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.

Mtandt Rentals Limited, Thiruvallur vs. ITO Corporate Ward 4(3), Chennai

In the result, the appeal of the assessee is allowed

ITA 2410/CHNY/2017[2014-15]Status: DisposedITAT Chennai30 May 2018AY 2014-15

Bench: Shri N.R.S. Ganesan & Shri Abraham P. George] आयकर अपील सं./I.T.A. No.2410/Chny/2017 "नधा"रण वष" /Assessment Year : 2014-2015. M/S. Mtandt Rentals Ltd, Vs. The Income Tax Officer, No.62/2B, New No.99, Old No.144, Corporate Ward 4(3) Padur Village, Chennai. Poonamallee Taluk. Tiruvallur - 602 105. [Pan Aagcm 2269J (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Appellant: Shri. M. Karunakaran, AdvocateFor Respondent: Dr. S. Pandiyan, Addl. CIT
Section 143(1)

…आयकर अपील"य अ"धकरण, ‘ए’ "यायपीठ, चे"नई IN THE INCOME TAX APPELLATE TRIBUNAL ‘A’ BENCH : CHENNAI "ी एन.आर.एस. गणेशन, "या"यक सद"य एवं "ी अ"ाहम पी. जॉज", लेखा सद"य के सम" । [BEFORE SHRI N.R.S. GANESAN, JUDICIAL MEMBER AND SHRI ABRAHAM P. GEORGE, ACCOUNTANT MEMBER] आयकर अपील सं./I.T.A. No.2410/CHNY/2017 "नधा"रण वष" /Assessment year : 2014-2015. M/s. MTANDT Rentals Ltd, Vs. The Income Tax Officer, No.62/2B, New No.99, Old No.144, Corporate Ward 4(3) Padur Village, Chennai. Poonamallee Taluk. Tiruvallur - 602 105. [PAN AAGCM 2269J (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/ Appellant by : Shri. M. Ka…

DCIT - 14(2)(1), Mumbai vs. Lafarge Aggregates & Concrete India Pvt. Ltd., Mumbai

In the result, the appeal Revenue is dismissed

ITA 5977/MUM/2016[2010-11]Status: DisposedITAT Mumbai11 May 2018AY 2010-11

Bench: Sri Mahavir Singh, Jm & Sri Nk Pradhan, Am

For Appellant: Shri Madhur Agarwal, ARFor Respondent: Shri Ram Tiwari, DR
Section 143(3)Section 32(1)

…the assessee claim.” 3. Brief facts are that the assessee has not made the claim in the original return of but made the claim during the assessment proceedings based on the decision of Hon’ble Supreme Court in the case of CIT vs. Smifs Securities Ltd. [2012] 348 ITR 302 (SC) and also Hon’ble Bombay High Court decision in the case of CIT vs. Pruthvi Brokers & Shareholders Pvt. Ltd. [2012] 349 ITR 336 (Bom). The AO has not allowed the claim of deprecation by observing that assessee cannot 3 make a fresh claim without filing revise return of income in view of the decision of Hon’ble Supreme Court in the case of Go…

DCIT Circle 1, Tirunelveli vs. Rm Kv Fashion Garments Pvt Ltd, Tirunelveli

In the result, appeal filed by the Revenue in ITA No

ITA 761/CHNY/2018[2014-15]Status: DisposedITAT Chennai30 Apr 2018AY 2014-15

Bench: Shri Inturi Rama Rao & Shri Duvvuru Rl Reddyq आयकर अपील सं./Ita No.1621/Chny/2017 "नधा"रण वष" /Assessment Year: 2012-13 Dy. Commissioner Of Income Tax, M/S. Rmkv Silks Pvt. Ltd., Circle-1, Vs. 176F, Trivandrum Road, Tirunelveli. Tirunelveli – 627 003. [Pan: Aafcr 4024B] आयकर अपील सं./Ita No.1593/Chny/2017 & Cross Appeal By Revenue In Ita No.1622/Chny/2017 "नधा"रण वष" /Assessment Year: 2013-14 M/S. Rmkv Silks Pvt. Ltd., Vs. Dy. Commissioner Of Income 176F, Trivandrum Road, Tax, Tirunelveli – 627 003. Circle-1, Tirunelveli. [Pan: Aafcr 4024B] आयकर अपील सं./Ita No.613/Chny/2018 Cross Appeal By Revenue In Ita No.759/Chny/2018 "नधा"रण वष" /Assessment Year: 2014-15 M/S. Rmkv Silks Pvt. Ltd., Vs. Asst. Commissioner Of Income 176F, Trivandrum Road, Tax, Tirunelveli – 627 003. Circle-1, [Pan: Aafcr 4024B] Tirunelveli.

