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 1, Jodhpur vs. Suncity Metals and Tubes Pvt. Ltd., Jodhpur

In the result, the revenue appeal is dismissed

ITA 267/JODH/2024[2020-21]Status: DisposedITAT Jodhpur24 Jun 2025AY 2020-21

Bench: Dr. Mitha Lal Meena, HonʼBle & Dr. S. Seethalakshmi, Hon'Ble

Section 32(1)Section 32(1)(ii)Section 43(1)Section 55(2)(a)

…the assesses submitted that there is no application of such provisions from retrospective effect. The Id. AO being not satisfied with the reply and ignoring the decision of Hon'ble Supreme Court in the case of Smifs Securities Ltd. v. CIT, reported in (2012) 348 ITR 302 disallowed depreciation under section 32(1) (ii) of the Income Tax Act. Being aggrieved with the assessment order, assessee went before the Ld. CIT (A)/NFAC who granted relief to the assessee by observing as under: "------------------In conclusion, the appellant asserts that the claim for depreciation on goodwill is justified, and they request th…

Deputy Commissioner of Income-Tax, Chennai vs. Indian Overseas Bank, Chennai

In the result, appeal filed by the revenue for AY 2021-22 is partly allowed for statistical purpose

ITA 377/CHNY/2024[2021-22]Status: DisposedITAT Chennai30 May 2025AY 2021-22

Bench: Shri Manu Kumar Giri & Shri S.R.Raghunathaआयकर अपीलसं./I.T.A.Nos.299 & 300/Chny/2024 (िनधा"रण वष" / Assessment Years: 2020-21 & 2021-22) Vs Deputy Commissioner Of Income Indian Overseas Bank, 763, Anna Salai, Tax, Chennai-600 002. Non-Corporate Circle - 8, Chennai. Pan : Aaaci-1223-J (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकर अपीलसं./I.T.A.Nos.354 & 377/Chny/2024 (िनधा"रणवष" / Assessment Years: 2020-21 & 2021-22) Deputy Commissioner Of Income Vs Indian Overseas Bank, Tax, 763, Anna Salai, Non-Corporate Circle - 8, Chennai-600 002. Chennai. Pan : Aaaci-1223-J (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Appellant: Mr. C.Naresh, C.A
Section 143(2)Section 36(1)Section 36(1)(vii)Section 36(1)(viia)Section 43BSection 90

…d CIT(A) erred in denying depreciation on goodwill on the contention that the same was internally generated, overlooking the fact that the same was acquired in a scheme of take over and following the decision of Apex Court in the case of Smifs Securities Ltd (348 ITR 302) same is allowable. Disallowance u s 43B in respect of provision for leave encashment 5.1 The Id. CIT(A) erred in confirming the disallowance of provision for leave encashment without appreciating that the said sum not being a "sum payable" during the previous year, the provisions of section 43B(f) cannot be invoked. Disallowance of irrecoverable…

DCIT Non Corporate Circle-8, Chennai vs. Indian Overseas Bank, Chennai

In the result, appeal filed by the revenue for AY 2021-22 is partly allowed for statistical purpose

ITA 354/CHNY/2024[2020-21]Status: DisposedITAT Chennai30 May 2025AY 2020-21

Bench: Shri Manu Kumar Giri & Shri S.R.Raghunathaआयकर अपीलसं./I.T.A.Nos.299 & 300/Chny/2024 (िनधा"रण वष" / Assessment Years: 2020-21 & 2021-22) Vs Deputy Commissioner Of Income Indian Overseas Bank, 763, Anna Salai, Tax, Chennai-600 002. Non-Corporate Circle - 8, Chennai. Pan : Aaaci-1223-J (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकर अपीलसं./I.T.A.Nos.354 & 377/Chny/2024 (िनधा"रणवष" / Assessment Years: 2020-21 & 2021-22) Deputy Commissioner Of Income Vs Indian Overseas Bank, Tax, 763, Anna Salai, Non-Corporate Circle - 8, Chennai-600 002. Chennai. Pan : Aaaci-1223-J (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Appellant: Mr. C.Naresh, C.A
Section 143(2)Section 36(1)Section 36(1)(vii)Section 36(1)(viia)Section 43BSection 90

