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.

DCIT Cen Cir 6(3), Mumbai vs. E-Land Apparel P.Ltd, Mumbai

In the result, appeal filed by the Revenue is dismissed

ITA 6330/MUM/2016[2011-12]Status: DisposedITAT Mumbai17 Jan 2018AY 2011-12

Bench: Shri B.R. Baskaran (Am) & Shri Ravish Sood(Jm)

…not pay any amount specifically for “good will”. The Ld CIT(A) allowed depreciation on brand name, but confirmed the disallowance of depreciation on goodwill. 14. The Ld A.R submitted that Hon'ble Supreme Court has held in the case of Smifs Securities Ltd., (348 ITR 302) that depreciation is allowable on goodwill amount. He further submitted that Hon'ble Supreme Court has observed in paragraph 12 of his order that the difference between ‘cost of assets’ and the ‘amount paid to acquire the same’ would constitute goodwill. Accordingly, learned AR submitted that the difference between the net asset acquired by the…

Essilor Sankar & Co-Optics P. Ltd., Coimbatore vs. DCIT Corporate Circle 2, Coimbatore

In the result, both the appeals of the assessee for the assessment

ITA 1512/CHNY/2017[2014-15]Status: DisposedITAT Chennai16 Jan 2018AY 2014-15

Bench: Shri N.R.S. Ganesan & Shri, M. Balaganesh

For Appellant: Mr.AR.V.Sreenivasan,JCIT, DRFor Respondent: 15-01-2018

…im any deduction towards amortization of goodwill during assessment years 2009-10, 2010-11, 2011-12 & 2012-13. The assessee, pursuant to being made aware of the decision of the Hon’ble Supreme Court in the case of CIT Vs. Smifs Secruties Ltd., reported in 348 ITR 302 (SC) decided to claim depreciation on value of goodwill treating the same as intangible assets. Accordingly, assessee claimed depreciation on goodwill amounting to `62,89,265/- (25% of `2,51,57,060/-) for assessment year 2013-14 for the first time. This sum of depreciation claimed by the assessee was disallowed by the ld. Assessing Officer on t…

Essilor Sankar & Co-Optics P. Ltd., Coimbatore vs. DCIT Corporate Circle 2, Coimbatore

In the result, both the appeals of the assessee for the assessment

ITA 1511/CHNY/2017[2013-14]Status: DisposedITAT Chennai16 Jan 2018AY 2013-14

Bench: Shri N.R.S. Ganesan & Shri, M. Balaganesh

For Appellant: Mr.AR.V.Sreenivasan,JCIT, DRFor Respondent: 15-01-2018

DCIT, New Delhi vs. M/S Eac Industrial Ingredients India P. Ltd., New Delhi

In the result, the solitary ground of the appeal of the revenue is allowed

ITA 1801/DEL/2011[2006-07]Status: DisposedITAT Delhi28 Dec 2017AY 2006-07

Bench: Shri Bhavnesh Siani & Shri Prashant Maharishidcit, Vs. Eac Industrial Ingredients India P. Circle-11(1), Room No. 312, Ltd, Cr Building, New Delhi B-174, First Floor, West Patel Nagar, New Delhi Pan: Aabce5086G (Appellant) (Respondent)

For Appellant: Shri Nageswar Rao, AdvFor Respondent: Shri Subash Verma, Sr DR

Section 32Section 32(1)

…ng International Ltd, (supra) is perused but in view of the decision of Hon’ble Jurisdictional High Court, the decision of the Hon'ble Delhi High Court binds us. Further, reliance on the decision of Hon'ble Supreme Court in case of Cit Vs. Smif Securities Ltd 13 SCC 488 dated 22.08.2012 the issue was not with respect to non compete fees but “goodwill” and “Stock Exchange Membership Card”. In the present case though goodwill of 57.30 million was paid but that is not the issue in dispute. In view of the decision of the Hon’ble Jurisdictional High Court we reverse the finding of the ld CIT(A) in granting deprecation…