Section 47

…is further submitted that the goodwill was purchased by the respondent-assessee company :- 8 -: from the erstwhile firm and therefore, the depreciation on goodwill, knowhow is allowable placing reliance on the following decisions: CIT v. Smifs Securities 348 ITR 302 (SC) Hindustan Coca cola Beverages 331 ITR 192 (Del) B.Raveendran Pillai v. CIT 332 ITR 531(Ker.) Areva T&D 345 ITR 421 (Del.) Triune Energy Services P. Ltd. v. DCIT 237 Taxman 230 (Del.) Chowgule & Company P. Ltd. v. Addl. CIT 2016-TIOL-244HC-Mum-IT CLC & Sons Pvt. Ltd. v. ACIT (ITAT Delhi) (Spl. Bench) 3.9 It was further submitted that the exp…

ACIT Circle 1, Tirunelveli vs. M/S Rm Kv Fbrics Private Limited, Tirunelveli

In the result, appeal filed by the Revenue in ITA No

ITA 760/CHNY/2018[2014--15]Status: DisposedITAT Chennai30 Apr 2018

Bench: Shri Inturi Rama Rao & Shri Duvvuru Rl Reddyq आयकर अपील सं./Ita No.1621/Chny/2017 "नधा"रण वष" /Assessment Year: 2012-13 Dy. Commissioner Of Income Tax, M/S. Rmkv Silks Pvt. Ltd., Circle-1, Vs. 176F, Trivandrum Road, Tirunelveli. Tirunelveli – 627 003. [Pan: Aafcr 4024B] आयकर अपील सं./Ita No.1593/Chny/2017 & Cross Appeal By Revenue In Ita No.1622/Chny/2017 "नधा"रण वष" /Assessment Year: 2013-14 M/S. Rmkv Silks Pvt. Ltd., Vs. Dy. Commissioner Of Income 176F, Trivandrum Road, Tax, Tirunelveli – 627 003. Circle-1, Tirunelveli. [Pan: Aafcr 4024B] आयकर अपील सं./Ita No.613/Chny/2018 Cross Appeal By Revenue In Ita No.759/Chny/2018 "नधा"रण वष" /Assessment Year: 2014-15 M/S. Rmkv Silks Pvt. Ltd., Vs. Asst. Commissioner Of Income 176F, Trivandrum Road, Tax, Tirunelveli – 627 003. Circle-1, [Pan: Aafcr 4024B] Tirunelveli.

Section 47

…is further submitted that the goodwill was purchased by the respondent-assessee company :- 8 -: from the erstwhile firm and therefore, the depreciation on goodwill, knowhow is allowable placing reliance on the following decisions: CIT v. Smifs Securities 348 ITR 302 (SC) Hindustan Coca cola Beverages 331 ITR 192 (Del) B.Raveendran Pillai v. CIT 332 ITR 531(Ker.) Areva T&D 345 ITR 421 (Del.) Triune Energy Services P. Ltd. v. DCIT 237 Taxman 230 (Del.) Chowgule & Company P. Ltd. v. Addl. CIT 2016-TIOL-244HC-Mum-IT CLC & Sons Pvt. Ltd. v. ACIT (ITAT Delhi) (Spl. Bench) 3.9 It was further submitted that the exp…

ACIT Circle 1, Tirunelveli vs. M/S Rm K V Silks Private Limited, Tirunelveli

In the result, appeal filed by the Revenue in ITA No

ITA 759/CHNY/2018[2014-15]Status: DisposedITAT Chennai30 Apr 2018AY 2014-15

Bench: Shri Inturi Rama Rao & Shri Duvvuru Rl Reddyq आयकर अपील सं./Ita No.1621/Chny/2017 "नधा"रण वष" /Assessment Year: 2012-13 Dy. Commissioner Of Income Tax, M/S. Rmkv Silks Pvt. Ltd., Circle-1, Vs. 176F, Trivandrum Road, Tirunelveli. Tirunelveli – 627 003. [Pan: Aafcr 4024B] आयकर अपील सं./Ita No.1593/Chny/2017 & Cross Appeal By Revenue In Ita No.1622/Chny/2017 "नधा"रण वष" /Assessment Year: 2013-14 M/S. Rmkv Silks Pvt. Ltd., Vs. Dy. Commissioner Of Income 176F, Trivandrum Road, Tax, Tirunelveli – 627 003. Circle-1, Tirunelveli. [Pan: Aafcr 4024B] आयकर अपील सं./Ita No.613/Chny/2018 Cross Appeal By Revenue In Ita No.759/Chny/2018 "नधा"रण वष" /Assessment Year: 2014-15 M/S. Rmkv Silks Pvt. Ltd., Vs. Asst. Commissioner Of Income 176F, Trivandrum Road, Tax, Tirunelveli – 627 003. Circle-1, [Pan: Aafcr 4024B] Tirunelveli.

Section 47

…is further submitted that the goodwill was purchased by the respondent-assessee company :- 8 -: from the erstwhile firm and therefore, the depreciation on goodwill, knowhow is allowable placing reliance on the following decisions: CIT v. Smifs Securities 348 ITR 302 (SC) Hindustan Coca cola Beverages 331 ITR 192 (Del) B.Raveendran Pillai v. CIT 332 ITR 531(Ker.) Areva T&D 345 ITR 421 (Del.) Triune Energy Services P. Ltd. v. DCIT 237 Taxman 230 (Del.) Chowgule & Company P. Ltd. v. Addl. CIT 2016-TIOL-244HC-Mum-IT CLC & Sons Pvt. Ltd. v. ACIT (ITAT Delhi) (Spl. Bench) 3.9 It was further submitted that the exp…

