing Services Private Limited, Bangalore vs. Deputy Commissioner of Income Tax Circle-3(1)(1), Bangalore

In the result, the assessee’s appeals for assessment years 2009-10, 2010-11 and 2011-12 are allowed

ITA 2215/BANG/2018[2010-11]Status: DisposedITAT Bangalore30 Apr 2019AY 2010-11

Bench: Shri B.R. Baskaran & Shri Pavan Kumar Gadale

For Appellant: Shri Chavali Narayana, CAFor Respondent: Dr. P.V.Pradeep Kumar, Addl.CIT
Section 143(3)Section 32(1)(ii)

…5. The learned CIT(A) has erred in law in not appreciating that if customer relationship rights can otherwise be treated as Goodwill, the same would be entitled to depreciation in light of the decision of Hon'ble Supreme Court in CIT v Smifs Securities Ltd. (348 ITR 302). 6. The learned CIT(A) has erred in disregarding the various submissions of the Appellant that depreciation on customer relationship rights to be allowed by treating the same to be in the nature of Goodwill under the Act. ITA Nos.2214 to 2216/Bang/2018 Page 3 of 11 The Appellant craves leave to add, alter, vary, omit, substitute or amend any of…

M/S Incap Contract Manufacturing Services Private Limited, Bangalore vs. Deputy Commissioner of Income Tax Circle-3(1)(1), Bangalore

In the result, the assessee’s appeals for assessment years 2009-10, 2010-11 and 2011-12 are allowed

ITA 2214/BANG/2018[2009-10]Status: DisposedITAT Bangalore30 Apr 2019AY 2009-10

Bench: Shri B.R. Baskaran & Shri Pavan Kumar Gadale

For Appellant: Shri Chavali Narayana, CAFor Respondent: Dr. P.V.Pradeep Kumar, Addl.CIT
Section 143(3)Section 32(1)(ii)

…5. The learned CIT(A) has erred in law in not appreciating that if customer relationship rights can otherwise be treated as Goodwill, the same would be entitled to depreciation in light of the decision of Hon'ble Supreme Court in CIT v Smifs Securities Ltd. (348 ITR 302). 6. The learned CIT(A) has erred in disregarding the various submissions of the Appellant that depreciation on customer relationship rights to be allowed by treating the same to be in the nature of Goodwill under the Act. ITA Nos.2214 to 2216/Bang/2018 Page 3 of 11 The Appellant craves leave to add, alter, vary, omit, substitute or amend any of…

Grindwell Norton Ltd, Mumbai vs. DCIT 1(3)(2), Mumbai

In the result, appeal of the assessee is partly allowed and appeal of the Revenue is dismissed

ITA 404/MUM/2017[2011-12]Status: DisposedITAT Mumbai12 Apr 2019AY 2011-12

Bench: Shri C.N. Prasad, Hon'Ble & Shri Rajesh Kumar, Hon'Blea.C.I.T – 9(3)(2) V. M/S Grindwell Norton Ltd., 418, 4Th Floor, Leela Business Park, 5Th Level, Aayakar Bhavan, M.K. Road, Andheri Kurla Road Mumbai-400 020 Mumbai – 400 099 Pan: Aaacg 8725 B (Appellant) (Respondent) M/S Grindwell Norton Ltd., Dy. Commissioner Of Income-Tax -1(3)(2) V. Room No. 535, 5Th Floor, Kalyaniwalla & Mistry Llp, Aayakar Bhavan, M.K. Road, Army & Navy Building, Mumbai-400 020 3Rd Floor, 148 M.G. Road, Fort, Mumbai – 400 001 Pan: Aaacg 8725 B (Appellant) (Respondent) Assessee By : Shri Akram Khan Department By : Shri Kiran Unavekar

For Appellant: Shri Akram KhanFor Respondent: Shri Kiran Unavekar
Section 143(3)Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “K”, MUMBAI BEFORE SHRI C.N. PRASAD, HON'BLE JUDICIAL MEMBER AND SHRI RAJESH KUMAR, HON'BLE ACCOUNTANT MEMBER A.C.I.T – 9(3)(2) v. M/s Grindwell Norton Ltd., 418, 4th Floor, Leela Business Park, 5th Level, Aayakar Bhavan, M.K. Road, Andheri Kurla Road Mumbai-400 020 Mumbai – 400 099 PAN: AAACG 8725 B (Appellant) (Respondent) M/s Grindwell Norton Ltd., Dy. Commissioner of Income-tax -1(3)(2) v. Room No. 535, 5th Floor, Kalyaniwalla & Mistry LLP, Aayakar Bhavan, M.K. Road, Army & Navy Building, Mumbai-400 020 3rd Floor, 148 M.G. Road, Fort, Mumbai – 400 001 PAN: AAA…

