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.

Hinduja Foundries Ltd., Chennai vs. ACIT, Chennai

In the result, I.T.A. Nos

ITA 1590/CHNY/2015[2006-07]Status: DisposedITAT Chennai19 Feb 2016AY 2006-07

Bench: Shri N.R.S. Ganesan & Shri A. Mohan Alankamonyआयकर अपील सं./Ita Nos.1590, 1591, 1592 & 1593/Mds/2015 "नधा"रण वष" / Assessment Years : 2006-07, 2007-08, 2009-10 & 2010-11

For Appellant: Sh. R. Vijayaraghavan, AdvocateFor Respondent: Sh. Pathlavath Peerya, CIT

Section 32(1)(ii)

…efore, according to the Ld. counsel, the assessee is entitled for depreciation on the goodwill in connection with takeover of the unit by the assessee. The Ld.counsel placed his reliance on the judgment of Apex Court in CIT v. SMIFS Securities Ltd. ((2012) 348 ITR 302. According to the Ld. counsel, goodwill is like intangible asset, therefore, entitled for depreciation at the rate of 25%. 3 I.T.A. Nos.1590 to 1593/Mds/15 4. On the contrary, Sh. Pathlavath Peerya, the Ld. Departmental Representative, submitted that the assessee purchased the unit called “Ductron Castings Unit” during the financial year 2005…

Fibres & Fabrics International P Ltd, Bangalore vs. Deputy Commissioner of Income Tax, Circel-11(3), Bangalore

In the result, the appeal filed by the assessee is allowed

ITA 1352/BANG/2014[2005-06]Status: DisposedITAT Bangalore10 Feb 2016AY 2005-06

Bench: Shri Vijaypal Rao & Shri Inturi Rama Raom/S.Fibres & Fabrics International Pvt. Ltd. No.21, E-1, 2Nd Phase, Peenya Industrial Area, Bangalore-560058. … Appellant Pan: Aaacf 6841 M Vs. Deputy Commissioner Of Income-Tax, Circle 11(3), Bangalore. … Respondent

For Appellant: Shri Nageswar Rao, AdvocateFor Respondent: Smt.Neera Malhotra, CIT(DR)

Section 147Section 253Section 32(1)(ii)

…IN THE INCOME TAX APPELLATE TRIBUNAL ‘B’ BENCH, BANGALORE BEFORE SHRI VIJAYPAL RAO, JUDICIAL MEMBER and SHRI INTURI RAMA RAO, ACCOUNTANT MEMBER M/s.Fibres & Fabrics International Pvt. Ltd. No.21, E-1, 2nd Phase, Peenya Industrial Area, Bangalore-560058. … Appellant PAN: AAACF 6841 M Vs. Deputy Commissioner of Income-tax, Circle 11(3), Bangalore. … Respondent Appellant by : Shri Nageswar Rao, Advocate Respondent by : Smt.Neera Malhotra, CIT(DR) Date of hearing : 10/12/2015 Date of pronouncement : 10/02/2016 O R D E R Per INTURI RAMA RAO, AM : This is an appeal filed by the assessee-company, directed against…

Asst CIT Large Tax Payer Unit, Mumbai vs. Glenmark Generics Ltd, Mumbai

In the result, the appeal of the Revenue is dismissed

ITA 5515/MUM/2013[2009-10]Status: DisposedITAT Mumbai05 Feb 2016AY 2009-10

Bench: Shri C.N. Prasad & Shri Rajesh Kumarआयकर अपील सं/ I.Ta No.5515/Mum/2013 ("नधा"रण वष" / Assessment Year:2009-10 बनाम/ The Acit, M/S. Glenmark Generics Ltd., Large Tax Payer Unit, B/2, Mahalaxmi Chambers, Vs. Centre-1, 29Th Floor, 22, Bhulabhai Desai Road, World Trade Centre, Mumbai -400 026 Cuffe Parade, Mumbai-400 005 "थायी लेखा सं./जीआइआर सं./Pan/Gir No.Aaccg 9820D (अपीलाथ" /Appellant) (""यथ" / Respondent) .. अपीलाथ" ओर से/ Appellant By: Ms. Bharti M. Singh ""यथ" क" ओर से/Respondent By: Shri Vijay Mehta सुनवाई क" तार"ख / Date Of Hearing :01.02.2016 घोषणा क" तार"ख /Date Of Pronouncement :05 .02.2016 आदेश / O R D E R Per C.N. Prasad, Jm:

For Appellant: Ms. Bharti M. SinghFor Respondent: Shri Vijay Mehta

Section 80Section 80I

…is that the Ld. CIT(A) erred in allowing depreciation on goodwill. 9. At the very outset, the Ld. Counsel for the assessee submits that this issue is squarely covered by the decision of the Hon’ble Supreme Court in the case of CIT Vs Smifs Securities Ltd., (348 ITR 302). The Hon’ble Supreme Court considered a question “whether goodwill is an asset within the meaning of Sec. 32 of the Act and whether depreciation on goodwill is allowable under the said section? 10. The Hon’ble Supreme Court held as under: “In the present case, the assessee had claimed deduction of Rs.54,85,430/‐ as depreciation on goodwill. In…

Addl.CIT., RG.-11(1), Mumbai vs. Viacom 18 Media P.Ltd., (Formerly Known As Mtv Networks India P. Ltd, Mumbai

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

ITA 265/MUM/2013[2008-09]Status: DisposedITAT Mumbai29 Jan 2016AY 2008-09

Bench: Shri Saktijit Dey, Jm & Shri Ramit Kochar, Am Assessment Year : 2008-09 Viacom 18 Media P Ltd. The Addl. Cit Rg. 11(1) Zion Bisworld Mumbai Vs. Subhash Road-A Near Garware Office Vile Parle (E) Mumbai- 400 057 Pan Aaacm9164E (Appellant) Respondent) Assessment Year : 2008-09 The Addl. Cit Rg. 11(1) Viacom 18 Media P Ltd. Mumbai Mumbai- 400 057 Vs. Pan Aaacm9164E (Appellant) Respondent)

For Appellant: Shri Farrokh V IraniFor Respondent: Shri Airiju Jaikarau

Section 139(5)Section 32(1)(ii)

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES “F”, MUMBAI Before Shri Saktijit Dey, JM & Shri Ramit Kochar, AM Assessment Year : 2008-09 Viacom 18 Media P Ltd. The Addl. CIT Rg. 11(1) Zion Bisworld Mumbai Vs. Subhash Road-A Near Garware Office Vile Parle (E) Mumbai- 400 057 PAN AAACM9164E (Appellant) Respondent) Assessment Year : 2008-09 The Addl. CIT Rg. 11(1) Viacom 18 Media P Ltd. Mumbai Mumbai- 400 057 Vs. PAN AAACM9164E (Appellant) Respondent) For the assessee : Shri Farrokh V Irani For the revenue : Shri Airiju Jaikarau Date of Hearing :11.01.2016 Date of Pronouncement : 29.01.2016 O R D E R Per…

Viacom 18 Media P.Ltd, Mumbai vs. Addl CIT RG 11(1), Mumbai

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

ITA 7336/MUM/2012[2008-09]Status: DisposedITAT Mumbai29 Jan 2016AY 2008-09

For Appellant: Shri Farrokh V IraniFor Respondent: Shri Airiju Jaikarau

Section 139(5)Section 32(1)(ii)

Unify Enterprise Communications P.Ltd, Mumbai vs. Asst CIT RG 8(2)(1), Mumbai

In the result, assessee’s appeal for A

ITA 790/MUM/2015[2010-11]Status: DisposedITAT Mumbai22 Dec 2015AY 2010-11

Bench: Shri Jason P. Boaz, Am & Shri Amit Shukla, Jm

For Appellant: Shri Mahesh Kumar Shah

Section 143(1)Section 143(3)Section 144C(13)Section 144C(5)Section 32Section 92CSection 92C(3)

…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. 5 M/s. Unify Enterprise Communic…

Elder It Solutions P.Ltd, Mumbai vs. Pr CIT 4, Mumbai

In the result appeal of the assessee is allowed

ITA 2461/MUM/2015[2010-11]Status: DisposedITAT Mumbai16 Dec 2015AY 2010-11

For Appellant: Shri A.V.SondeFor Respondent: Manjunatha R.Swamy

Section 143(3)Section 263

…e and intangible asset. The intangible assets specified therein, are know-how, patents, copyrights, trademarks, licences, franchises or any other business or commercial rights of similar nature. The Hon'ble Supreme Court, in the case of Smifs Securities Ltd. (348 ITR 302), copy of which is enclosed - Annexure "1 ", has held, that membership right of Stock Exchange Card and goodwill would fall under the expression "any other business or commercial right of a similar nature ", included in clause (b) of Explanation 3, applying the principle of ejusdem generis while interpreting the said expression. 8. In the instant…

Mape Advisory Group P.Ltd, Mumbai vs. DCIT 3(2), Mumbai

In the result, appeal of the assessee is allowed in part for statistical purposes

ITA 73/MUM/2013[2009-10]Status: DisposedITAT Mumbai08 Dec 2015AY 2009-10

For Appellant: Shri Kanchun Kaushal &For Respondent: Shri Aarsi Prasad

Section 14ASection 32(1)