Idea Cellular Ltd, Mumbai vs. Pr. CIT 14, Mumbai

In the result, the appeal of assessee is allowed

ITA 360/MUM/2016[2011-12]Status: DisposedITAT Mumbai06 Dec 2017AY 2011-12

Bench: Sri Mahavir Singh, Jm & Sri Nk Pradhan, Am Idea Cellular Limited Principal Commissioner Of 10Th Floor, Birla Centurion, Income Tax-14, Century Mills Compound, 469, Aayakar Bhavan, M.K. Vs. Pandurang Budhkar Marg, Marg, Worli, Mumbai-400 030 Mumbai-400 020 Appellant .. Respondent Pan No. Aaacb2100P

For Appellant: Jehangir D Mistri &For Respondent: B.C.S. Naik, CIT-DR

Section 115JSection 143(1)Section 143(2)Section 143(3)Section 263Section 32(1)Section 35ASection 37(1)

…for the assessee relied on the decision of the Hon’ble Supreme Court for the proposition that license is an asset under Explanation 3(b) to section 32(1) of the Act and, thus, it is eligible for depreciation. He relied on CIT vs. Smifs Securities Ltd. (2012) 348 ITR 302 (SC), wherein Hon’ble Supreme Court has considered the issue of goodwill and held as under: - “3. The Assessing Officer held that goodwill was not an asset falling under Explanation 3 to Section 32(1) of the Income Tax Act, 1961 [`Act', for short]. We quote hereinbelow Explanation 3 to Section 32(1) of the Act: "Explanation 3.-- For the purpos…

ACIT 14(2)(1), Mumbai vs. Lafarge Aggregates & Concrete P. Ltd, Mumbai

ITA 2783/MUM/2015[2009-10]Status: DisposedITAT Mumbai15 Nov 2017AY 2009-10

For Appellant: S/Shri Paras Savla & Pratik PoddarFor Respondent: Shri Manjunathswamy-CIT

Section 143(3)Section 254(1)

…आयकर अपीलीय अिधकरण आयकर अपीलीय अिधकरण मुंबई आयकर अपीलीय अिधकरण आयकर अपीलीय अिधकरण मुंबई मुंबई “ई” खंडपीठ मुंबई खंडपीठ खंडपीठ खंडपीठ IN THE INCME TAX APPELLATE TRIBUNAL “E” BENCH, MUMBAI सव"ी राजे"", लेखा सद"य एवं संदीप गोसांई ,"याियक सद"य Befre S/Shri Rajendra, A.M. and Sandeep Gosain,J.M. आयकर अपील सं आयकर अपील सं././././ITA N. 2783/Mum/2015,िनधा"रण वष" आयकर अपील सं आयकर अपील सं िनधा"रण वष" िनधा"रण वष" /Assessment Year: 2009-10 िनधा"रण वष" ACIT-14(2)(1) M/s. Lafarge Aggregates & Concrete 432, aayakar Bhavan, 4th Flr Pvt.Ltd. M.K. Marg, Mumbai-400 020. Equinox Business Park, Twer-3 Vs. East Wing, 4th Flr,off BKC…

DCIT 10(2), Mumbai vs. Aadhar Retailing Ltd, Navi Mumbai

ITA 1586/MUM/2014[2008-09]Status: DisposedITAT Mumbai15 Nov 2017AY 2008-09

For Appellant: Dinkle HariyaFor Respondent: Shri R.P. Meena-CIT-DR

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

…आयकर आयकर अपीलीय आयकर आयकर अपीलीय अपीलीय अिधकरण अपीलीय अिधकरण अिधकरण, मुंबई अिधकरण मुंबई मुंबई “ए” खंडपीठ मुंबई खंडपीठ खंडपीठ मेमेमेमे खंडपीठ Income-tax Appellate Tribunal -“A”Bench Mumbai सव"ी राजे"",लेखा सद"य एवं अमरजीत "सह, "याियक सद"य Before S/Sh.Rajendra,Accountant Member and Amarjit Singh,Judicial Member आयकर अपील सं./I.T.A./1586/Mum/2014,िनधा"रण िनधा"रण वष" वष" /Assessment Year: 2008-09 िनधा"रण िनधा"रण वष" वष" DCIT-10(2) M/s. Aadhar Retailing Limited (now known as Aadhar Wholesale Trading and Distribution Room No.432/474, 4th Floor Limited) Aayakar Bhavan, M.K. Road C/o., Future Agrovet Ltd. Mumbai-400 0…