M/S Rm Kv Fbrics Private Limited, Tirunelveli vs. ACIT Circle 1, Tirunelveli

In the result, appeal filed by the Revenue in ITA No

ITA 614/CHNY/2018[2014-15]Status: DisposedITAT Chennai30 Apr 2018AY 2014-15

Bench: Shri Inturi Rama Rao & Shri Duvvuru Rl Reddyq आयकर अपील सं./Ita No.1621/Chny/2017 "नधा"रण वष" /Assessment Year: 2012-13 Dy. Commissioner Of Income Tax, M/S. Rmkv Silks Pvt. Ltd., Circle-1, Vs. 176F, Trivandrum Road, Tirunelveli. Tirunelveli – 627 003. [Pan: Aafcr 4024B] आयकर अपील सं./Ita No.1593/Chny/2017 & Cross Appeal By Revenue In Ita No.1622/Chny/2017 "नधा"रण वष" /Assessment Year: 2013-14 M/S. Rmkv Silks Pvt. Ltd., Vs. Dy. Commissioner Of Income 176F, Trivandrum Road, Tax, Tirunelveli – 627 003. Circle-1, Tirunelveli. [Pan: Aafcr 4024B] आयकर अपील सं./Ita No.613/Chny/2018 Cross Appeal By Revenue In Ita No.759/Chny/2018 "नधा"रण वष" /Assessment Year: 2014-15 M/S. Rmkv Silks Pvt. Ltd., Vs. Asst. Commissioner Of Income 176F, Trivandrum Road, Tax, Tirunelveli – 627 003. Circle-1, [Pan: Aafcr 4024B] Tirunelveli.

Section 47

…is further submitted that the goodwill was purchased by the respondent-assessee company :- 8 -: from the erstwhile firm and therefore, the depreciation on goodwill, knowhow is allowable placing reliance on the following decisions: CIT v. Smifs Securities 348 ITR 302 (SC) Hindustan Coca cola Beverages 331 ITR 192 (Del) B.Raveendran Pillai v. CIT 332 ITR 531(Ker.) Areva T&D 345 ITR 421 (Del.) Triune Energy Services P. Ltd. v. DCIT 237 Taxman 230 (Del.) Chowgule & Company P. Ltd. v. Addl. CIT 2016-TIOL-244HC-Mum-IT CLC & Sons Pvt. Ltd. v. ACIT (ITAT Delhi) (Spl. Bench) 3.9 It was further submitted that the exp…

M/S Rm K V Silks Private Limited, Tirunelveli vs. ACIT Circle 1, Tirunelveli

In the result, appeal filed by the Revenue in ITA No

ITA 613/CHNY/2018[2014-15]Status: DisposedITAT Chennai30 Apr 2018AY 2014-15

Bench: Shri Inturi Rama Rao & Shri Duvvuru Rl Reddyq आयकर अपील सं./Ita No.1621/Chny/2017 "नधा"रण वष" /Assessment Year: 2012-13 Dy. Commissioner Of Income Tax, M/S. Rmkv Silks Pvt. Ltd., Circle-1, Vs. 176F, Trivandrum Road, Tirunelveli. Tirunelveli – 627 003. [Pan: Aafcr 4024B] आयकर अपील सं./Ita No.1593/Chny/2017 & Cross Appeal By Revenue In Ita No.1622/Chny/2017 "नधा"रण वष" /Assessment Year: 2013-14 M/S. Rmkv Silks Pvt. Ltd., Vs. Dy. Commissioner Of Income 176F, Trivandrum Road, Tax, Tirunelveli – 627 003. Circle-1, Tirunelveli. [Pan: Aafcr 4024B] आयकर अपील सं./Ita No.613/Chny/2018 Cross Appeal By Revenue In Ita No.759/Chny/2018 "नधा"रण वष" /Assessment Year: 2014-15 M/S. Rmkv Silks Pvt. Ltd., Vs. Asst. Commissioner Of Income 176F, Trivandrum Road, Tax, Tirunelveli – 627 003. Circle-1, [Pan: Aafcr 4024B] Tirunelveli.

Section 47

…is further submitted that the goodwill was purchased by the respondent-assessee company :- 8 -: from the erstwhile firm and therefore, the depreciation on goodwill, knowhow is allowable placing reliance on the following decisions: CIT v. Smifs Securities 348 ITR 302 (SC) Hindustan Coca cola Beverages 331 ITR 192 (Del) B.Raveendran Pillai v. CIT 332 ITR 531(Ker.) Areva T&D 345 ITR 421 (Del.) Triune Energy Services P. Ltd. v. DCIT 237 Taxman 230 (Del.) Chowgule & Company P. Ltd. v. Addl. CIT 2016-TIOL-244HC-Mum-IT CLC & Sons Pvt. Ltd. v. ACIT (ITAT Delhi) (Spl. Bench) 3.9 It was further submitted that the exp…