Acie 9(3)(2), Mumbai vs. Grindwell Norton Ltd, Mumbai

In the result, appeal of the assessee is partly allowed and appeal of the Revenue is dismissed

ITA 347/MUM/2017[2011-12]Status: DisposedITAT Mumbai12 Apr 2019AY 2011-12

Bench: Shri C.N. Prasad, Hon'Ble & Shri Rajesh Kumar, Hon'Blea.C.I.T – 9(3)(2) V. M/S Grindwell Norton Ltd., 418, 4Th Floor, Leela Business Park, 5Th Level, Aayakar Bhavan, M.K. Road, Andheri Kurla Road Mumbai-400 020 Mumbai – 400 099 Pan: Aaacg 8725 B (Appellant) (Respondent) M/S Grindwell Norton Ltd., Dy. Commissioner Of Income-Tax -1(3)(2) V. Room No. 535, 5Th Floor, Kalyaniwalla & Mistry Llp, Aayakar Bhavan, M.K. Road, Army & Navy Building, Mumbai-400 020 3Rd Floor, 148 M.G. Road, Fort, Mumbai – 400 001 Pan: Aaacg 8725 B (Appellant) (Respondent) Assessee By : Shri Akram Khan Department By : Shri Kiran Unavekar

For Appellant: Shri Akram KhanFor Respondent: Shri Kiran Unavekar
Section 143(3)Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “K”, MUMBAI BEFORE SHRI C.N. PRASAD, HON'BLE JUDICIAL MEMBER AND SHRI RAJESH KUMAR, HON'BLE ACCOUNTANT MEMBER A.C.I.T – 9(3)(2) v. M/s Grindwell Norton Ltd., 418, 4th Floor, Leela Business Park, 5th Level, Aayakar Bhavan, M.K. Road, Andheri Kurla Road Mumbai-400 020 Mumbai – 400 099 PAN: AAACG 8725 B (Appellant) (Respondent) M/s Grindwell Norton Ltd., Dy. Commissioner of Income-tax -1(3)(2) v. Room No. 535, 5th Floor, Kalyaniwalla & Mistry LLP, Aayakar Bhavan, M.K. Road, Army & Navy Building, Mumbai-400 020 3rd Floor, 148 M.G. Road, Fort, Mumbai – 400 001 PAN: AAA…

Grindwell Norton Ltd, Mumbai vs. Joint Commissioner of Income Tax-1(1), Mumbai

In the result, assessee’s appeal is partly allowed and Revenue’s appeal is dismissed

ITA 5479/MUM/2017[2012-13]Status: DisposedITAT Mumbai02 Apr 2019AY 2012-13

Bench: Shri Shamim Yahya (Am) & Shri Amarjit Singh (Jm)

Section 14A

…: Grounds of appeal :- i) "Whether on the facts and in the circumstances of the case, the Ld.CIT(A) erred in directing the AO to allow depreciation on intangble assets relying on the decision of the Supreme Court in the case of CIT V/s Smifs Securities Ltd. 348 ITR 302 (SC), the facts of which are distinguishable from the acts of the assessee's case." ii) "Whether on the facts and in the circumstances of the case, the Ld. CIT(A) erred in directing the AO to allow depreciation on intangible assets as appearing in audited books of accounts of the assessee without appreciating the fact that unlike in the case of…

The Dy. Commissioner of Income Tax, Circle-2(1)(2), Ahmedabad vs. M/S. Landmark Cars (East) Pvt. Ltd., Ahmedabad

In the result, appeal of the Revenue is dismissed

ITA 2419/AHD/2016[2013-14]Status: DisposedITAT Ahmedabad27 Mar 2019AY 2013-14

Bench: Shri Rajpal Yadav & Shri Pradip Kumar Kediaआयकर अपील सं./I.T.A. No. 2419/Ahd/2016 ("नधा"रण वष" / Assessment Year : 2013-14)