…d CIT(A) erred in denying depreciation on goodwill on the contention that the same was internally generated, overlooking the fact that the same was acquired in a scheme of take over and following the decision of Apex Court in the case of Smifs Securities Ltd (348 ITR 302) same is allowable. Disallowance u s 43B in respect of provision for leave encashment 5.1 The Id. CIT(A) erred in confirming the disallowance of provision for leave encashment without appreciating that the said sum not being a "sum payable" during the previous year, the provisions of section 43B(f) cannot be invoked. Disallowance of irrecoverable…

Indian Overseas Bank, Chennai vs. DCIT(A), Chennai

In the result, appeal filed by the revenue for AY 2021-22 is partly allowed for statistical purpose

ITA 300/CHNY/2024[2021-22]Status: DisposedITAT Chennai30 May 2025AY 2021-22

Bench: Shri Manu Kumar Giri & Shri S.R.Raghunathaआयकर अपीलसं./I.T.A.Nos.299 & 300/Chny/2024 (िनधा"रण वष" / Assessment Years: 2020-21 & 2021-22) Vs Deputy Commissioner Of Income Indian Overseas Bank, 763, Anna Salai, Tax, Chennai-600 002. Non-Corporate Circle - 8, Chennai. Pan : Aaaci-1223-J (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकर अपीलसं./I.T.A.Nos.354 & 377/Chny/2024 (िनधा"रणवष" / Assessment Years: 2020-21 & 2021-22) Deputy Commissioner Of Income Vs Indian Overseas Bank, Tax, 763, Anna Salai, Non-Corporate Circle - 8, Chennai-600 002. Chennai. Pan : Aaaci-1223-J (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Appellant: Mr. C.Naresh, C.A
Section 143(2)Section 36(1)Section 36(1)(vii)Section 36(1)(viia)Section 43BSection 90

…d CIT(A) erred in denying depreciation on goodwill on the contention that the same was internally generated, overlooking the fact that the same was acquired in a scheme of take over and following the decision of Apex Court in the case of Smifs Securities Ltd (348 ITR 302) same is allowable. Disallowance u s 43B in respect of provision for leave encashment 5.1 The Id. CIT(A) erred in confirming the disallowance of provision for leave encashment without appreciating that the said sum not being a "sum payable" during the previous year, the provisions of section 43B(f) cannot be invoked. Disallowance of irrecoverable…

Indian Overseas Bank, Chennai vs. DCIT(A), Chennai

In the result, appeal filed by the revenue for AY 2021-22 is partly allowed for statistical purpose

ITA 299/CHNY/2024[2020-21]Status: DisposedITAT Chennai30 May 2025AY 2020-21

Bench: Shri Manu Kumar Giri & Shri S.R.Raghunathaआयकर अपीलसं./I.T.A.Nos.299 & 300/Chny/2024 (िनधा"रण वष" / Assessment Years: 2020-21 & 2021-22) Vs Deputy Commissioner Of Income Indian Overseas Bank, 763, Anna Salai, Tax, Chennai-600 002. Non-Corporate Circle - 8, Chennai. Pan : Aaaci-1223-J (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकर अपीलसं./I.T.A.Nos.354 & 377/Chny/2024 (िनधा"रणवष" / Assessment Years: 2020-21 & 2021-22) Deputy Commissioner Of Income Vs Indian Overseas Bank, Tax, 763, Anna Salai, Non-Corporate Circle - 8, Chennai-600 002. Chennai. Pan : Aaaci-1223-J (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Appellant: Mr. C.Naresh, C.A
Section 143(2)Section 36(1)Section 36(1)(vii)Section 36(1)(viia)Section 43BSection 90

…d CIT(A) erred in denying depreciation on goodwill on the contention that the same was internally generated, overlooking the fact that the same was acquired in a scheme of take over and following the decision of Apex Court in the case of Smifs Securities Ltd (348 ITR 302) same is allowable. Disallowance u s 43B in respect of provision for leave encashment 5.1 The Id. CIT(A) erred in confirming the disallowance of provision for leave encashment without appreciating that the said sum not being a "sum payable" during the previous year, the provisions of section 43B(f) cannot be invoked. Disallowance of irrecoverable…

Gilbarco Veeder Root India Pvt. Ltd., Coimbatore vs. ACIT, Corporate Circle-1, Coimbatore

In the result, both the appeals filed by the assessee for the A

ITA 286/CHNY/2025[2019-20]Status: DisposedITAT Chennai26 May 2025AY 2019-20

Bench: Shri Manu Kumar Giri & Shri S.R.Raghunathaआयकर अपीलसं./Ita Nos.283, 284, 285 & 286/Chny/2025 ("नधा"रण वष" / Assessment Years: 2013-14, 2014-15, 2018-19 & 2019-20)