DCIT Circle 1, Tirunelveli vs. Rmkv Fashion Garments Pvt. Ltd., Tirunelveli

In the result, appeal filed by the Revenue in ITA No

ITA 1626/CHNY/2017[2013-14]Status: DisposedITAT Chennai30 Apr 2018AY 2013-14

Bench: Shri Inturi Rama Rao & Shri Duvvuru Rl Reddyq आयकर अपील सं./Ita No.1621/Chny/2017 "नधा"रण वष" /Assessment Year: 2012-13 Dy. Commissioner Of Income Tax, M/S. Rmkv Silks Pvt. Ltd., Circle-1, Vs. 176F, Trivandrum Road, Tirunelveli. Tirunelveli – 627 003. [Pan: Aafcr 4024B] आयकर अपील सं./Ita No.1593/Chny/2017 & Cross Appeal By Revenue In Ita No.1622/Chny/2017 "नधा"रण वष" /Assessment Year: 2013-14 M/S. Rmkv Silks Pvt. Ltd., Vs. Dy. Commissioner Of Income 176F, Trivandrum Road, Tax, Tirunelveli – 627 003. Circle-1, Tirunelveli. [Pan: Aafcr 4024B] आयकर अपील सं./Ita No.613/Chny/2018 Cross Appeal By Revenue In Ita No.759/Chny/2018 "नधा"रण वष" /Assessment Year: 2014-15 M/S. Rmkv Silks Pvt. Ltd., Vs. Asst. Commissioner Of Income 176F, Trivandrum Road, Tax, Tirunelveli – 627 003. Circle-1, [Pan: Aafcr 4024B] Tirunelveli.

Section 47

…is further submitted that the goodwill was purchased by the respondent-assessee company :- 8 -: from the erstwhile firm and therefore, the depreciation on goodwill, knowhow is allowable placing reliance on the following decisions: CIT v. Smifs Securities 348 ITR 302 (SC) Hindustan Coca cola Beverages 331 ITR 192 (Del) B.Raveendran Pillai v. CIT 332 ITR 531(Ker.) Areva T&D 345 ITR 421 (Del.) Triune Energy Services P. Ltd. v. DCIT 237 Taxman 230 (Del.) Chowgule & Company P. Ltd. v. Addl. CIT 2016-TIOL-244HC-Mum-IT CLC & Sons Pvt. Ltd. v. ACIT (ITAT Delhi) (Spl. Bench) 3.9 It was further submitted that the exp…

DCIT Circle 1, Tirunelveli vs. Rmkv Fashion Garments Pvt. Ltd., Tirunelveli

In the result, appeal filed by the Revenue in ITA No

ITA 1625/CHNY/2017[2012-13]Status: DisposedITAT Chennai30 Apr 2018AY 2012-13

Bench: Shri Inturi Rama Rao & Shri Duvvuru Rl Reddyq आयकर अपील सं./Ita No.1621/Chny/2017 "नधा"रण वष" /Assessment Year: 2012-13 Dy. Commissioner Of Income Tax, M/S. Rmkv Silks Pvt. Ltd., Circle-1, Vs. 176F, Trivandrum Road, Tirunelveli. Tirunelveli – 627 003. [Pan: Aafcr 4024B] आयकर अपील सं./Ita No.1593/Chny/2017 & Cross Appeal By Revenue In Ita No.1622/Chny/2017 "नधा"रण वष" /Assessment Year: 2013-14 M/S. Rmkv Silks Pvt. Ltd., Vs. Dy. Commissioner Of Income 176F, Trivandrum Road, Tax, Tirunelveli – 627 003. Circle-1, Tirunelveli. [Pan: Aafcr 4024B] आयकर अपील सं./Ita No.613/Chny/2018 Cross Appeal By Revenue In Ita No.759/Chny/2018 "नधा"रण वष" /Assessment Year: 2014-15 M/S. Rmkv Silks Pvt. Ltd., Vs. Asst. Commissioner Of Income 176F, Trivandrum Road, Tax, Tirunelveli – 627 003. Circle-1, [Pan: Aafcr 4024B] Tirunelveli.

Section 47

…is further submitted that the goodwill was purchased by the respondent-assessee company :- 8 -: from the erstwhile firm and therefore, the depreciation on goodwill, knowhow is allowable placing reliance on the following decisions: CIT v. Smifs Securities 348 ITR 302 (SC) Hindustan Coca cola Beverages 331 ITR 192 (Del) B.Raveendran Pillai v. CIT 332 ITR 531(Ker.) Areva T&D 345 ITR 421 (Del.) Triune Energy Services P. Ltd. v. DCIT 237 Taxman 230 (Del.) Chowgule & Company P. Ltd. v. Addl. CIT 2016-TIOL-244HC-Mum-IT CLC & Sons Pvt. Ltd. v. ACIT (ITAT Delhi) (Spl. Bench) 3.9 It was further submitted that the exp…

DCIT Circle 1, Tirunelveli vs. Rmkv Fabrics Pvt. Ltd., Tirunelveli

In the result, appeal filed by the Revenue in ITA No

ITA 1624/CHNY/2017[2013-14]Status: DisposedITAT Chennai30 Apr 2018AY 2013-14

Bench: Shri Inturi Rama Rao & Shri Duvvuru Rl Reddyq आयकर अपील सं./Ita No.1621/Chny/2017 "नधा"रण वष" /Assessment Year: 2012-13 Dy. Commissioner Of Income Tax, M/S. Rmkv Silks Pvt. Ltd., Circle-1, Vs. 176F, Trivandrum Road, Tirunelveli. Tirunelveli – 627 003. [Pan: Aafcr 4024B] आयकर अपील सं./Ita No.1593/Chny/2017 & Cross Appeal By Revenue In Ita No.1622/Chny/2017 "नधा"रण वष" /Assessment Year: 2013-14 M/S. Rmkv Silks Pvt. Ltd., Vs. Dy. Commissioner Of Income 176F, Trivandrum Road, Tax, Tirunelveli – 627 003. Circle-1, Tirunelveli. [Pan: Aafcr 4024B] आयकर अपील सं./Ita No.613/Chny/2018 Cross Appeal By Revenue In Ita No.759/Chny/2018 "नधा"रण वष" /Assessment Year: 2014-15 M/S. Rmkv Silks Pvt. Ltd., Vs. Asst. Commissioner Of Income 176F, Trivandrum Road, Tax, Tirunelveli – 627 003. Circle-1, [Pan: Aafcr 4024B] Tirunelveli.

