CIT v. Smifs Securities Ltd.

Just Dial P. Ltd, Mumbai vs. Addl CIT Rgt -1, Mumbai

In the result, appeal of the assessee is partly allowed

Bench: Shri Amit Shukla () & Shri Ashwani Taneja ()

…ing observations:- “12. The learned Counsel for the assessee company submitted that this issue is covered in favour of the assessee company by 7 I.T.A. No.3072/Mum/2009 the decision of Hon’ble Supreme Court in the case of CIT v. Smifs Securities Ltd., (2012) 348 ITR 302 (SC). The learned counsel for the assessee company also submitted that the issue came before the Tribunal in assessee company’s own case in ITA No.3200/Mum/2010 for the assessment year 2006-07 and following the decision of Hon’ble Apex Court in the case of Smifs Securities Ltd.(supra), the Tribunal allowed the ground raised by the assessee compan…

Grindewell Norton Ltd, Mumbai vs. Addl CIT 1(1), Mumbai

In the result, appeal of the assessee is partly allowed

Bench: Shri G.S. Pannu & Shri Ravish Sood: (A.Y : 2009-10)

…of TRIUNE ENERGY SERVICES PRIVATE LIMITED v. DCIT 65 taxmann.com 288(Delhi) wherein identical issue was involved, in similar facts and circumstances. Hon’ble Delhi High Court relied upon the judgment of Apex Court in the case of CIT vs. Smifs Securities Ltd. (348 ITR 302) and held as under: “Goodwill is an intangible asset providing a competitive advantage to an entity. This includes a strong brand, reputation, a cohesive human resource, dealer network, customer base, etc. The expression 'goodwill' subsumes within it a variety of intangible benefits that are acquired when a person acquires a business of another…

DCIT (OSD) RG 8(1), Mumbai vs. Dhl Lemuir Logistics P.Ltd, Mumbai

In the result, appeal stands dismissed

Bench: Shri Saktijit Dey & Shri Nabin Kumar Pradhan

…section 32(1)(ii), depreciation is allowable on intangible asset being, knowhow trademark license, patent or any other business or commercial rights of similar nature. The learned Commissioner (Appeals) noted, in case of CIT v/s Smifs Securities Ltd., [2012] 348 ITR 302 (SC), the Hon'ble Supreme Court on analysing Explanation–3 to section 32(1) held that goodwill is an intangible asset, hence, eligible for depreciation. Thus, following the ratio laid down by the Hon'ble Supreme Court as aforesaid, the learned Commissioner (Appeals) directed the Assessing 6 M/s. DHL Lemuir Logistics P. Ltd. Officer to allow dep…

DCIT Cir 3(3)(2), Mumbai vs. Ricoh India Ltd, Mumbai

In the result, appeal of the Revenue is dismissed, as above

Bench: Shri G.S. Pannu & Shri Amarjit Singh: (A.Y : 2009-10) Dcit, Circle-3(3)(2), Vs. M/S. Ricoh India Ltd. 801, 8Th Floor, Ackruti Star, Midc Mumbai (Appellant) Central Road, Nr. Marol Telephone Exchange, Midc, Andheri (E), Mumbai 400 093 (Respondent) Pan : Aaacr4151J

…ion on the goodwill. The CIT(A) affirmed the disallowance of claim of amortization of goodwill of Rs.3,58,16,000/-, but he allowed the claim of depreciation following the ratio of the judgment of the Hon'ble Supreme Court in the case of Smifs Securities Ltd., 348 ITR 302 (SC). Against the action of CIT(A) in allowing the claim of depreciation, Revenue is in appeal before us. 6. Before us, the only plea of the Revenue is that in the present case assessee has not paid any consideration for acquisition of goodwill at the time of amalgamation and, therefore, the claim of depreciation has been wrongly allowed. 7. On…