For Appellant: Shri S.P. Chidambaram, AdvocateFor Respondent: Ms. Anitha, Addl. CIT
Section 32

…d employee related intangible in the course of slump sale. 2.2 The AO and NFAC erred in law and in facts by not considering the decision of the Hon'ble Supreme Court of India in the case of CIT V SMIFS Securities Ltd. [2012] 24 taxmann.com 222/210 Taxman 428/348 ITR 302 wherein it was held that any payment over and above the book value of net assets would be classified as goodwill and is eligible for depreciation. 2.3 Without prejudice to the above, the A0 and NFAC ought to have appreciated that the employee related intangible is covered within the definition of employee related intangible assets due to its wid…

Gilbarco Veeder Root India Pvt. Ltd., Coimbatore vs. ACIT, Corporate Circle-1, Coimbatore

In the result, both the appeals filed by the assessee for the A

ITA 285/CHNY/2025[2018-19]Status: DisposedITAT Chennai26 May 2025AY 2018-19

Bench: Shri Manu Kumar Giri & Shri S.R.Raghunathaआयकर अपीलसं./Ita Nos.283, 284, 285 & 286/Chny/2025 ("नधा"रण वष" / Assessment Years: 2013-14, 2014-15, 2018-19 & 2019-20)

For Appellant: Shri S.P. Chidambaram, AdvocateFor Respondent: Ms. Anitha, Addl. CIT
Section 32

…d employee related intangible in the course of slump sale. 2.2 The AO and NFAC erred in law and in facts by not considering the decision of the Hon'ble Supreme Court of India in the case of CIT V SMIFS Securities Ltd. [2012] 24 taxmann.com 222/210 Taxman 428/348 ITR 302 wherein it was held that any payment over and above the book value of net assets would be classified as goodwill and is eligible for depreciation. 2.3 Without prejudice to the above, the A0 and NFAC ought to have appreciated that the employee related intangible is covered within the definition of employee related intangible assets due to its wid…

Gilbarco Veeder Root India Pvt. Ltd., Coimbatore vs. ACIT, Corporate Circle-1, Coimbatore

In the result, both the appeals filed by the assessee for the A

ITA 284/CHNY/2025[2014-15]Status: DisposedITAT Chennai26 May 2025AY 2014-15

Bench: Shri Manu Kumar Giri & Shri S.R.Raghunathaआयकर अपीलसं./Ita Nos.283, 284, 285 & 286/Chny/2025 ("नधा"रण वष" / Assessment Years: 2013-14, 2014-15, 2018-19 & 2019-20)

For Appellant: Shri S.P. Chidambaram, AdvocateFor Respondent: Ms. Anitha, Addl. CIT
Section 32

…d employee related intangible in the course of slump sale. 2.2 The AO and NFAC erred in law and in facts by not considering the decision of the Hon'ble Supreme Court of India in the case of CIT V SMIFS Securities Ltd. [2012] 24 taxmann.com 222/210 Taxman 428/348 ITR 302 wherein it was held that any payment over and above the book value of net assets would be classified as goodwill and is eligible for depreciation. 2.3 Without prejudice to the above, the A0 and NFAC ought to have appreciated that the employee related intangible is covered within the definition of employee related intangible assets due to its wid…

Gilbarco Veeder Root India Pvt. Ltd., Coimbatore vs. ACIT, Corporate Circle-1, Coimbatore

In the result, both the appeals filed by the assessee for the A

ITA 283/CHNY/2025[2013-14]Status: DisposedITAT Chennai26 May 2025AY 2013-14

Bench: Shri Manu Kumar Giri & Shri S.R.Raghunathaआयकर अपीलसं./Ita Nos.283, 284, 285 & 286/Chny/2025 ("नधा"रण वष" / Assessment Years: 2013-14, 2014-15, 2018-19 & 2019-20)

For Appellant: Shri S.P. Chidambaram, AdvocateFor Respondent: Ms. Anitha, Addl. CIT
Section 32

…d employee related intangible in the course of slump sale. 2.2 The AO and NFAC erred in law and in facts by not considering the decision of the Hon'ble Supreme Court of India in the case of CIT V SMIFS Securities Ltd. [2012] 24 taxmann.com 222/210 Taxman 428/348 ITR 302 wherein it was held that any payment over and above the book value of net assets would be classified as goodwill and is eligible for depreciation. 2.3 Without prejudice to the above, the A0 and NFAC ought to have appreciated that the employee related intangible is covered within the definition of employee related intangible assets due to its wid…