For Appellant: Rajesh Meena, Sr. DR

…a and therefore, the depreciation upon the goodwill is an allowable expenditure in the hands of the appellant as per the judgments / decisions of honourable courts briefly noted as under:- Hon'ble Supreme Court in the case of CIT SMIFS Securities Ltd. [2012] 348 ITR 302, has held that a goodwill is an asset under Explanation 3(b) to Section 32(1) of I. T. Act and entitled for depreciation. Hon'ble Himachal Pradesh High Court In the case of CIT Vs. RFCL Limited [2015] 57 Taxmann.com 17, has held that the assessee is entitled to claim depreciation on consideration paid and accounted for as goodwill. Hon'ble ITAT,…

The Dy. Commissioner of Income Tax, Circle-4(1)(2), Ahmedabad vs. Vimalachal Print & Pack Pvt. Ltd., Ahmedabad

In the result ground no. 2 of Revenue is dismissed

ITA 1983/AHD/2016[2012-13]Status: DisposedITAT Ahmedabad17 Jan 2019AY 2012-13

Bench: Shri Pradip Kumar Kedia & Shri Mahavir Prasad)

For Appellant: Shri S. K. Dev, Sr. D.RFor Respondent: Shri Bhavesh Shah, A.R
Section 143Section 145Section 145A

…ed 21.06.2016 in the case of assessee adjudicated this very issue of allowability of depreciation on goodwill, allowed all the appeals of the assessee by following the judgment of Hon'ble Apex Court in the case of CIT, Kolkata vs. Smifs Securities Ltd. (2012) 348 ITR 302. 8. We therefore respectfully following the judgment of Hon'ble Apex Court as well as the Jurisdictional High Court find no reason to interfere in the finding of Ld. CIT(A) allowing the claim on depreciation on goodwill being intangible asset which was acquired as surplus of asset over liability recorded by the appellant in books of account on ac…

The DCIT, (OSD), Circle-8, Ahmedabad vs. M/S. V. F. Arvind Brands Private Limited, Ahmedabad

In the result, the appeal of the Revenue is dismissed, and the CO of the assessee is allowed

ITA 1904/AHD/2013[2008-09]Status: DisposedITAT Ahmedabad01 Jan 2019AY 2008-09

Bench: Shri Mahavir Prasad & Shri Waseem Ahmedआयकर अपील सं./Ita No.1904/Ahd/2013 & Cross Objection No. 204/Ahd/2013 (In Ita No.1904/Ahd/2013) िनधा"रण वष"/Assessment Year : 2008-09 D.C.I.T.(Osd), M/S. V. F. Arvind Brands Pvt. Circle-8, Vs. Ltd. Ahmedabad. Arvind Mills Premises, Naroda Road, Ahmedabad-380025. Pan: Aaccv 2727 L (Applicant) (Responent) / Cross Objector

For Appellant: ShriFor Respondent: Smt Aparna M. Agarwal, CIT.D.R
Section 251(1)(a)

…. In the circumstances, the substantial question of law is decided in the affirmative and this appeal is allowed in favour of the assessee and against the Revenue and the impugned order is set aside." In the case of CIT vs. Smifs Securities Ltd. reported at 348 ITR 302 (SCJ allowing the claim of depreciation on goodwill it was held as under: "Section 32 of the Income-fax Act, 196] - Depreciation - Allowance/Rate of - Assessment year 2003-04 - Whether 'goodwill' is an asset under Explanation 3fbj to section 32(1] - Held, yes - During relevant .assessment year, one Y Ltd. amalgamated with assessee-company - Acco…

The Commissioner of Income Tax vs. M/S. Bosch Ltd

The appeals are disposed off

ITA/75/2011HC Karnataka19 Nov 2018

Bench: The Hon'Ble Mr. Justice Ravi Malimath

Section 260Section 80H

…1 IN THE HIGH COURT OF KARNATAKA AT BENGALURU ON THE 19TH DAY OF NOVEMBER, 2018 BEFORE THE HON'BLE MR. JUSTICE RAVI MALIMATH AND THE HON'BLE MR. JUSTICE K. NATARAJAN INCOME TAX APPEAL No.75 of 2011 c/w INCOME TAX APPEAL No.76 of 2011 BETWEEN 1. THE COMMISSIONER OF INCOME-TAX, LTU, JSS TOWERS, 100 FEET RING ROAD, BANASHANKARI III STAGE, BANGALORE. 2. THE ASSISTANT COMMISSIONER OF INCOME-TAX, CIRCLE-12(1), C.R. BUILDING, QUEENS ROAD, BANGALORE. ... APPELLANTS (Common in both appeals) (BY SRI K.V. ARAVIND, ADVOCA…