Section 47

…is further submitted that the goodwill was purchased by the respondent-assessee company :- 8 -: from the erstwhile firm and therefore, the depreciation on goodwill, knowhow is allowable placing reliance on the following decisions: CIT v. Smifs Securities 348 ITR 302 (SC) Hindustan Coca cola Beverages 331 ITR 192 (Del) B.Raveendran Pillai v. CIT 332 ITR 531(Ker.) Areva T&D 345 ITR 421 (Del.) Triune Energy Services P. Ltd. v. DCIT 237 Taxman 230 (Del.) Chowgule & Company P. Ltd. v. Addl. CIT 2016-TIOL-244HC-Mum-IT CLC & Sons Pvt. Ltd. v. ACIT (ITAT Delhi) (Spl. Bench) 3.9 It was further submitted that the exp…

DCIT Circle 1, Tirunelveli vs. Rmkv Fabrics Pvt. Ltd., Tirunelveli

In the result, appeal filed by the Revenue in ITA No

ITA 1623/CHNY/2017[2012-13]Status: DisposedITAT Chennai30 Apr 2018AY 2012-13

Bench: Shri Inturi Rama Rao & Shri Duvvuru Rl Reddyq आयकर अपील सं./Ita No.1621/Chny/2017 "नधा"रण वष" /Assessment Year: 2012-13 Dy. Commissioner Of Income Tax, M/S. Rmkv Silks Pvt. Ltd., Circle-1, Vs. 176F, Trivandrum Road, Tirunelveli. Tirunelveli – 627 003. [Pan: Aafcr 4024B] आयकर अपील सं./Ita No.1593/Chny/2017 & Cross Appeal By Revenue In Ita No.1622/Chny/2017 "नधा"रण वष" /Assessment Year: 2013-14 M/S. Rmkv Silks Pvt. Ltd., Vs. Dy. Commissioner Of Income 176F, Trivandrum Road, Tax, Tirunelveli – 627 003. Circle-1, Tirunelveli. [Pan: Aafcr 4024B] आयकर अपील सं./Ita No.613/Chny/2018 Cross Appeal By Revenue In Ita No.759/Chny/2018 "नधा"रण वष" /Assessment Year: 2014-15 M/S. Rmkv Silks Pvt. Ltd., Vs. Asst. Commissioner Of Income 176F, Trivandrum Road, Tax, Tirunelveli – 627 003. Circle-1, [Pan: Aafcr 4024B] Tirunelveli.

Section 47

…is further submitted that the goodwill was purchased by the respondent-assessee company :- 8 -: from the erstwhile firm and therefore, the depreciation on goodwill, knowhow is allowable placing reliance on the following decisions: CIT v. Smifs Securities 348 ITR 302 (SC) Hindustan Coca cola Beverages 331 ITR 192 (Del) B.Raveendran Pillai v. CIT 332 ITR 531(Ker.) Areva T&D 345 ITR 421 (Del.) Triune Energy Services P. Ltd. v. DCIT 237 Taxman 230 (Del.) Chowgule & Company P. Ltd. v. Addl. CIT 2016-TIOL-244HC-Mum-IT CLC & Sons Pvt. Ltd. v. ACIT (ITAT Delhi) (Spl. Bench) 3.9 It was further submitted that the exp…

DCIT Circle 1, Tirunelveli vs. Rmkv Silks Pvt. Ltd., Tirunelveli

In the result, appeal filed by the Revenue in ITA No

ITA 1622/CHNY/2017[2013-14]Status: DisposedITAT Chennai30 Apr 2018AY 2013-14

Bench: Shri Inturi Rama Rao & Shri Duvvuru Rl Reddyq आयकर अपील सं./Ita No.1621/Chny/2017 "नधा"रण वष" /Assessment Year: 2012-13 Dy. Commissioner Of Income Tax, M/S. Rmkv Silks Pvt. Ltd., Circle-1, Vs. 176F, Trivandrum Road, Tirunelveli. Tirunelveli – 627 003. [Pan: Aafcr 4024B] आयकर अपील सं./Ita No.1593/Chny/2017 & Cross Appeal By Revenue In Ita No.1622/Chny/2017 "नधा"रण वष" /Assessment Year: 2013-14 M/S. Rmkv Silks Pvt. Ltd., Vs. Dy. Commissioner Of Income 176F, Trivandrum Road, Tax, Tirunelveli – 627 003. Circle-1, Tirunelveli. [Pan: Aafcr 4024B] आयकर अपील सं./Ita No.613/Chny/2018 Cross Appeal By Revenue In Ita No.759/Chny/2018 "नधा"रण वष" /Assessment Year: 2014-15 M/S. Rmkv Silks Pvt. Ltd., Vs. Asst. Commissioner Of Income 176F, Trivandrum Road, Tax, Tirunelveli – 627 003. Circle-1, [Pan: Aafcr 4024B] Tirunelveli.

