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.

Publics Communications P.Ltd, Mumbai vs. DCIT Cir 7(3)(2), Mumbai

In the result, ground 2 is allowed and ground 3 is allowed for statistical purposes

ITA 588/MUM/2017[2012-13]Status: DisposedITAT Mumbai15 Mar 2024AY 2012-13

Bench: Ms. Kavitha Rajagopal() & Ms. Padmavathy S. ()

Section 199

…1 ITA 588/Mum/2017 M/s Publicis Communications Private Limited IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “J”, MUMBAI BEFORE MS. KAVITHA RAJAGOPAL(JUDICIAL MEMBER) AND MS. PADMAVATHY S. (ACCOUNTANT MEMBER) I.T.A. No.588/Mum/2017 (Assessment year 2012-13) M/s Publicis Communications Private vs The Deputy Commissioner of Limited, Viva Centre, 126, Income-tax, Circle 7(3)(2), Mumbai, Mathurada Mills Compound, N.M. Aayakar Bhavan, Maharshi Karve Joshi Marg, Off. Senapati Bapat Road, Mumbai-400 020 Marg, Lower Parel (West), Mumbai- 400 013 PAN : AABCA5243G APPELLANT RESPONDENT Assessee represented by Shri K…

Sara Suppliers Private Limited, Ahmedabad vs. The Asstt. Commissioner of Income Tax, Circle-4(1)(1), Ahmedabad

ITA 432/AHD/2022[2016-17]Status: DisposedITAT Ahmedabad21 Feb 2024AY 2016-17

Bench: Shri Waseem Ahmed & Shri Siddhartha Nautiyalआयकरअपीलसं./Ita No. 432/Ahd/2022 धििाधरणवरध/Asstt. Year: 2016-2017 Sara Suppliers Private Limited, The Asst. Commissioner Of 6, Patel Avenue, Vs. Income Tax, Near Gurudwara S.G Highway, Circle-4(1)(1), Ahmedabad-380054. Ahmedabad.

For Appellant: Shri Tushar Hemani, Sr. Advocate with Shri Parimalsinh B. Parmar, A.RFor Respondent: Shri Sudhendu Das, CIT.D.R
Section 32(1)

…92/- on goodwill created in the scheme of amalgamation. 4.1 The assessee during the assessment proceeding submitted that the depreciation on goodwill was claimed in view of the judgment of Hon’ble Supreme Court in the case of Smifs Securities Ltd reported in 348 ITR 302. The assessee further submitted that the accounting standard 14 also recognizes the amount paid in excess to net assets transferred as goodwill and permits to amortize the same over the period. The assessee with regard to provision of proviso 6 to section 32(1) of the Act submitted that the same are applicable in case where amalgamation takes pla…

Kifs International LLP, Ahmedabad vs. National Faceless Assessment Centre, Delhi Presently With ACIT, Central Circle-1(4), Ahmedabad

ITA 684/AHD/2023[2018-19]Status: DisposedITAT Ahmedabad08 Feb 2024AY 2018-19

Bench: Shri Waseem Ahmed & Ms. Madhumita Royआयकर अपील सं./I.T.A. Nos. 682, 683 & 684/Ahd/2023 ("नधा"रण वष" / Assessment Years : 2016-17 To 2018-19) Kifs International Llp Acit बनाम/ B-81, Pariseema Complex, Circle-5(2)(1), Vs. C. G. Road, Ellisbridge, Narayan Chambers Ahmedabad 380006 Building, Ashram Road, Ahmedabad [Presently With Acit, Central Circle 1(4), 3Rd Floor, Aaykar Bhavan, Ashrma Road, Ahmedabad "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaqfk2892L (Appellant) .. (Respondent) Shri Tushar Hemani, Sr. Advocate & Assessee By : Shri Parimalsinh B. Parmar, A.Rs. Revenue By : Shri Ritesh Parmar, Cit. Dr & Shri Rajdeep Singh, Sr.Dr (On 08.11.2023) & Shri Kamlesh Makwana, Cit.Dr (On 30.01.2024) सुनवाई क" तार"ख / Date Of 08/11/2023 & 30.01.2024 Hearing घोषणा क" तार"ख /Date Of 08/02/2024 Pronouncement O R D E R Per Ms. Madhumita Roy - Jm: The Bunch Of Three Appeals Filed By The Assessee Are Directed Against The Common Order Dated 14.08.2023 Passed By Ld. Commissioner Of Income Tax (Appeals)-11, Ahmedabad (In Short ‘Cit(A)’) Arising Out Of The Orders Dated