The ACIT, Circle-2(1)(1), Ahmedabad vs. M/S. Intas Pharmaceuticals Ltd., Ahmedabad

Accordingly, this ground raised by the Revenue is dismissed

ITA 281/AHD/2021[2015-16]Status: DisposedITAT Ahmedabad21 May 2025AY 2015-16

Bench: S/Shri T.R. Senthil Kumar & Makarand V.Mahadeokarasstt.Year : 2015-16 Acit, Cir.2(1)(1) M/S.Intas Pharmaceuticals Ltd Vejalpur Vs Corporate House Ahmedabad. S.G. Highway Nr.Sola Bridge, Thaltej Ahmedabad 380 054. Pan : Aaaci 5120 L Asstt.Year : 2015-16 M/S.Intas Pharmaceuticals Ltd Acit, Cir.2(1)(1) Corporate House Vs Vejalpur S.G. Highway Ahmedabad. Nr.Sola Bridge, Thaltej Ahmedabad 380 054. Pan : Aaaci 5120 L (Applicant) (Responent) : Assessee By Shri S.N. Soparkar, Sr.Advocae & Shri Parin Shah, Ar : Shri Ragnesh Das, Cit-Dr Revenue By सुनवाई क" तारीख/Date Of Hearing : 28/04/2025 घोषणा क" तारीख /Date Of Pronouncement: 21/05/2025 आदेश आदेश/O R D E R आदेश आदेश

Section 115JSection 142(1)Section 143(2)Section 143(3)Section 144CSection 14ASection 35Section 36(1)(iii)Section 37Section 92C

…will arose merely on account of accounting adjustments and hence no depreciation was allowable under section 32 of the Act. The CIT(A), however, took note of the binding decision of the Hon’ble Supreme Court in the case of CIT v. Smifs Securities Ltd. [(2012) 348 ITR 302 (SC)] which held that goodwill qualifies as an intangible asset eligible for depreciation under clause (b) of Explanation 3 to section 32(1) of the Act. 34. The CIT(A) further referred to the statutory definition of “amalgamation” under section 2(1B) of the Act, which mandates that all properties and liabilities of the amalgamating company must…

Intas Pharmaceuticals Ltd., Ahmedabad vs. The DCIT, Circle-2(1)(1), Ahmedabad

Accordingly, this ground raised by the Revenue is dismissed

ITA 222/AHD/2021[2015-16]Status: DisposedITAT Ahmedabad21 May 2025AY 2015-16

Bench: S/Shri T.R. Senthil Kumar & Makarand V.Mahadeokarasstt.Year : 2015-16 Acit, Cir.2(1)(1) M/S.Intas Pharmaceuticals Ltd Vejalpur Vs Corporate House Ahmedabad. S.G. Highway Nr.Sola Bridge, Thaltej Ahmedabad 380 054. Pan : Aaaci 5120 L Asstt.Year : 2015-16 M/S.Intas Pharmaceuticals Ltd Acit, Cir.2(1)(1) Corporate House Vs Vejalpur S.G. Highway Ahmedabad. Nr.Sola Bridge, Thaltej Ahmedabad 380 054. Pan : Aaaci 5120 L (Applicant) (Responent) : Assessee By Shri S.N. Soparkar, Sr.Advocae & Shri Parin Shah, Ar : Shri Ragnesh Das, Cit-Dr Revenue By सुनवाई क" तारीख/Date Of Hearing : 28/04/2025 घोषणा क" तारीख /Date Of Pronouncement: 21/05/2025 आदेश आदेश/O R D E R आदेश आदेश

Section 115JSection 142(1)Section 143(2)Section 143(3)Section 144CSection 14ASection 35Section 36(1)(iii)Section 37Section 92C

…will arose merely on account of accounting adjustments and hence no depreciation was allowable under section 32 of the Act. The CIT(A), however, took note of the binding decision of the Hon’ble Supreme Court in the case of CIT v. Smifs Securities Ltd. [(2012) 348 ITR 302 (SC)] which held that goodwill qualifies as an intangible asset eligible for depreciation under clause (b) of Explanation 3 to section 32(1) of the Act. 34. The CIT(A) further referred to the statutory definition of “amalgamation” under section 2(1B) of the Act, which mandates that all properties and liabilities of the amalgamating company must…