The Commissioner of Income Tax vs. M/S. Bosch Ltd

The appeals are disposed off

ITA/76/2011HC Karnataka19 Nov 2018

Bench: The Hon'Ble Mr. Justice Ravi Malimath

Section 260Section 80H

…1 IN THE HIGH COURT OF KARNATAKA AT BENGALURU ON THE 19TH DAY OF NOVEMBER, 2018 BEFORE THE HON'BLE MR. JUSTICE RAVI MALIMATH AND THE HON'BLE MR. JUSTICE K. NATARAJAN INCOME TAX APPEAL No.75 of 2011 c/w INCOME TAX APPEAL No.76 of 2011 BETWEEN 1. THE COMMISSIONER OF INCOME-TAX, LTU, JSS TOWERS, 100 FEET RING ROAD, BANASHANKARI III STAGE, BANGALORE. 2. THE ASSISTANT COMMISSIONER OF INCOME-TAX, CIRCLE-12(1), C.R. BUILDING, QUEENS ROAD, BANGALORE. ... APPELLANTS (Common in both appeals) (BY SRI K.V. ARAVIND, ADVOCA…

V.A. Advisory Services Pvt. Ltd., Surat vs. The ACIT, Circle-4, Surat

In the result, appeal of the assessee is allowed

ITA 2434/AHD/2015[2011-12]Status: DisposedITAT Surat14 Nov 2018AY 2011-12

Bench: Shri C.M.Garg & Shri O.P.Meenaआ.अ.सं./I.T.A. No.2434/Ahd/2015/Srt िनधा"रण वष"/Assessment Year : 2011-12 Va Advisory Services Pvt. Vs. The Assistant Commissioner Of Ltd., Income Tax, Circle-4, Surat. 10Th Floor, Vishwakarma Arcade, Majura Gate, Surat – 395 002. अपीलाथ" Appellant ""यथ"/Respondent िनधा"रती क" ओर से /Assessee By Ms. Urvashi Shodam – Ar राज"व क" ओर से /Revenue By Shri Dileep Kumar – Sr.Dr 12.10.2018 सुनवाई क" तारीख/ Date Of Hearing: 14.11.2018 उ"ोषणा क" तारीख/Pronouncement On आदेश /O R D E R Per O. P. Meena, Accoutant Member: 1. This Appeal Filed By The Revenue Is Directed Against The Order Of Learned Commissioner Of Income Tax (Appeals)-Ii, Surat(In Short “The Cit (A)”) Dated 11.05.2015 Pertaining To Assessment Year 2011-12 Which In Turn Has Arisen From The Order Passed By The Assistant Commissioner Of Income Tax, Circle-4, Surat(In Short

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

…s India Pvt. Ltd., vs. DCIT [ITA No.1507/Pun/2012] dated 12.12.2017 (copy filed.). It was further submitted that depreciation u/s.32 of the Act on goodwill being a capital asset allowable as held by the Apex Court in the case of CIT vs. Smifs Securities Ltd., 348 ITR 302(SC), the assessee has purchased the cliental business as a right that could have used as a tool to carry on business and the assessee is eligible for depreciation on goodwill u/s.32(1)(ii) of the Act as held by ITAT in India Capital market Pvt Ltd., vs. DCIT 56 SOT 32 Mumbai. VA Advisory Services Pvt. Ltd., Vs. ACIT, Circle-4, Surat /ITA No.2434…

DCIT Cen Cir 5(4), Mumbai vs. Wadhawan Retail P.Ltd, Mumbai

In the result, appeal of the Revenue is dismissed whereas appeal of assessee is allowed in part in terms indicated hereinabove

ITA 771/MUM/2017[2012-13]Status: DisposedITAT Mumbai24 Oct 2018AY 2012-13
Section 143(3)