For Appellant: Shri Parimalsinh B. Parmar, A.RsFor Respondent: Shri Ritesh Parmar, CIT. DR & Shri
Section 143(3)Section 147Section 32Section 32(1)Section 43(6)

…of KIPL in the course of the scheme of amalgamation of KSPL to KIPL which is eligible for depreciation under Section 32 of the Act, particularly, in view of the decision passed by the Hon’ble Supreme Court in case of Smifs Securities Ltd., reported in (2012) 348 ITR 302. Once the Goodwill forms part of the block of assets of KIPL under Section 32 of the Act, it would also form part of the block of assets of the appellant formed pursuant to the conversion of KIPL into LLP (Limited Liability Partnership) in terms of the conditions specified under Section 47(xiiib) of the Act. Furthermore, in terms of Explanation 2…

Kifs International LLP, Ahmedabad vs. The ACIT, Circle-5(2)(1) Presently With ACIT, Central Circle-1(4), Ahmedabad

ITA 683/AHD/2023[2017-18]Status: DisposedITAT Ahmedabad08 Feb 2024AY 2017-18

Bench: Shri Waseem Ahmed & Ms. Madhumita Royआयकर अपील सं./I.T.A. Nos. 682, 683 & 684/Ahd/2023 ("नधा"रण वष" / Assessment Years : 2016-17 To 2018-19) Kifs International Llp Acit बनाम/ B-81, Pariseema Complex, Circle-5(2)(1), Vs. C. G. Road, Ellisbridge, Narayan Chambers Ahmedabad 380006 Building, Ashram Road, Ahmedabad [Presently With Acit, Central Circle 1(4), 3Rd Floor, Aaykar Bhavan, Ashrma Road, Ahmedabad "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaqfk2892L (Appellant) .. (Respondent) Shri Tushar Hemani, Sr. Advocate & Assessee By : Shri Parimalsinh B. Parmar, A.Rs. Revenue By : Shri Ritesh Parmar, Cit. Dr & Shri Rajdeep Singh, Sr.Dr (On 08.11.2023) & Shri Kamlesh Makwana, Cit.Dr (On 30.01.2024) सुनवाई क" तार"ख / Date Of 08/11/2023 & 30.01.2024 Hearing घोषणा क" तार"ख /Date Of 08/02/2024 Pronouncement O R D E R Per Ms. Madhumita Roy - Jm: The Bunch Of Three Appeals Filed By The Assessee Are Directed Against The Common Order Dated 14.08.2023 Passed By Ld. Commissioner Of Income Tax (Appeals)-11, Ahmedabad (In Short ‘Cit(A)’) Arising Out Of The Orders Dated

For Appellant: Shri Parimalsinh B. Parmar, A.RsFor Respondent: Shri Ritesh Parmar, CIT. DR & Shri
Section 143(3)Section 147Section 32Section 32(1)Section 43(6)

…of KIPL in the course of the scheme of amalgamation of KSPL to KIPL which is eligible for depreciation under Section 32 of the Act, particularly, in view of the decision passed by the Hon’ble Supreme Court in case of Smifs Securities Ltd., reported in (2012) 348 ITR 302. Once the Goodwill forms part of the block of assets of KIPL under Section 32 of the Act, it would also form part of the block of assets of the appellant formed pursuant to the conversion of KIPL into LLP (Limited Liability Partnership) in terms of the conditions specified under Section 47(xiiib) of the Act. Furthermore, in terms of Explanation 2…

Kifs International LLP, Ahmedabad vs. The ACIT, Circle-5(2)(1) Presently With ACIT, Central Circle-1(4), Ahmedabad