Trio Elevators Company (India) Ltd., Ahmedabad vs. The Dy.CIT., Circle-4(1)(2), Ahmedabad

ITA 952/AHD/2015[2010-11]Status: DisposedITAT Ahmedabad12 Oct 2017AY 2010-11

Bench: Shri Pramod Kumar & Shri S. S. Godara. Trio Elevators Company (India) Ltd., 404, Shivam Complex, Bhuyangdev Cross Road, Sola Road, Ghatlodiya, Ahmedabad Appellant Vs. Deputy Commissioner Of Income Tax, Circle – 4(1)(2), Ahmedabad Respondent Pan: Aacct4923E

For Appellant: Shri S. N. Soparkar, A.RFor Respondent: Shri V. K. Singh, Sr. D.R

Section 115JSection 143(3)

…d assessee’s instant additional ground mainly for the reason that the same was not raised in its return of income. It is no more in dispute that appreciation on goodwill is very much allowable as per hon’ble apex court’s judgment in Smifs Securities Ltd. case 348 ITR 302 (SC). Learned Departmental Representative fails to rebut the fact that assessee’s audited balance sheet duly reveals the relevant figure in schedule 3. We therefore accept the instant substantive ground in principle by quoting hon’ble apex court’s judgment in Goetze (India) Ltd. case (2006) 284 ITR 323 (SC) that this tribunal as well as all appel…

Trio Elevators Company (India) Ltd., Ahmedabad vs. The Dy.CIT., Circle-4(1)(2), Ahmedabad

In the result, the appeal is allowed for statistical purposes

ITA 291/AHD/2015[2011-12]Status: DisposedITAT Ahmedabad22 Sept 2017AY 2011-12

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

…,56,17,576/- on the ground that goodwill is not covered under explanation 3 to Section 32(1) of the Income-tax Act, 1961 even though the issue has been decided by Hon’ble Supreme court in favour of the assessee in case of SMIFS Securities Limited, reported at 348 ITR 302.” 6. Learned representatives fairly agree that the above grievance is covered, in favour of the assessee, by the decision dated 09.12.2016 of the Co-ordinate Bench of this Tribunal in assessee’s own case for the assessment year 2007-08 wherein the Tribunal has, inter alia, observed as follows:- “3. We have given a thoughtful consideration to the…

ACIT, New Delhi vs. M/S. Premier Book Co., New Delhi

ITA 6774/DEL/2014[2010-11]Status: DisposedITAT Delhi21 Sept 2017AY 2010-11

Bench: Shri N.K. Saini & Shri Kuldip Singh

For Appellant: Shri B.K. Anand, CAFor Respondent: Smt. Paramita Tripathy, CIT DR

Section 143Section 154Section 32Section 32(1)(ii)

…IN THE INCOME TAX APPELLATE TRIBUNAL (DELHI BENCH ‘F’ : NEW DELHI) BEFORE SHRI N.K. SAINI, ACCOUNTANT MEMBER and SHRI KULDIP SINGH, JUDICIAL MEMBER ITA No.6774/Del./2014 (ASSESSMENT YEAR : 2010-11) ACIT, Circle 52 (1), vs. M/s. Premier Book Co., New Delhi. 4792/23, Ansari Road, Darya Ganj, New Delhi – 110 002. (PAN : AAEFP8468R) CO No.210/Del/2015 (in ITA No.6774/Del./2014) (ASSESSMENT YEAR : 2010-11) M/s. Premier Book Co., vs. ACIT, Circle 52 (1), 4792/23, Ansari Road, New Delhi. Darya Ganj, New Delhi – 110 002. (PAN : AAEFP8468R) (APPELLANT) (RESPONDENT) ASSESSEE BY : Shri B.K. Anand, CA REVENUE BY : Smt. Param…