…, 2009, the assessee had amortised goodwill of Rs.7,72,44,421/- in its books of accounts and added back the said amount in the return of income filed for the impugned AY 2009-2010. On August 2012, the Hon’ble Supreme Court in the case of Smif Securities Ltd., 348 ITR 302, held that goodwill created on account of merger is an asset under Explanation 3(b) to section 32(1) of the Income Tax Act, 1961 and depreciation on goodwill is allowable under the said section. In view of the above mentioned decision of Hon’ble Supreme Court, the assessee has raised this additional ground for claim of depreciation on the written…

Limited vs. Deputy Commissioner of Income Tax

Appeal is dismissed

ITA/40/2015HC Delhi19 Nov 2015

Section 32

…mentioned in the report. In respect of the alternative claim of the Assessee that the entire sum of Rs.40,58,75,529/- paid towards intangibles be considered as a goodwill, the ITAT – following the decision of Supreme Court in CIT v. Smifs Securities Ltd.: 348 ITR 302 (SC) – upheld the Assessee’s contention that depreciation could be claimed on goodwill; but, remanded the matter for the purposes of valuation of goodwill. 5. Mr Sabharwal, learned Senior Advocate appearing for the Assessee submitted at the outset, that the trifurcation of goodwill into separate components viz. technical know-how, ‘brand…

Limited vs. Deputy Commissioner of Income Tax

Appeal is dismissed

ITA/189/2015HC Delhi19 Nov 2015

Section 32

Ricoh India Ltd, Mumbai vs. Asst CIT Cir 3(3), Mumbai

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

ITA 3576/MUM/2013[2008-09]Status: DisposedITAT Mumbai04 Nov 2015AY 2008-09

Bench: Shri N.K. Billaiya & Shri Amarjit Singhआयकर अपील सं/ I.Ta No. 3576/Mum/2013 ("नधा"रण वष" / Assessment Year:2008-09 M/S. Ricoh India Ltd., The Acit, Circle-3(3), बनाम/ 801, 8Th Floor, Mumbai Vs. Akruti Star, Midc Central Road, Near Marol Telephone Exchange, Midc, Andheri (E), Mumbai-400 093

For Appellant: Shri Suresh MalikFor Respondent: Shri Sanjeev Kashyap

…ver a period of 5 years. 5. It was strongly contended that pursuant to this arrangement, the assessee has amortised the claim on account of goodwill. Strong reliance was placed on the decision of the Hon’ble Supreme Court in the case of Smifs Securities Ltd. 348 ITR 302. After considering the facts and the submissions, the Ld. CIT(A) observed that in assessee’s own case for A.Y. 2006-07, he has decided the claim against the assessee. Accordingly, following the rule of consistency, this year also assessee’s claim was denied. 6. Aggrieved by this, the assessee is before us. 7. The Ld. Counsel for the assessee re…

Siemens Enterprise Communications P.Ltd, Mumbai vs. Asst CIT 7(2), Mumbai

In the result, appeal of the assessee is allowed

ITA 7399/MUM/2012[2008-09]Status: DisposedITAT Mumbai28 Oct 2015AY 2008-09

Bench: Shri D. Karunakara Rao & Shri Pawan Singh

For Appellant: Shri M.P. Lohia and Mr. NimeshFor Respondent: Shri K.B. Shukla, CIT-DR

Section 32

…at the outset, Ld Representatives of both the parties agreed to the proposition that the said additional ground is legal in nature and the same is required to be adjudicated as per the ratio of Supreme Court laid down in the case of Smifs Securities Limited [348 ITR 302 (SC)] wherein it was held that the Goodwill constitutes an „asset‟ under Explanation 3(b) to section 32(1) of the Act. Relevant portion from the said Supreme Court judgment reads as under: “8. The Assessing Officer held that goodwill was not an asset falling under Explanation 3 to section 32(1) of the Income Tax Act, 1961 (“the Act”, for short).…

National Agricultural Cooperative Marketing Federation of India Ltd vs. JCIT Range-32

ITA 2000/DEL/2008[2001-2002]Status: DisposedITAT Delhi16 Oct 2015AY 2001-2002

Bench: Justice (Retd.) Dev Darshan Sud, Hon’Ble, Shri G.C. Gupta, Vp & Shri R.S. Syal Am

For Appellant: Shri Hiren Mehta &For Respondent: Smt. Sulekha Verma, CIT, DR

Section 142Section 143(3)Section 148Section 40

…liability or accrual of income by means of a legally enforceable right, which decides about the deductibility of an expense or earning of income. Our view gets strength from the judgment of the Hon’ble Supreme Court in CIT vs. SMIFS Securities Ltd. (2012) 348 ITR 302 (SC), which reiterates similar view taken in several earlier judgments including CIT vs. Shoorji Vallabhdas & Co. (1962) 46 ITR 144 (SC). As such, we jettison this contention advanced on behalf of the Revenue as a reason for sustaining the disallowance of interest. 22. We sum up our conclusion on the point that the assessee did not incur any l…