ITA 682/AHD/2023[2016-17]Status: DisposedITAT Ahmedabad08 Feb 2024AY 2016-17

Bench: Shri Waseem Ahmed & Ms. Madhumita Royआयकर अपील सं./I.T.A. Nos. 682, 683 & 684/Ahd/2023 ("नधा"रण वष" / Assessment Years : 2016-17 To 2018-19) Kifs International Llp Acit बनाम/ B-81, Pariseema Complex, Circle-5(2)(1), Vs. C. G. Road, Ellisbridge, Narayan Chambers Ahmedabad 380006 Building, Ashram Road, Ahmedabad [Presently With Acit, Central Circle 1(4), 3Rd Floor, Aaykar Bhavan, Ashrma Road, Ahmedabad "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaqfk2892L (Appellant) .. (Respondent) Shri Tushar Hemani, Sr. Advocate & Assessee By : Shri Parimalsinh B. Parmar, A.Rs. Revenue By : Shri Ritesh Parmar, Cit. Dr & Shri Rajdeep Singh, Sr.Dr (On 08.11.2023) & Shri Kamlesh Makwana, Cit.Dr (On 30.01.2024) सुनवाई क" तार"ख / Date Of 08/11/2023 & 30.01.2024 Hearing घोषणा क" तार"ख /Date Of 08/02/2024 Pronouncement O R D E R Per Ms. Madhumita Roy - Jm: The Bunch Of Three Appeals Filed By The Assessee Are Directed Against The Common Order Dated 14.08.2023 Passed By Ld. Commissioner Of Income Tax (Appeals)-11, Ahmedabad (In Short ‘Cit(A)’) Arising Out Of The Orders Dated

For Appellant: Shri Parimalsinh B. Parmar, A.RsFor Respondent: Shri Ritesh Parmar, CIT. DR & Shri
Section 143(3)Section 147Section 32Section 32(1)Section 43(6)

…of KIPL in the course of the scheme of amalgamation of KSPL to KIPL which is eligible for depreciation under Section 32 of the Act, particularly, in view of the decision passed by the Hon’ble Supreme Court in case of Smifs Securities Ltd., reported in (2012) 348 ITR 302. Once the Goodwill forms part of the block of assets of KIPL under Section 32 of the Act, it would also form part of the block of assets of the appellant formed pursuant to the conversion of KIPL into LLP (Limited Liability Partnership) in terms of the conditions specified under Section 47(xiiib) of the Act. Furthermore, in terms of Explanation 2…

M/S. United Breweries Limited, Bangalore vs. Deputy Commissioner of Income-Tax, Circle-7(1)(1), Bengaluru

In the result, both the appeals filed by the assessee stands partly allowed for statistical purposes

ITA 1020/BANG/2023[2020-21]Status: DisposedITAT Bangalore31 Jan 2024AY 2020-21

Bench: Shri Chandra Poojari & Smt. Beena Pillai

For Respondent: Shri K R Vasudevan &
Section 143(3)Section 147Section 148

…purchase consideration paid by the Assessee exceeding the fair value of tangible assets and other net current assets was treated as 'goodwill'. The assessee relied on the decision of the Hon'ble Supreme Court in case of CIT v Smifs Securities Ltd. reported in 348 ITR 302 (SC). The assessee submits that this Tribunal decided the issue against the assessee in the cases for AY 2007-08 to 2009-10 (supra) and the decision will apply to the present AY also. The Assessee submits that it has preferred appeal on the allowability of claim of depreciation before the Hon'ble High Court of Karnataka in ITA No.61/2017 and the…

M/S. United Breweries Limited, Bangalore vs. Deputy Commissioner of Income-Tax, Circle-7(1)(1), Bengaluru

ITA 1019/BANG/2023[2012-13]Status: DisposedITAT Bangalore31 Jan 2024AY 2012-13

Bench: Shri Chandra Poojari & Smt. Beena Pillai

For Appellant: Shri K R Vasudevan & Shri Ankur Pai, AdvocatesFor Respondent: Shri D.K. Mishra, CIT DR
Section 143(3)Section 147Section 148

…purchase consideration paid by the Assessee exceeding the fair value of tangible assets and other net current assets was treated as 'goodwill'. The assessee relied on the decision of the Hon'ble Supreme Court in case of CIT v Smifs Securities Ltd. reported in 348 ITR 302 (SC). The assessee submits that this Tribunal decided the issue against the assessee in the cases for AY 2007-08 to 2009-10 (supra) and the decision will apply to the present AY also. The Assessee submits that it has preferred appeal on the allowability of claim of depreciation before the Hon'ble High Court of Karnataka in ITA No.61/2017 and the…

Lupin Ltd., Mumbai vs. The Dy CIT, Circle-3(4), Mumbai

In the result, all the appeals of the assessee and revenue are treated as partly allowed

ITA 1921/MUM/2020[2010-11]Status: DisposedITAT Mumbai25 Jan 2024AY 2010-11

Bench: Shri B.R. Baskaran (Am) & Shri Pavan Kumar Gadale (Jm)