Adp India Private Limited, Chennai vs. DCIT, CC-1(1), Chennai

ITA 2698/CHNY/2024[2018-19]Status: DisposedITAT Chennai21 May 2025AY 2018-19

Bench: Shri George George K & Shri Jagadishआयकर अपील सं/.Ita Nos.: 2670, 2671, 2672 & 2698/Chny/2024 निर्धारण वर्ष/Assessment Years: 2016-17, 2017-18, 2018-19 & 2020-21 Adp India Private Limited, Thamarai Tech Park, 6Th Floor, Sp Plot No. 16 To 20 & 20A, Thiru Vi Ka Industrial Estate, Inner Ring Road, Guindy Industrial Estate So, Guindy, Chennai 600 032. [Pan: Aadcm-5547-J] (अपीलार्थी/Appellant) अपीलार्थी की ओर से/Appellant By : प्रत्यर्थी की ओर से/Respondent By : सुनवाई की तारीख/Date Of Hearing : घोषणा की तारीख/Date Of Pronouncement : The Deputy Commissioner Of Vs. Income Tax, Corporate Circle 1(1), Chennai. (प्रत्यर्थी/Respondent) Shri Sandeep Bagmar, Advocate Shri V. Justin, Cit & Ms. R. Anita, Addl. Cit 08.05.2025 21.05.2025 आदेश / Order Per George George K: These Four Appeals Filed At The Instance Of The Assessee Are Directed Against Four Separate Orders Of The Commissioner Of Income Tax (Appeals), National Faceless Appeal Centre (Nfac), Delhi (All Dated 21.08.2024) Passed Under Section 250 Of The Income Tax Act, 1961 (Hereinafter Called 'The Act'). The Relevant Assessment Years Are 2016-17, 2017-18, 2018-19 & 2020-21. -2-

Section 142(1)Section 143(1)Section 143(2)Section 250Section 32Section 43(1)

…ed at pages 17 to 33 of the impugned order. Before the CIT(A), the assessee challenged the addition made towards disallowance of depreciation on goodwill in light of the judgement of the Hon'ble Supreme Court in the case of CIT v. Smifs Securities Ltd. (2012) 348 ITR 302 (SC) and argued that depreciation arising on account of amalgamation is in the nature of an intangible asset and the same is eligible for depreciation under section 32 of the Act. The CIT(A), referring to the orders of the Tribunal as well as considering the Memorandum to Finance Bill, 2021 and amendments in Finance Act, 2021, confirmed the disal…

Adp India Private Limited, Chennai vs. National Faceless Assessment Centre, Delhi

In the result, the appeal in ITA No

ITA 2672/CHNY/2024[2020-21]Status: DisposedITAT Chennai21 May 2025AY 2020-21

Bench: Shri George George Kand Shri Jagadishआयकर अपीलसं/.Ita Nos.: 2670, 2671, 2672 & 2698/Chny/2024 िनधा"रण वष"/Assessment Years: 2016-17, 2017-18, 2018-19 & 2020-21 Adp India Private Limited, The Deputy Commissioner Of Thamarai Tech Park, 6Th Floor, Vs. Income Tax, Sp Plot No. 16 To 20 & 20A, Thiru Vi Ka Corporate Circle 1(1), Industrial Estate, Inner Ring Road, Chennai. Guindy Industrial Estate So, Guindy, Chennai 600 032. [Pan: Aadcm-5547-J] (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/Appellant By : Shri Sandeep Bagmar, Advocate ""यथ" क" ओर से/Respondent By : Shri V. Justin, Cit & Ms. R. Anita, Addl. Cit सुनवाई क" तारीख/Date Of Hearing : 08.05.2025 घोषणा क" तारीख/Date Of Pronouncement : 21.05.2025 आदेश/ O R D E R Per George George K: These Four Appeals Filed At The Instance Of The Assessee Are Directed Against Four Separate Orders Of The Commissioner Of Income Tax (Appeals), National Faceless Appeal Centre (Nfac), Delhi (All Dated 21.08.2024) Passed Under Section 250 Of The Income Tax Act, 1961 (Hereinafter Called ‘The Act’). The Relevant Assessment Years Are 2016-17, 2017-18, 2018-19 & 2020-21. Ita Nos.2670 To 2672 & 2698/Chny/2024