Pitney Bowes India (P) Ltd., New Delhi vs. DCIT, New Delhi

In the result, out of the five appeals of the assessee, the ITA Nos

ITA 289/DEL/2013[2005-06]Status: DisposedITAT Delhi29 May 2017AY 2005-06

Bench: Sh. I.C. Sudhir & Sh. O.P. Kant

Section 143(3)Section 147Section 32

…mployees etc. In support of the contention that goodwill is an intangible assets eligible for depreciation, the Ld. counsel relied on following decisions: (i) Area T & D India Ltd versus DCIT(2012) 341 ITR 421(Del). (ii) CIT versus Smifs securities Ltd (2012) 348 ITR 302(SC) (iii) Triune energy services private limited versus DCIT (2016) 65 taxmann.com 288 (Delhi) 7.2.1 Further, the Ld. counsel relied on the following decisions where it is held that excess consideration over the value of net assets was considered as goodwill: (i) decision of the Tribunal, Mumbai bench in the case of DCIT Vs. Toyo Engineering Indi…

You Broadband & Cable India Ltd ( Formerly Knwon As You Telecom India P. Ltd), Mumbai vs. DCIT 9(3), Mumbai

In the result, appeals filed by the assessee in A

ITA 8409/MUM/2010[2006-07]Status: DisposedITAT Mumbai17 May 2017AY 2006-07

Bench: S/Shri B.R. Baskaran (Am) & Sandeep Gosain (Jm)

Section 194JSection 40Section 80

…the earlier paragraphs. 7. Next issue relates to depreciation claimed by the assessee on Good will amount, which has been disallowed by the AO and learned CIT(A). This issue has since been settled by Hon'ble Supreme Court in the case of Smifs Securities Ltd 348 ITR 302, wherein Hon'ble Supreme Court has held that depreciation is allowable on goodwill. Accordingly, we reverse the order passed by the learned CIT(A) on this issue and direct the AO to allow depreciation on goodwill amount. 8. Now we shall take up the appeal filed by the revenue for A.Y. 2008-09. In this year, the Ld CIT(A) has deleted the addition…

DCIT, Chennai vs. M/S. Airplaza Retail Holdings Pvt. Ltd., Chennai

In the result the appeal of the Revenue is dismissed

ITA 2227/CHNY/2016[2011-12]Status: DisposedITAT Chennai01 May 2017AY 2011-12

Bench: Shri A.Mohan Alankamony & Shri Duvvuru Rl Reddy

For Appellant: Shri R. Sivaraman, AdvocateFor Respondent: 11.04.2017

Section 143(1)Section 143(3)Section 250(6)Section 32(1)

…आयकर अपील"य अ"धकरण, ‘सी’ "यायपीठ, चे"नई IN THE INCOME TAX APPELLATE TRIBUNAL , ‘C’ BENCH, CHENNAI "ी ए. मोहन अलंकामणी, लेखा सद"य एवं "ी धु"वु" आर.एल रे"डी, "या"यक सद"य के सम" BEFORE SHRI A.MOHAN ALANKAMONY, ACCOUNTANT MEMBER AND SHRI DUVVURU RL REDDY, JUDICIAL MEMBER आयकरअपीलसं./I.T.A.No.2227/Mds/2016 ("नधा"रणवष" / Assessment Year: 2011-12) Vs M/s. Airplaza Retail Holdings Pvt. The Deputy Commissioner of Ltd., Income Tax, 4, Mookambika Complex 5th Floor, Corporate Circle – 1(1), Lady Desika Road, Mylapore, Chennai – 600 034 Chennai – 600 004. PAN: AAICA7614B (अपीलाथ"/Appellant) (""यथ"/Respondent) : Shri A.V. Sre…

