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.

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 302)

L & T Technologies Services Limited, Mumbai vs. Assistant Commissioner of Income Tax, Circle 2(2)(1), Mumbai

In the result, the additional grounds of the assessee are allowed for statistical purposes

ITA 4255/MUM/2023[2015-16]Status: DisposedITAT Mumbai06 Feb 2025AY 2015-16

Bench: Shri B.R. Baskaran & Shri Anikesh Banerjeel&T Technologies Services Ltd Vs Assistant Commissioner Of Income L&T House, N.M. Marg, Tax, Circle 2(2)(1), Mumbai Room No.545, 5Th Floor, Aayakar Mumbai Pan: Aaccl4310P Bhavan, Maharshi Karve Road, Mumbai-400 020 Appellant Respondent

For Appellant: Shri Nitesh JoshiFor Respondent: Dr. K.R. Subhash (CIT- DR)

Section 10ASection 143(3)Section 170Section 2Section 250Section 37Section 90

…y explicit irregularity in the same. 7. The CIT(A) has erred in confirming the disallowance of deprecation on goodwill of Rs 85,40,73,133/- when the issue is already settled in context of decision of Hon'ble Supreme Court in case of CIT vs. Smifs Securities (348 ITR 302) 8 The appellant craves leave to add to, alter or amend the above grounds of appeal as and when advised.” Additional grounds: “3. That the Appellant may be granted credit for the taxes paid in the USA, Denmark, Belgium, Norway, Germany, Japan in respect of the income pertaining to SEZ units eligible for deductions under section 10A/10AA. 4. T…

Indian Overseas Bank, Chennai vs. DCIT, Ltu(2), Chennai

Accordingly, this ground of Revenue is dismissed

ITA 203/CHNY/2023[2017-18]Status: DisposedITAT Chennai31 Dec 2024AY 2017-18

Bench: Hon’Ble Shri Manoj Kumar Aggarwal & Hon’Ble Shri Manu Kumar Giriआयकरअपील सं./ Ita Nos.661/Chny/2019, 202 & 203/Chny/2023 (िनधा"रणवष" / Assessment Years: 2015-16, 2016-17 & 2017-2018) Indian Overseas Bank, Vs. The Assistant Commissioner Of 763, Anna Salai, Income Tax, Chennai 600 002. Ltu (2) Chennai. आयकरअपील सं./ Ita Nos.914/Chny/2019, 253 & 254/Chny/2023 (िनधा"रणवष" / Assessment Years: 2015-16, 2016-17&2017-2018) The Assistant Commissioner Of Vs. Indian Overseas Bank, Income Tax, 763, Anna Salai, Ltu (2) Chennai 600 002. Chennai. [Pan: Aaaci 1223J] (अपीलाथ"/Appellant) (""यथ"/Respondent) Assessee By : Shri. C. Naresh, C.A., Department By : Shri. A. Sasikumar, Irs. Cit. सुनवाई क" तार"ख/Date Of Hearing : 14.11.2024 घोषणा क" तार"ख /Date Of Pronouncement : 31.12.2024

For Appellant: Shri. C. Naresh, C.AFor Respondent: Shri. A. Sasikumar, IRS. CIT

Section 115JSection 143(2)Section 14ASection 14A(2)Section 250Section 36(1)(vii)Section 36(1)(viia)

…d against the assessee. Accordingly, this ground of assessee is dismissed. (VII) Depreciation on goodwill: The AO disallowed depreciation on goodwill amounting to Rs.14,62,51,006/- by not taking into the decision of the Hon’ble Apex Court in Smifs Securities (348 ITR 302 SC). The ld. Counsel for the assessee from chart submitted that this ground has been decided against the assessee by the co-ordinate bench of the Tribunal in assessee’s own case in ITA Nos.948 & 777 /Chny/2018 for AY 2014-15 which held as under: ‘’7. On the issue of Depreciation on Goodwill, the AR relied on the order of this tribunal in the asse…