Section 47

…is further submitted that the goodwill was purchased by the respondent-assessee company :- 8 -: from the erstwhile firm and therefore, the depreciation on goodwill, knowhow is allowable placing reliance on the following decisions: CIT v. Smifs Securities 348 ITR 302 (SC) Hindustan Coca cola Beverages 331 ITR 192 (Del) B.Raveendran Pillai v. CIT 332 ITR 531(Ker.) Areva T&D 345 ITR 421 (Del.) Triune Energy Services P. Ltd. v. DCIT 237 Taxman 230 (Del.) Chowgule & Company P. Ltd. v. Addl. CIT 2016-TIOL-244HC-Mum-IT CLC & Sons Pvt. Ltd. v. ACIT (ITAT Delhi) (Spl. Bench) 3.9 It was further submitted that the exp…

DCIT Circle 1, Tirunelveli vs. Rmkv Silks Pvt. Ltd., Tirunelveli

In the result, appeal filed by the Revenue in ITA No

ITA 1621/CHNY/2017[2012-13]Status: DisposedITAT Chennai30 Apr 2018AY 2012-13

Bench: Shri Inturi Rama Rao & Shri Duvvuru Rl Reddyq आयकर अपील सं./Ita No.1621/Chny/2017 "नधा"रण वष" /Assessment Year: 2012-13 Dy. Commissioner Of Income Tax, M/S. Rmkv Silks Pvt. Ltd., Circle-1, Vs. 176F, Trivandrum Road, Tirunelveli. Tirunelveli – 627 003. [Pan: Aafcr 4024B] आयकर अपील सं./Ita No.1593/Chny/2017 & Cross Appeal By Revenue In Ita No.1622/Chny/2017 "नधा"रण वष" /Assessment Year: 2013-14 M/S. Rmkv Silks Pvt. Ltd., Vs. Dy. Commissioner Of Income 176F, Trivandrum Road, Tax, Tirunelveli – 627 003. Circle-1, Tirunelveli. [Pan: Aafcr 4024B] आयकर अपील सं./Ita No.613/Chny/2018 Cross Appeal By Revenue In Ita No.759/Chny/2018 "नधा"रण वष" /Assessment Year: 2014-15 M/S. Rmkv Silks Pvt. Ltd., Vs. Asst. Commissioner Of Income 176F, Trivandrum Road, Tax, Tirunelveli – 627 003. Circle-1, [Pan: Aafcr 4024B] Tirunelveli.

Section 47

…is further submitted that the goodwill was purchased by the respondent-assessee company :- 8 -: from the erstwhile firm and therefore, the depreciation on goodwill, knowhow is allowable placing reliance on the following decisions: CIT v. Smifs Securities 348 ITR 302 (SC) Hindustan Coca cola Beverages 331 ITR 192 (Del) B.Raveendran Pillai v. CIT 332 ITR 531(Ker.) Areva T&D 345 ITR 421 (Del.) Triune Energy Services P. Ltd. v. DCIT 237 Taxman 230 (Del.) Chowgule & Company P. Ltd. v. Addl. CIT 2016-TIOL-244HC-Mum-IT CLC & Sons Pvt. Ltd. v. ACIT (ITAT Delhi) (Spl. Bench) 3.9 It was further submitted that the exp…

Rm.K.V.Fabrics Private Limited, Tirunelveli vs. DCIT Circle 1(1), Tirunelveli

In the result, appeal filed by the Revenue in ITA No

ITA 1594/CHNY/2017[2013-14]Status: DisposedITAT Chennai30 Apr 2018AY 2013-14

Bench: Shri Inturi Rama Rao & Shri Duvvuru Rl Reddyq आयकर अपील सं./Ita No.1621/Chny/2017 "नधा"रण वष" /Assessment Year: 2012-13 Dy. Commissioner Of Income Tax, M/S. Rmkv Silks Pvt. Ltd., Circle-1, Vs. 176F, Trivandrum Road, Tirunelveli. Tirunelveli – 627 003. [Pan: Aafcr 4024B] आयकर अपील सं./Ita No.1593/Chny/2017 & Cross Appeal By Revenue In Ita No.1622/Chny/2017 "नधा"रण वष" /Assessment Year: 2013-14 M/S. Rmkv Silks Pvt. Ltd., Vs. Dy. Commissioner Of Income 176F, Trivandrum Road, Tax, Tirunelveli – 627 003. Circle-1, Tirunelveli. [Pan: Aafcr 4024B] आयकर अपील सं./Ita No.613/Chny/2018 Cross Appeal By Revenue In Ita No.759/Chny/2018 "नधा"रण वष" /Assessment Year: 2014-15 M/S. Rmkv Silks Pvt. Ltd., Vs. Asst. Commissioner Of Income 176F, Trivandrum Road, Tax, Tirunelveli – 627 003. Circle-1, [Pan: Aafcr 4024B] Tirunelveli.