Wockhardt Hospitals Ltd, Mumbai vs. Addl CIT RG 10(1), Mumbai

In the result appeal filed by the assessee company in ITA no

Bench: Shri Joginder Singh & Shri Ramit Kocharआयकर अपील सं./I.T.A. No. 805/Mum/2011 ("नधा"रण वष" / Assessment Year : 2008-09) आयकर अपील सं./I.T.A. No. 3002/Mum/2013 ("नधा"रण वष" / Assessment Year : 2009-10) M/S Wockhardt Hospitals Deputy Commissioner Of बनाम/ Ltd., Income Tax – Range 10(1), V. Wockhardt Towers, Aayakar Bhavan, Bandra-Kurla Complex, Mumbai-400 020 Bandra(E), Mumbai – 400051. "थायी लेखा सं./Pan : Aaacw3342G (अपीलाथ" /Appellant) .. (""यथ" / Respondent)

…sessee company’s own case in ITA no. 2376-2378/Mum/2011 vide orders dated 10-07-2015 read with orders in MA no. 207 to 209/Mum/2015 dated 04-02-2016. The Tribunal has noted the decision of Hon’ble Supreme Court in the case of Smifs Securities Ltd. reported in 348 ITR 302 whereby the Hon’ble Supreme Court held that intangible assets in the form of goodwill is eligible for claim of depreciation. The relevant portion of the afore-stated Mumbai Tribunal’s order dated 04-02- 2016 are reproduced below:- “4. We have considered rival contentions and gone through the order of the Tribunal dated 10-7-2015, wherein at para…

Wockhardt Hospitals Ltd., Mumbai vs. DCIT 10(1), Mumbai

In the result appeal filed by the assessee company in ITA no

Bench: Shri Joginder Singh & Shri Ramit Kocharआयकर अपील सं./I.T.A. No. 805/Mum/2011 ("नधा"रण वष" / Assessment Year : 2008-09) आयकर अपील सं./I.T.A. No. 3002/Mum/2013 ("नधा"रण वष" / Assessment Year : 2009-10) M/S Wockhardt Hospitals Deputy Commissioner Of बनाम/ Ltd., Income Tax – Range 10(1), V. Wockhardt Towers, Aayakar Bhavan, Bandra-Kurla Complex, Mumbai-400 020 Bandra(E), Mumbai – 400051. "थायी लेखा सं./Pan : Aaacw3342G (अपीलाथ" /Appellant) .. (""यथ" / Respondent)

…sessee company’s own case in ITA no. 2376-2378/Mum/2011 vide orders dated 10-07-2015 read with orders in MA no. 207 to 209/Mum/2015 dated 04-02-2016. The Tribunal has noted the decision of Hon’ble Supreme Court in the case of Smifs Securities Ltd. reported in 348 ITR 302 whereby the Hon’ble Supreme Court held that intangible assets in the form of goodwill is eligible for claim of depreciation. The relevant portion of the afore-stated Mumbai Tribunal’s order dated 04-02- 2016 are reproduced below:- “4. We have considered rival contentions and gone through the order of the Tribunal dated 10-7-2015, wherein at para…

Frankin Templeton Asset Management (I) P. Ltd, Mumbai vs. Asst CIT Cen Cir 34, Mumbai

In the result, the appeal filed by the Assessee is partly allowed

Bench: Shri Amit Shukla & Shri Ashwani Tanejaassessment Year: 2005-06 Franklin Templeton Asset Acit 34, Management (I) P. Ltd. R.No.104, Aayakar बनाम/ Indiabulls Finance Centre, Bhavan, M.K. Road, Vs. Tower-2, 12Th & 13Th Floor, Mumbai-20 Senapati Bapat Marg, Elphinstone (W), Mumbai -400 013 (Revenue) (Respondent ) P.A. No.Aaact1609B Assessee By Shri F.V. Irani (Ar) Revenue By Shri G.M. Doss (Cit-Dr)

…आयकर अपील"य अ"धकरण, मुंबई "यायपीठ,F ,मुंबई । IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES “F”, MUMBAI "ी अ"मत शु"ला, "या"यक सद"य एवं "ी अ"वनी तनेजा, लेखा सद"य, के सम" Before Shri Amit Shukla, Judicial Member, and Shri Ashwani Taneja, Accountant Member Assessment Year: 2005-06 Franklin Templeton Asset ACIT 34, Management (I) P. Ltd. R.NO.104, Aayakar बनाम/ Indiabulls Finance Centre, Bhavan, M.K. Road, Vs. Tower-2, 12th and 13th Floor, Mumbai-20 Senapati Bapat Marg, Elphinstone (W), Mumbai -400 013 (Revenue) (Respondent ) P.A. No.AAACT1609B Assessee by Shri F.V. Irani (AR) Revenue by Shri G.M. Doss (CIT-DR)…