…IN THE INCOME TAX APPELLATE TRIBUNAL “G”, BENCH MUMBAI BEFORE SHRI R.C.SHARMA, AM & SHRI RAM LAL NEGI, JM DCIT- CC- 5(4) Vs. M/s. Wadhwan Retail Pvt R.No.1927, Ltd., Ground Floor 19th Floor, Air India Building Madhava Building Nariman Point Bandra Kurla Complex Mumbai – 400 021 Bandra (E), Mumbai 400 051 PAN/GIR No.AAACW6147R (Appellant) .. (Respondent) M/s. Wadhwan Retail Vs. ACIT- CC- 5(4) 19th Floor, Air India Building Pvt Ltd., Ground Floor Madhava Building Nariman Point Bandra Kurla Complex Mumbai – 400 021 Bandra (E), Mumbai 400 051 PAN/GIR No.AAACW6147R (Appellant) .. (Respondent) Revenue by Shri Rajore…

DCIT, New Delhi vs. M/S. Yamaha Motor India Sales Pvt. Ltd., New Delhi

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

ITA 992/DEL/2014[2006-07]Status: DisposedITAT Delhi22 Oct 2018AY 2006-07

Bench: Shri N.K. Billaiya & Ms. Suchitra Kamble[A.Y 2006-07] The Dy. C.I.T, Vs. M/S Yamaha Motor India Sales Pvt. Ltd., 1St Floor Circle 18 (1), New Delhi. The Great Eastern Centre 70, Nehru Place, Behind Ifci Tower New Delhi [Pan : Aaacy 2505 K] [A.Y 2006-07] M/S Yamaha Motor India Sales Vs. The Dy.C.I.T, Pvt. Ltd., 1St Floor Circle 18 (1), The Great Eastern Centre New Delhi. 70, Nehru Place, Behind Ifci Tower, New Delhi [Pan : Aaacy 2505 K] [Appellant] [Respondent] Date Of Hearing : 16.10.2018 Date Of Pronouncement : 22.10.2018 Assessee By : Shri Ved Jain, Adv

For Appellant: Shri Ved Jain, AdvFor Respondent: Shri Sanjay I. Bara, CIT- DR
Section 142(1)Section 143(3)Section 147Section 32Section 92

…m of depreciation on good will treated as intangible asset is concerned, we find that this issue is by now well settled in favour of the assessee and against the revenue by the decision of the Hon'ble Supreme Court in the case of CIT Vs. Smith Securities ltd. 348 ITR 302. 9. Considering the facts of the case in totality, we are of the view that the Assessing Officer, during the course of original assessment proceedings, had made specific queries to which the assessee not only gave specific replies, but the reply of the assessee was well supported by the evidences/details. In our considered opinion, if the action…

M/S. Yamaha Motor India Sales Pvt. Ltd., New Delhi vs. ACIT, New Delhi

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

ITA 1095/DEL/2014[2006-07]Status: DisposedITAT Delhi22 Oct 2018AY 2006-07

Bench: Shri N.K. Billaiya & Ms. Suchitra Kamble[A.Y 2006-07] The Dy. C.I.T, Vs. M/S Yamaha Motor India Sales Pvt. Ltd., 1St Floor Circle 18 (1), New Delhi. The Great Eastern Centre 70, Nehru Place, Behind Ifci Tower New Delhi [Pan : Aaacy 2505 K] [A.Y 2006-07] M/S Yamaha Motor India Sales Vs. The Dy.C.I.T, Pvt. Ltd., 1St Floor Circle 18 (1), The Great Eastern Centre New Delhi. 70, Nehru Place, Behind Ifci Tower, New Delhi [Pan : Aaacy 2505 K] [Appellant] [Respondent] Date Of Hearing : 16.10.2018 Date Of Pronouncement : 22.10.2018 Assessee By : Shri Ved Jain, Adv

For Appellant: Shri Ved Jain, AdvFor Respondent: Shri Sanjay I. Bara, CIT- DR
Section 142(1)Section 143(3)Section 147Section 32Section 92

…m of depreciation on good will treated as intangible asset is concerned, we find that this issue is by now well settled in favour of the assessee and against the revenue by the decision of the Hon'ble Supreme Court in the case of CIT Vs. Smith Securities ltd. 348 ITR 302. 9. Considering the facts of the case in totality, we are of the view that the Assessing Officer, during the course of original assessment proceedings, had made specific queries to which the assessee not only gave specific replies, but the reply of the assessee was well supported by the evidences/details. In our considered opinion, if the action…