Section 47

…is further submitted that the goodwill was purchased by the respondent-assessee company :- 8 -: from the erstwhile firm and therefore, the depreciation on goodwill, knowhow is allowable placing reliance on the following decisions: CIT v. Smifs Securities 348 ITR 302 (SC) Hindustan Coca cola Beverages 331 ITR 192 (Del) B.Raveendran Pillai v. CIT 332 ITR 531(Ker.) Areva T&D 345 ITR 421 (Del.) Triune Energy Services P. Ltd. v. DCIT 237 Taxman 230 (Del.) Chowgule & Company P. Ltd. v. Addl. CIT 2016-TIOL-244HC-Mum-IT CLC & Sons Pvt. Ltd. v. ACIT (ITAT Delhi) (Spl. Bench) 3.9 It was further submitted that the exp…

Rm.K.V.Silks Private Limited, Tirunelveli vs. DCIT Circle 1, Tirunelveli

In the result, appeal filed by the Revenue in ITA No

ITA 1593/CHNY/2017[2013-14]Status: DisposedITAT Chennai30 Apr 2018AY 2013-14

Bench: Shri Inturi Rama Rao & Shri Duvvuru Rl Reddyq आयकर अपील सं./Ita No.1621/Chny/2017 "नधा"रण वष" /Assessment Year: 2012-13 Dy. Commissioner Of Income Tax, M/S. Rmkv Silks Pvt. Ltd., Circle-1, Vs. 176F, Trivandrum Road, Tirunelveli. Tirunelveli – 627 003. [Pan: Aafcr 4024B] आयकर अपील सं./Ita No.1593/Chny/2017 & Cross Appeal By Revenue In Ita No.1622/Chny/2017 "नधा"रण वष" /Assessment Year: 2013-14 M/S. Rmkv Silks Pvt. Ltd., Vs. Dy. Commissioner Of Income 176F, Trivandrum Road, Tax, Tirunelveli – 627 003. Circle-1, Tirunelveli. [Pan: Aafcr 4024B] आयकर अपील सं./Ita No.613/Chny/2018 Cross Appeal By Revenue In Ita No.759/Chny/2018 "नधा"रण वष" /Assessment Year: 2014-15 M/S. Rmkv Silks Pvt. Ltd., Vs. Asst. Commissioner Of Income 176F, Trivandrum Road, Tax, Tirunelveli – 627 003. Circle-1, [Pan: Aafcr 4024B] Tirunelveli.

Section 47

…is further submitted that the goodwill was purchased by the respondent-assessee company :- 8 -: from the erstwhile firm and therefore, the depreciation on goodwill, knowhow is allowable placing reliance on the following decisions: CIT v. Smifs Securities 348 ITR 302 (SC) Hindustan Coca cola Beverages 331 ITR 192 (Del) B.Raveendran Pillai v. CIT 332 ITR 531(Ker.) Areva T&D 345 ITR 421 (Del.) Triune Energy Services P. Ltd. v. DCIT 237 Taxman 230 (Del.) Chowgule & Company P. Ltd. v. Addl. CIT 2016-TIOL-244HC-Mum-IT CLC & Sons Pvt. Ltd. v. ACIT (ITAT Delhi) (Spl. Bench) 3.9 It was further submitted that the exp…

Kpit Cummins Global Business Solutions Ltd., Pune vs. Assistant Commissioner of Income-Tax

In the result, appeal of assessee relating to assessment year 2008-09 is partly allowed, appeal of assessee relating to assessment year 2009-10 and appeal of Revenue are partly allowed

ITA 525/PUN/2014[2009-10]Status: DisposedITAT Pune09 Apr 2018AY 2009-10

Bench: Ms. Sushma Chowla, Jm & Shri Anil Chaturvedi, Am आयकर अपीऱ सं. / Ita No.246/Pun/2013 यििाारण वषा / Assessment Year : 2008-09

For Appellant: Shri Kishore PhadkeFor Respondent: Shri Rajeev Kumar, CIT
Section 10ASection 143(3)Section 37(1)Section 92CSection 92C(2)

…r the term ‘intangible asset’. The Assessing Officer denying the claim of depreciation observed that at best what was paid was goodwill. After passing of the order of Assessing Officer and DRP, the Hon'ble Supreme Court in CIT Vs. Smifs Securities Ltd. (2012) 348 ITR 302 (SC) has held that goodwill was an intangible asset under section 32(1)(ii) of the Act covered with expression ‘any other business or commercial rights of similar nature’. The Hon'ble Supreme Court also held the assessee entitled to claim the depreciation on such goodwill. 13. The learned Authorized Representative for the assessee has pointed ou…

Assistant Commissioner of Income-Tax vs. M/S. Kpit Technologies Ltd., Pune

In the result, appeal of assessee relating to assessment year 2008-09 is partly allowed, appeal of assessee relating to assessment year 2009-10 and appeal of Revenue are partly allowed

ITA 459/PUN/2014[2009-10]Status: DisposedITAT Pune09 Apr 2018AY 2009-10

Bench: Ms. Sushma Chowla, Jm & Shri Anil Chaturvedi, Am आयकर अपीऱ सं. / Ita No.246/Pun/2013 यििाारण वषा / Assessment Year : 2008-09