National Agricultural Cooperative Marketing Federation of India Ltd vs. JCIT Range-32

ITA 1999/DEL/2008[2001-2002]Status: DisposedITAT Delhi16 Oct 2015AY 2001-2002

Bench: Justice (Retd.) Dev Darshan Sud, Hon’Ble, Shri G.C. Gupta, Vp & Shri R.S. Syal Am

For Appellant: Shri Hiren Mehta &For Respondent: Smt. Sulekha Verma, CIT, DR

Section 142Section 143(3)Section 148Section 40

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

In the result, the appeal by the Revenue is dismissed, while the appeal by the assessee is treated as allowed for statistical purposes

ITA 705/BANG/2014[2008-09]Status: DisposedITAT Bangalore26 Aug 2015AY 2008-09

Bench: Shri N.V. Vasudevan & Shri Abraham P. Georgeassessment Year : 2008-09

For Appellant: Shri K.R. Pradeep, CAFor Respondent: Shri Anurag Sahay, CIT-III(DR)

Section 10BSection 250

…mpany had not claimed any depreciation on goodwill under the provisions of the Act during the assessment proceedings. ITA No.705 & 672/Bang/2014 Page 5 of 9 10. After the conclusion of the Assessment proceedings, in the case of CIT vs Smiffs Securities Ltd (348 ITR 302), the Hon’ble Supreme Court held that goodwill is an asset within the meaning of section 32 of the Act and hence, depreciation on goodwill is an allowable expense under the said section. In view of this judgment of the Supreme Court, according to the assessee, goodwill needs to be considered as an asset (in terms of sub clause (ii) to clause 1 o…

Commissioner vs. Mis Bharti Teletech Ltd

ITA/496/2014HC Delhi15 Apr 2015

Bench: HON'BLE MR. JUSTICE S. RAVINDRA BHAT,HON'BLE MR. JUSTICE R.K.GAUBA

Section 32

…claim depreciation. 7. Mr. Kaanan Kapur, learned counsel for the assessee, on the other hand, relied upon the ruling in Hindustan Coca Cola Beverages (supra) and also pointed out that Supreme Court’s ruling in CIT v. M/s Smifs Securities Limited, (2012) 348 ITR 302 ( SC) has held that the claim for depreciation of goodwill is admissible. 8. The relevant provision, i.e., definition of assets in Section 32 which enables the assessee to claim depreciation reads as follows:- ITA496-14 Page 4 “32. (1) [In respect of depreciation of - (i) buildings, machinery, plant or furniture, being tangible as…

M/S Sartorious Mechtronics India (P) Ltd vs. DCIT

ITA 982/BANG/2013[2001-02]Status: DisposedITAT Bangalore27 Mar 2015AY 2001-02

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

For Appellant: Shri Narendra Sharma, AdvocateFor Respondent: Dr. P.K. Srihari, Addl. CIT(DR)

Section 2(11)Section 32Section 32(1)

…sset within the definition of term “block of assets” u/s. 2(11) as well as under section 32 of the Act. 6. The ld. counsel for the assessee drew our attention to the decision of the Hon’ble Supreme Court rendered in the case of CIT v. Smifs Securities Ltd., 348 ITR 302 (SC) wherein it was held that goodwill is an asset on which depreciation is allowable u/s. 32 of the Act. The aforesaid development of law, consequent to the decision of Hon’ble Supreme Court rendered on 22.8.2012, according to the ld. counsel for the assessee, would only mean that the assessee was entitled to benefit of depreciation beyond doubt…

P Gangadhara Patil vs. Madhavarao M K

The appeals are disposed off

HRRP/76/2011HC Karnataka23 Feb 2015

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 Wipro Ltd

In the result, the appeals are partly allowed

ITA/133/2007HC Karnataka23 Aug 2013

Bench: B.MANOHAR,DILIP B.BHOSALE

Section 260

…s the respondent would be entitled for seeking depreciation in respect of goodwill. Though clause 2 of sub-section(1) of Section 32 of the Act does not refer to goodwill, the Supreme Court in Commissioner of Income Tax –vs. SMIFFS securities Limited in 348 ITR 302 (SC) held that goodwill is also an asset within the meaning of Section 32 of the Act, it being an intangible asset and therefore depreciation on goodwill is allowable under the said section. This provision 43 was not available for the assessment year 1987-88. The legislature amended the provisions of Section 32(1) in 1997 and brou…

Commissioner of Income Tax, Guntur vs. Agricultural Market Committee, Narasaraopet

ITTA/250/2011HC Telangana27 Jun 2011

Bench: V.V.S.RAO,RAMESH RANGANATHAN