DCIT 1(3)(1), Mumbai vs. Sumitomo Chemical P.Ltd, Mumbai

In the result, Revenue’s appeal for A

ITA 3915/MUM/2015[2009-10]Status: DisposedITAT Mumbai15 Mar 2017AY 2009-10

Bench: Shri Jason P. Boaz & Shri Sanjay Gargdy. C I T – 1(3)(1) M/S. Sumitomo Chemical P. Ltd. Room No. 564, 5Th Floor 6Th Floor, Moti Mahal Vs. Aayakar Bhavan, M.K. Road 195, J. Tata Road, Churchgate Mumbai 400020 Mumbai 400020 Pan – Aaecs3750L Appellant Respondent

For Appellant: Shri Saurabh Kumar RaiFor Respondent: Shri Alpesh Gandhi &

Section 115JSection 143(1)Section 143(3)Section 35DSection 43(1)Section 92C

…ibunal in its order in ITA No. 3077/Mum/2012 dated 25.03.2015 in the assessee’s own case for A.Y. 2007-08 has decided the identical issue in favour of the assessee wherein, following the decision of the Hon'ble Apex Court in the case of Smifs Securities Ltd. (348 ITR 302) and of assessee’s own case for A.Y. 2006-07 (supra), it has held as under at paras 7 and 8 thereof: - “7. Before us, assessee raised an additional ground relating to the granting of depreciation of goodwill acquired in AY 2006-2007. The assessee made a formal request vide his letter dated 5.5.2014 informing that acquiring goodwill from Bilag Ind…

M/S Samsung R & D Institute India Bangalore Private Limited, Bangalore vs. Addl C.I.T., Bangalore

In the result, the appeal of the Revenue is partly allowed for

ITA 55/BANG/2015[2009-10]Status: DisposedITAT Bangalore03 Mar 2017AY 2009-10

Bench: Shri A.K Garodiashri Laliet Kumarit(Tp)A No.55//Bang/2015 (Asst. Year 2009-10) M/S Samsung R&D Institute India Bangalore Pvt. Ltd., Bangalore. . Appellant Aaics 6290F. Vs. The Dy. Commissioner Of Income-Tax, Circle-6(1)(1), Bengaluru. . Respondent It(Tp)A No.60//Bang/2015 (Asst. Year 2009-10)

For Respondent: Shri Kapil Hirani, C.A Respondent by : Shri Neera Malhotra, CIT

…57 Taxman 1 (SC) 11. We have gone through the order passed by the CIT(A). The CIT(A) relied upon the decision of Madras High Court in the case of Pentasoft Technologies Ltd., wherein decision of the Hon’ble Supreme Court in the case of Smifs Securities Ltd., 348 ITR 302 was followed. 11. We have heard both parties and perused the material on record. In the recent decision of Delhi High Court in the case of Triune Energy Systems Vs. DCIT (2016) 65 taxman.com 288 at paragraph 15 to 18 it has held as under: 15. From an accounting perspective, it is well established that 'goodwill' is an intangible asset, IT(TP)A…