For Appellant: Shri Kishore PhadkeFor Respondent: Shri Rajeev Kumar, CIT
Section 10ASection 143(3)Section 37(1)Section 92CSection 92C(2)

…r the term ‘intangible asset’. The Assessing Officer denying the claim of depreciation observed that at best what was paid was goodwill. After passing of the order of Assessing Officer and DRP, the Hon'ble Supreme Court in CIT Vs. Smifs Securities Ltd. (2012) 348 ITR 302 (SC) has held that goodwill was an intangible asset under section 32(1)(ii) of the Act covered with expression ‘any other business or commercial rights of similar nature’. The Hon'ble Supreme Court also held the assessee entitled to claim the depreciation on such goodwill. 13. The learned Authorized Representative for the assessee has pointed ou…

Kpit Cummins Global Business Solutions Ltd., (Now Merged With Kpit Cummins Infosystems Ltd), Pune vs. ACIT, Circle 11(1), Pune

In the result, appeal of assessee relating to assessment year 2008-09 is partly allowed, appeal of assessee relating to assessment year 2009-10 and appeal of Revenue are partly allowed

ITA 246/PUN/2013[2008-09]Status: DisposedITAT Pune09 Apr 2018AY 2008-09

Bench: Ms. Sushma Chowla, Jm & Shri Anil Chaturvedi, Am आयकर अपीऱ सं. / Ita No.246/Pun/2013 यििाारण वषा / Assessment Year : 2008-09

For Appellant: Shri Kishore PhadkeFor Respondent: Shri Rajeev Kumar, CIT
Section 10ASection 143(3)Section 37(1)Section 92CSection 92C(2)

…r the term ‘intangible asset’. The Assessing Officer denying the claim of depreciation observed that at best what was paid was goodwill. After passing of the order of Assessing Officer and DRP, the Hon'ble Supreme Court in CIT Vs. Smifs Securities Ltd. (2012) 348 ITR 302 (SC) has held that goodwill was an intangible asset under section 32(1)(ii) of the Act covered with expression ‘any other business or commercial rights of similar nature’. The Hon'ble Supreme Court also held the assessee entitled to claim the depreciation on such goodwill. 13. The learned Authorized Representative for the assessee has pointed ou…

DCIT, Cir-7(1), Kolkata vs. M/R Britannia Dairy Pvt. Ltd., Kolkata

In the result the appeal by the revenue is dismissed

ITA 1113/KOL/2016[2011-2012]Status: DisposedITAT Kolkata01 Mar 2018AY 2011-2012

Bench: Hon’Ble Sri N.V.Vasudevan, Jm & Shri Waseem Ahmed, Am] I.T.A No. 1113/Kol/2016 Assessment Year : 2011-12 D.C.I.T., Circle-7 (1) -Vs.- M/S Britannia Dairy Pvt. Ltd. Kolkata Kolkata [Pan : Aabcb 8795 R] (Respondent) (Appellant) For The Appellant : Shri Saurabh Kumar, Addl.Cit, Sr.Dr For The Respondent : Shri Akkal Dudhewala, Ar Date Of Hearing : 28.02.2018. Date Of Pronouncement : 01.03.2018

For Appellant: Shri Saurabh Kumar, Addl.CIT, Sr.DRFor Respondent: Shri Akkal Dudhewala, AR
Section 32Section 32(1)(ii)

…alue after allocation of values to the various assets was treated as good will and that the valuation done by the valuers was proper. The tribunal further placed reliance on the decision of the Hon’ble Supreme Court in the case of CIT vs Snifs Securities Ltd. 348 ITR 302 (SC) came to the conclusion that the transfer of intangible such a good will is allowable u/s 32(1)(ii) of the Income Tax 2 3 M/s Britannia Dairy Pvt. Ltd. A.Yr.2011-12 Act, 1961 (Act). The Tribunal also came to the conclusion that the acquisition of knowhow , payment for acquisition of marketing infrastructure, payment of consideration of non c…

ITO 9(2)(1), Thane vs. Babaji Shakti Cargo Movers P.Ltd, Mumbai

In the result, Revenue’s appeal is dismissed

ITA 4132/MUM/2016[2010-11]Status: DisposedITAT Mumbai28 Feb 2018AY 2010-11

Bench: Shri Saktijit Dey & Shri Rajesh Kumar

For Appellant: Shri Radheshyam JajooFor Respondent: Ms. S. Padmaja
Section 32(1)(ii)

…IN THE INCOME TAX APPELLATE TRIBUNAL “F” BENCH, MUMBAI BEFORE SHRI SAKTIJIT DEY, JUDICIAL MEMBER AND SHRI RAJESH KUMAR, ACCOUNTANT MEMBER ITA no.4132/Mum./2016 (Assessment Year : 2010–11) Income Tax Officer ……………. Appellant Ward–9(2)(1), Mumbai v/s Babaji Shakti Cargo Movers Pvt. Ltd. Plot no.2, Behind EXCOM House Saki Vihar Road, Saki Naka ……………. Respondent Andheri (E), Mumbai 400 072 PAN – AADCB7698D Revenue by : Ms. S. Padmaja Assessee by : Shri Radheshyam Jajoo Date of Hearing – 21.02.2018 Date of Order – 28.02.2018 O R D E R PER SAKTIJIT DEY, J.M. This is an appeal by the Revenue against order dated 7…