For Appellant: Shri Sandeep Bagmar, AdvocateFor Respondent: Shri V. Justin, CIT &
Section 142(1)Section 143(1)Section 143(2)Section 250Section 32Section 43(1)

…ed at pages 17 to 33 of the impugned order. Before the CIT(A), the assessee challenged the addition made towards disallowance of depreciation on goodwill in light of the judgement of the Hon’ble Supreme Court in the case of CIT v. Smifs Securities Ltd. (2012) 348 ITR 302 (SC) and argued that depreciation arising on account of amalgamation is in the nature of an intangible asset and the same is eligible for depreciation under section 32 of the Act. The CIT(A), referring to the orders of the Tribunal as well as considering the Memorandum to Finance Bill, 2021 and amendments in Finance Act, 2021, confirmed the disal…

Adp India Private Limited, Chennai vs. National Faceless Assessment Centre

ITA 2671/CHNY/2024[2017-18]Status: DisposedITAT Chennai21 May 2025AY 2017-18

Bench: Shri George George K & Shri Jagadishआयकर अपीलसं/Ita Nos.: 2670, 2671, 2672 & 2698/Chny/2024 निर्धारण वर्ष/Assessment Years: 2016-17, 2017-18, 2018-19 & 2020-21 Adp India Private Limited, Thamarai Tech Park, 6Th Floor, Sp Plot No. 16 To 20 & 20A, Thiru Vi Ka Industrial Estate, Inner Ring Road, Guindy Industrial Estate So, Guindy, Chennai 600 032. [Pan: Aadcm-5547-J] (अपीलार्थी/Appellant) अपीलार्थी की ओर से/Appellant By : प्रत्यर्थी की ओर से/Respondent By : सुनवाई की तारीख/Date Of Hearing : घोषणा की तारीख/Date Of Pronouncement : The Deputy Commissioner Of Vs. Income Tax, Corporate Circle 1(1), Chennai. (प्रत्यर्थी/Respondent) Shri Sandeep Bagmar, Advocate Shri V. Justin, Cit & Ms. R. Anita, Addl. Cit 08.05.2025 21.05.2025 आदेश / Order Per George George K: These Four Appeals Filed At The Instance Of The Assessee Are Directed Against Four Separate Orders Of The Commissioner Of Income Tax (Appeals), National Faceless Appeal Centre (Nfac), Delhi (All Dated 21.08.2024) Passed Under Section 250 Of The Income Tax Act, 1961 (Hereinafter Called 'The Act'). The Relevant Assessment Years Are 2016-17, 2017-18, 2018-19 & 2020-21. -2-

Section 142(1)Section 143(1)Section 143(2)Section 250Section 32Section 43(1)

…ed at pages 17 to 33 of the impugned order. Before the CIT(A), the assessee challenged the addition made towards disallowance of depreciation on goodwill in light of the judgement of the Hon'ble Supreme Court in the case of CIT v. Smifs Securities Ltd. (2012) 348 ITR 302 (SC) and argued that depreciation arising on account of amalgamation is in the nature of an intangible asset and the same is eligible for depreciation under section 32 of the Act. The CIT(A), referring to the orders of the Tribunal as well as considering the Memorandum to Finance Bill, 2021 and amendments in Finance Act, 2021, confirmed the disal…

Adp India Private Limited, Chennai vs. Deputy Commissioner of Income Tax Corporate Circle 1(1), Chennai

In the result, the appeal in ITA No

ITA 2670/CHNY/2024[2016-17]Status: DisposedITAT Chennai21 May 2025AY 2016-17

Bench: Shri George George Kand Shri Jagadishआयकर अपीलसं/.Ita Nos.: 2670, 2671, 2672 & 2698/Chny/2024 िनधा"रण वष"/Assessment Years: 2016-17, 2017-18, 2018-19 & 2020-21 Adp India Private Limited, The Deputy Commissioner Of Thamarai Tech Park, 6Th Floor, Vs. Income Tax, Sp Plot No. 16 To 20 & 20A, Thiru Vi Ka Corporate Circle 1(1), Industrial Estate, Inner Ring Road, Chennai. Guindy Industrial Estate So, Guindy, Chennai 600 032. [Pan: Aadcm-5547-J] (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/Appellant By : Shri Sandeep Bagmar, Advocate ""यथ" क" ओर से/Respondent By : Shri V. Justin, Cit & Ms. R. Anita, Addl. Cit सुनवाई क" तारीख/Date Of Hearing : 08.05.2025 घोषणा क" तारीख/Date Of Pronouncement : 21.05.2025 आदेश/ O R D E R Per George George K: These Four Appeals Filed At The Instance Of The Assessee Are Directed Against Four Separate Orders Of The Commissioner Of Income Tax (Appeals), National Faceless Appeal Centre (Nfac), Delhi (All Dated 21.08.2024) Passed Under Section 250 Of The Income Tax Act, 1961 (Hereinafter Called ‘The Act’). The Relevant Assessment Years Are 2016-17, 2017-18, 2018-19 & 2020-21. Ita Nos.2670 To 2672 & 2698/Chny/2024