Merck Specialities P. Ltd, Mumbai vs. Asst CIT Cir 6(3), Mumbai

ITA 3943/MUM/2013[2007-08]Status: DisposedITAT Mumbai25 Jan 2017AY 2007-08

Bench: S/Sh.Rajendra & Amarjit Singhिनधा"रण वष" वष" /Assessment Year: 2007-08 आयकर अपील सं./I.T.A./3943/Mum/2013,िनधा"रण िनधा"रण िनधा"रण वष" वष" आयकर अपील सं./I.T.A./3944/Mum/2013,िनधा"रण िनधा"रण वष" वष" /Assessment Year: 2008-09 िनधा"रण िनधा"रण वष" वष" Merck Specialities Private Limited The Acit, Circle-6(3), Aayakar Bhavan Shivsagar Estate, Dr. Annie Besant Rd. M.K. Road Vs. Worli,Mumbai-400 018. Mumbai-400020. Pan:Aaecm 2634 B (अपीलाथ" /Appellant) (""यथ" / Respondent) राज"व क" ओर से / Revenue By: Shri B.C.S Naik-Cit-Dr अपीलाथ" क" ओर से /Assessee By: Shri P.J. Pardiwala/Ms. Aarati Visanji सुनवाई क" तारीख / Date Of Hearing: 07/11/2016 घोषणा क" तारीख / Date Of Pronouncement: 25.01.2017 आयकर अिधिनयम अिधिनयम,1961 क" क" धारा धारा 254(1)केकेकेके अ"तग"त अ"तग"त आदेश आदेश आयकर आयकर आयकर अिधिनयम अिधिनयम क" क" धारा धारा अ"तग"त अ"तग"त आदेश आदेश Order U/S.254(1)Of The Income-Tax Act,1961(Act) लेखा सद"य सद"य, राजे"" राजे"" केकेकेके अनुसार अनुसार/ Per Rajendra A.M.- लेखा लेखा लेखा सद"य सद"य राजे"" राजे"" अनुसार अनुसार Challenging The Orders Of The Cit(A)-12,Mumbai The Assessee Has Filed The Appeals For The Above-Mentioned Assessment Years(Ay.S).Assessee-Company, Is Engaged In The Business Of Manufacturing Trading & Marketing Of Fine Chemicals & Pharmaceutical Specialties. The Details Of The Dates Of Filing Of Returns,Returned Incomes,Assessed Incomes Etc.Can Be Summarised As Under: Ay. Roi Filed On Returned Income Asstt.Dt. Assessed Income Cit(A)Order 2007-08 29.10.2007 Rs.5.64,95,162/- 31.12.2010 Rs.22,79,96,485/- 28/03/2013 2008-09 30.09.2008 Rs.24,35,52,117/-/- 26.12.2011 Rs.37,61,06,040/- 18/03/2013

For Appellant: Shri P.J. Pardiwala/Ms. Aarati VisanjiFor Respondent: Shri B.C.S Naik-CIT-DR

Section 254(1)Section 43(1)

…आयकर अपीलीय अपीलीय अिधकरण अिधकरण, मुंबई मुंबई “आई आई” खंडपीठ खंडपीठ आयकर आयकर आयकर अपीलीय अपीलीय अिधकरण अिधकरण मुंबई मुंबई आई आई खंडपीठ खंडपीठ Income-tax Appellate Tribunal -“I”Bench Mumbai सव"ी राजे"",लेखा सद"य एवं अमरजीत "सह, "याियक सद"य Before S/Sh.Rajendra,Accountant Member and Amarjit Singh,Judicial Member िनधा"रण वष" वष" /Assessment Year: 2007-08 आयकर अपील सं./I.T.A./3943/Mum/2013,िनधा"रण िनधा"रण िनधा"रण वष" वष" आयकर अपील सं./I.T.A./3944/Mum/2013,िनधा"रण िनधा"रण वष" वष" /Assessment Year: 2008-09 िनधा"रण िनधा"रण वष" वष" Merck Specialities Private Limited The ACIT, Circle-6(3), Aayakar Bhavan Shivsagar Es…

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

In the result, the appeal by the assessee as well as ofthe department are partly allowed for statistical purposes