Grindwell Norton Ltd., Mumbai vs. Addl.Comm.of Income Tax-1(1), Mumbai

In the result, appeals filed by the assessee are partly allowed and appeal filed by the Revenue is dismissed

Bench: Shri Amit Shukla & Shri Ashwani Tanejaassessment Year: 2007-08

…filed an appeal before the Tribunal. 5.5.During the course of hearing before us, it has been argued by the Ld. Counsel that now this controversy has become narrowed down because of judgment of Hon’ble Supreme Court in the case of CIT vs Smiff Securities Ltd. 348 ITR 302 (SC) wherein Hon’ble Apex Court has held that assessee is entitled to claim of depreciation on the amount of Goodwill. It was held that amount of difference between book value of assets acquired and amount paid by an assessee represents amount of Goodwill acquired by the assessee as part of take- over deal, upon which assessee would be entitled t…

Grindwell Norton Ltd, Mumbai vs. Addl CIT 1(1), Mumbai

In the result, appeals filed by the assessee are partly allowed and appeal filed by the Revenue is dismissed

Bench: Shri Amit Shukla & Shri Ashwani Tanejaassessment Year: 2007-08

…filed an appeal before the Tribunal. 5.5.During the course of hearing before us, it has been argued by the Ld. Counsel that now this controversy has become narrowed down because of judgment of Hon’ble Supreme Court in the case of CIT vs Smiff Securities Ltd. 348 ITR 302 (SC) wherein Hon’ble Apex Court has held that assessee is entitled to claim of depreciation on the amount of Goodwill. It was held that amount of difference between book value of assets acquired and amount paid by an assessee represents amount of Goodwill acquired by the assessee as part of take- over deal, upon which assessee would be entitled t…

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

In the result, the appeal of the revenue stands dismissed

Bench: Hon’Ble S/Shri Joginder Singh (Jm) & Rajesh Kumar,(Am) आमकय अऩीर सं./I.T.A. No.2146/Mum/2015 (ननधधायण वषा / Assessment Year : 2009-10) Dy. Commissioner Of Income बनाम/ M/S Dhl Lemuir Logistics Pvt Ltd, 8Th Floor, The Leela Galleria, Tax 9(3)(1), 418, Vs. Andheri Kurla,Road, Aayakar Bhavan, Andheri (E), M K Road, Mumbai-400059. Mumbai-400020 (अऩीरधथी /Appellant) (प्रत्मथी / Respondent) .. स्थधमी रेखध सं./जीआइआय सं./Pan/Gir No. :Aaacm6824H

…e basis of material available before us and after hearing the ld.DR. 2. Only issue raised in all the grounds of appeal is against the direction by the ld. CIT(A) relying on the decision of the Apex Court in the case of CIT V/s Smifs Securities Ltd reported in 348 ITR 302 (SC) by ignoring the fact that the facts of the said case are distinguishable from the facts of the assessee’s case and also in-complete disregarding the CBDT circular No.549 dated 31.10.1989. 3. Facts of the case are that he assessee filed its return of income for the assessment year 2009-10 on 30.9.2009 declaring total income of Rs.63,71,94,610…

Unify Enterprise Communications P. Ltd, Mumbai vs. DCIT RG 7(2), Mumbai

Accordingly. Thus, the additional ground no.11 being legal in nature is admitted and allowed in favour of the assessee

…ur of the assessee by the decision of the Coordinate Bench of this Tribunal in assessee’s own case for A.Y. 2008-09 in ITA No. 7399/Mum/2012 dated 28.10.2015 wherein the Coordinate Bench followed the decision of the Hon'ble Apex Court in Smifs Securities Ltd. 348 ITR 302 (SC). 4.2.1.We have heard both the learned A.R. for the assessee and the learned D.R. for Revenue on this issue and have perused and carefully considered the material on record. We find that a Coordinate Bench of this Tribunal in its order in ITA No. 3799/Mum/2012 dated 28.10.2015 in assessee’s own case for A.Y.2008-09 has considered this issue o…