For Appellant: Shri Sandeep Bagmar, AdvocateFor Respondent: Shri V. Justin, CIT &
Section 142(1)Section 143(1)Section 143(2)Section 250Section 32Section 43(1)

…ed at pages 17 to 33 of the impugned order. Before the CIT(A), the assessee challenged the addition made towards disallowance of depreciation on goodwill in light of the judgement of the Hon’ble Supreme Court in the case of CIT v. Smifs Securities Ltd. (2012) 348 ITR 302 (SC) and argued that depreciation arising on account of amalgamation is in the nature of an intangible asset and the same is eligible for depreciation under section 32 of the Act. The CIT(A), referring to the orders of the Tribunal as well as considering the Memorandum to Finance Bill, 2021 and amendments in Finance Act, 2021, confirmed the disal…

Rexel India Private Limited, Pune vs. Deputy Commissioner of Income Tax, Pune

In the result, appeal of the assessee is partly allowed for statistical

ITA 981/PUN/2024[AY 2016-17]Status: DisposedITAT Pune05 May 2025
Section 143(2)Section 32(1)Section 43(1)Section 43(6)

…the depreciation on the same ought to have been allowed. 1.4 On the facts and circumstances of the case and in law, the Hon'ble NFAC has erred in not following the decisions of the Hon'ble Supreme Court of India in the case of Smifs Securities Limited [2012] 348 ITR 302 (SC) and the Jurisdictional Bombay High Court in the case of Chowgule & Company Private Limited (2016) (95 CCH 21) (Bom) 2. Allowance of brought forward business loss and unabsorbed depreciation not granted 2.1 On the facts and circumstances of the case and in law, the Hon'ble NFAC has erred in not adjudicating on the ground taken by the Appellan…

S S Group P.Ltd, Gurgaon vs. ACIT, Circle-4(1), Gurgaon

In the result, both appeals of the assessee are partly allowed as above

ITA 7691/DEL/2018[2015-16]Status: DisposedITAT Delhi12 Mar 2025AY 2015-16

Bench: Shri Satbeer Singh Godara & Shri Avdhesh Kumar Mishraita No.7691/Del/2018, A.Y. 2015-16 Ita No.8950/Del/2019, A.Y. 2016-17 M/S. S S Group (P) Ltd. Assistant Commissioner Of C/O Rra Taxindia Income Tax, Circle-4(1) D-28, South Extension Part-1 Vs. Income Tax Office, New Delhi-110049 Hsiidc Building, Pan: Aapcs5288Q Udyog Vihar, Gurgaon (Appellant) (Respondent) Appellant By Shri Somil Agarwal, Advocate Shri Deepesh Garg, Advocate Respondent By Ms. Jaya Chaudhary, Cit Dr Date Of Hearing 18/12/2024 Date Of Pronouncement 12/03/2025 Order Per Avdhesh Kumar Mishra, Am Since Issues Involved In These Appeals Were Identical; Hence, These Cases Were Heard Together. Accordingly, These Appeals Are Being Disposed Off By This Common Order For The Sake Of Brevity.

Section 234ASection 32(1)Section 40A(3)Section 43(6)(c)

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘G’: NEW DELHI BEFORE SHRI SATBEER SINGH GODARA, JUDICIAL MEMBER AND SHRI AVDHESH KUMAR MISHRA, ACCOUNTANT MEMBER ITA No.7691/Del/2018, A.Y. 2015-16 ITA No.8950/Del/2019, A.Y. 2016-17 M/s. S S Group (P) Ltd. Assistant Commissioner of C/O RRA TAXINDIA Income Tax, Circle-4(1) D-28, South Extension Part-1 Vs. Income Tax Office, New Delhi-110049 HSIIDC Building, PAN: AAPCS5288Q Udyog Vihar, Gurgaon (Appellant) (Respondent) Appellant by Shri Somil Agarwal, Advocate Shri Deepesh Garg, Advocate Respondent by Ms. Jaya Chaudhary, CIT DR Date of Hearing 18/12/2024 Date…