ITA 615/DEL/2015[2010-11]Status: DisposedITAT Delhi03 Jan 2017AY 2010-11

Bench: Sh. N. K. Saini, Am & Sh. Kuldip Singh, Jm Ita No. 302/Del/2015 : Asstt. Year : 2010-11 Exl Service.Com (India) Pvt. Ltd., Vs Deputy Commissioner Of Income 414, 4Th Floor, Dlf Jasola, Tax, Large Tax Payer Unit, Tower-B, Plot No. 10 & 11, Dda New Delhi District Centre, Jasola, New Delhi-110044 (Appellant) (Respondent) Ita No. 615/Del/2015 : Asstt. Year : 2010-11 Deputy Commissioner Of Income Vs Exl Service.Com (India) Pvt. Ltd., 414, 4Th Floor, Dlf Jasola, Tower- Tax, Circle-1 (Ltu), New Delhi-110017 B, Plot No. 10 & 11, Dda District Centre, Jasola, New Delhi-110044 (Appellant) (Respondent) Pan No. Aaace5174C Assessee By : Sh. Ajay Vohra, Adv. Sh. Abhishek Agarwal, Adv. Revenue By : Sh. Piyush Jain, Cit Dr Date Of Hearing : 07.10.2017 Date Of Pronouncement : 03.01.2017 Order Per N. K. Saini, Am:

For Appellant: Sh. Ajay Vohra, AdvFor Respondent: Sh. Piyush Jain, CIT DR

Section 143(3)Section 92D

…company in any inventions and employees- in the return of income filed for the assessment year 2005-06, the assessee claimed depreciation on 'goodwill'. Hon'ble ITAT after relying upon the decision of Hon'ble Supreme Court in CIT vs. Smifs Securities Limited 348 ITR 302 and decisions of Delhi High Court in Areva T&D India Limited (supra) and CIT vs. Jai Parabolic Springs Limited 306 ITR 42 held under: "7.16 In the light of the Hon'ble Supreme Court and the Hon'ble High Court of Delhi's order and in the aforesaid facts and circumstances of the case, we find that since the assessee purchased the business lock stoc…

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

In the result, the appeal by the assessee as well as ofthe department are partly allowed for statistical purposes

ITA 302/DEL/2015[2010-11]Status: DisposedITAT Delhi03 Jan 2017AY 2010-11

For Appellant: Sh. Ajay Vohra, AdvFor Respondent: Sh. Piyush Jain, CIT DR

Section 143(3)Section 92D

Triune Projects Private Limited vs. Deputy Commissioner of Income Tax

ITA/448/2016HC Delhi22 Nov 2016

Bench: HON'BLE MR. JUSTICE S. RAVINDRA BHAT,HON'BLE MR. JUSTICE NAJMI WAZIRI

Section 50B

…angible asset and the question of its valuation, in any manner, other than the one disclosed by the assessee could not have arisen. In so holding, this Court relied upon the decision of the Supreme Court in Commissioner of Income Tax Vs. Smifs Securities Ltd. 348 ITR 302 (SC). Besides, the Court also noted the relevant Financial Reporting Standard i.e., No. 10 and the Accounting Standard issued by the Chartered Accountants of India. Therefore, the Court concluded that the excess consideration paid over and above the value of the net tangible asset, was none other than the value of the goodwill. 7. The ITAT, in th…

M/S Sanyo Bpl Pvt Ltd, Bangalore vs. Deputy Commissioner of Income Tax, Bangalore

In the result, the appeal by the assessee is dismissed

ITA 1395/BANG/2014[2006-07]Status: DisposedITAT Bangalore04 Nov 2016AY 2006-07

Bench: Shri Sunil Kumar Yadav & Shri Inturi Rama Raom/S. Sanyo Bpl Pvt. Ltd. Jubilee Bldg., Ii Floor, No.45, Museum Road, Bengaluru-560025. … Appellant Pan: Aajcs 0332 B

For Appellant: Shri Nageswar Rao, AdvocateFor Respondent: Shri D.Sudhakar Rao, CIT(DR)

Section 143(1)Section 143(2)Section 143(3)Section 43(1)

…e Delhi High Page 16 of 25 Court in the case of Triune Energy Services (P) Ltd. In ITA Nos.40 & 189 of 2015. Intangible assets qualifying for depreciation in terms of the law laid down by the Hon’ble Supreme Court in the case of CIT vs. Snifs Securities Ltd.(348 ITR 302). Thus the law is fairly settled to the extent that excess of consideration paid over assets taken over assets constitutes goodwill and the same is eligible for depreciation. But the matter does not end there. Valuation of goodwill is also the bone of contention between the assessee and the revenue. Depreciation is admissible on the actual co…