Pmv Maltings Pvt Ltd vs. Dy Commissioner of Income Tax, Circle 19(1) & Anr

ITA/366/2023HC Delhi20 Feb 2025

Bench: HON'BLE MR. JUSTICE YASHWANT VARMA,HON'BLE MR. JUSTICE HARISH VAIDYANATHAN SHANKAR

Section 32Section 32(1)

…April 2013. 5. Insofar as the apportionment of depreciation between the amalgamating entity and the resultant company is concerned and relevant to AY 2014-15, there is no dispute. The solitary question, 1 (2012) 13 SCC 488 2 Act 3 Tribunal 4 AYs Digitally Signed By:HARVINDER KAUR BHATIA Signing Date:01.03.2025 12:33:05 Signature Not Verified ITA 363/2023 & 366/2023 Page 3 of 14 which thus arose for consideration of the Tribunal, was the depreciation claimed by the appellant for AYs 2015-16 and 2016-17. 6. On facts, the Tribunal ha…

Pmv Maltings Pvt Ltd vs. Dy. Commissioner of Income Tax, Circle 19(1) & Anr

ITA/363/2023HC Delhi20 Feb 2025

Bench: HON'BLE MR. JUSTICE YASHWANT VARMA,HON'BLE MR. JUSTICE HARISH VAIDYANATHAN SHANKAR

Section 32Section 32(1)

…April 2013. 5. Insofar as the apportionment of depreciation between the amalgamating entity and the resultant company is concerned and relevant to AY 2014-15, there is no dispute. The solitary question, 1 (2012) 13 SCC 488 2 Act 3 Tribunal 4 AYs Digitally Signed By:HARVINDER KAUR BHATIA Signing Date:01.03.2025 12:33:05 Signature Not Verified ITA 363/2023 & 366/2023 Page 3 of 14 which thus arose for consideration of the Tribunal, was the depreciation claimed by the appellant for AYs 2015-16 and 2016-17. 6. On facts, the Tribunal ha…

DCIT., Circle 8(1), Hyderabad vs. East India Petroleum Limited, Hyderabad

In the result, appeal filed by the Revenue is dismissed

ITA 1087/HYD/2024[2018-19]Status: DisposedITAT Hyderabad06 Feb 2025AY 2018-19

Bench: Shri Manjunatha G. & Shri K.Narsimha Charyआ.अपी.सं /Ita No.1087/Hyd/2024 (निर्धारण वर्ा/Assessment Year: 2018-19) Deputy Commissioner Of Vs. East India Petroleum Income Tax Limited Circle-8(1)(Incharge) Hyderabad Hyderabad [Pan : Aaace4494K] (Appellant) (Respondent) निर्धाररती द्वधरध/Assessee By: Shri H.Srinivasulu, Ar रधजस् व द्वधरध/Revenue By: Ms.M.Narmada, Cit-Dr सुिवधई की तधरीख/Date Of Hearing: 16/01/2025 घोर्णध की तधरीख/Date Of 06/02/2025 Pronouncement: आदेश / Order Per. Manjunatha G., A.M: This Appeal Filed By The Revenue Is Directed Against Order Dated 19.08.2024 Of The Commissioner Of Income Tax (Appeals) [“Ld.Cit(A)”], National Faceless Appeal Centre (Nfac), Delhi, Pertaining To A.Y.2018-19. 2. The Brief Facts Of The Case Are That The Assessee, Engaged In The Business Of Providing Terminalling Services To Oil Marketing Companies For Storage Of Bulk Liquid Products Including Fuels Like High Speed Diesel, Motor Spirit, Petroleum

For Appellant: Shri H.Srinivasulu, ARFor Respondent: Ms.M.Narmada, CIT-DR
Section 32

…the assessment order, the assessee preferred an appeal before the CIT(A) and challenged the additions made towards disallowance of goodwill and depreciation in light of the decision of Hon'ble Supreme Court in the case of CIT Vs. Smifs Securities Ltd. (2012) 348 ITR 302 6 East India Petroleum Limited (SC) and argued that depreciation arising on account of amalgamation is in the nature of an intangible asset and the same is eligible for depreciation u/s 32 of the Act. The assessee had also challenged the disallowance of interest expenditure u/s 37 of the Act, on the ground that the interest expenditure covered…