…IN THE INCOME TAX APPELLATE TRIBUNAL Mumbai “A” Bench, Mumbai. Before Shri B.R. Baskaran (AM) & Shri Pavan Kumar Gadale (JM) I.T.A. No. 1921/Mum/2020 (A.Y. 2010-11) I.T.A. No. 1922/Mum/2020 (A.Y. 2011-12) I.T.A. No. 1923/Mum/2020 (A.Y. 2012-13) C.O. No. 128/Mum/2021 (A.Y. 2010-11) C.O. No. 131/Mum/2021 (A.Y. 2011-12) C.O. No. 130/Mum/2021 (A.Y. 2012-13) Vs. DCIT, Circle-3(4) M/s. Lupin Limited 7th Floor, Kalpataru 29th Floor Inspire, Off Western Center 1, World Express Highway Trade Centre Santacruz East Cuffe Parade Mumbai-400 055. Mumbai-400 005. (Appellant) (Respondent) I.T.A. No. 394/Mum/2021 (A.Y. 2010-11…

ACIT, Circle-1(1)(1), Vejalpur, Ahmedabad vs. Aculife Healthcare Pvt. Ltd., Ahmedabad

Accordingly, in light of the above discussion, the Department’s appeal for Assessment Years 2015-16 and 2016-17 are dismissed, and the assessee’s Cross Objections are allowed for the impugned asses...

ITA 790/AHD/2023[2016-17]Status: DisposedITAT Ahmedabad24 Jan 2024AY 2016-17

Bench: Smt. Annapurna Gupta & Shri Siddhartha Nautiyal

For Appellant: Shri Chirag Patel on behalf of Shri HemanshuFor Respondent: Shri Akhilendra Pratap Yadaw, CIT D.R
Section 143(3)Section 263Section 43(6)

…o observe that during the course of assessment, the assessee had furnished various factual and legal submissions in respect of its claim of depreciation on goodwill vide submission dated 19- 12-2017, wherein the assessee relied on the case of Smifs Securities 348 ITR 302 (SC) in support of its claim for deprecation of goodwill by assessee company. We also observe that the extract of board resolution passed by the meeting of board of directors and order passed by the Hon’ble Gujarat High Court granting approval to the aforesaid said of demerger and also the valuation ITA Nos. 789 & 790/Ahd/2023 with C.O. Nos. 20…

ACIT, Circle-1(1)(1), Vejalpur, Ahmedabad vs. Aculife Healthcare Pvt. Ltd., Ahmedabad

Accordingly, in light of the above discussion, the Department’s appeal for Assessment Years 2015-16 and 2016-17 are dismissed, and the assessee’s Cross Objections are allowed for the impugned asses...

ITA 789/AHD/2023[2015-16]Status: DisposedITAT Ahmedabad24 Jan 2024AY 2015-16

Bench: Smt. Annapurna Gupta & Shri Siddhartha Nautiyal

For Appellant: Shri Chirag Patel on behalf of Shri HemanshuFor Respondent: Shri Akhilendra Pratap Yadaw, CIT D.R
Section 143(3)Section 263Section 43(6)

…o observe that during the course of assessment, the assessee had furnished various factual and legal submissions in respect of its claim of depreciation on goodwill vide submission dated 19- 12-2017, wherein the assessee relied on the case of Smifs Securities 348 ITR 302 (SC) in support of its claim for deprecation of goodwill by assessee company. We also observe that the extract of board resolution passed by the meeting of board of directors and order passed by the Hon’ble Gujarat High Court granting approval to the aforesaid said of demerger and also the valuation ITA Nos. 789 & 790/Ahd/2023 with C.O. Nos. 20…

Quess Corp Limited (Successor to Aravon Services Pvt Ltd.), Mumbai vs. Dy CIT 9(1)(2), Mumbai

ITA 1961/MUM/2019[2014-15]Status: DisposedITAT Mumbai05 Jan 2024AY 2014-15
Section 143(3)Section 32(1)Section 40A(2)(b)

…ow. There is no doubt with regard to the allowability of depreciation on goodwill being, any other business or commercial rights of similar nature u/s. 32(1) of the I.T.Act, 1961. The Hon'ble Supreme Court in the case of CIT vs Smifs Securities Limited (2012) 348 ITR 302 (SC) held that goodwill is an asset under the expression used in Explanation 3(b)(ii) to section 32(1) and therefore, deprecation is allowable on such an asset as any other business or commercial rights of similar nature. The question before the AO was whether, deprecation on goodwill claimed by the assessee is allowable or not, when such goodwil…

Lanco Enterprise Private Limited, Gurgaon vs. DCIT, Circle-5(1), Hyderabad (Erstwhile DCIT, Circle-16(1)), Hyderabad

In the result, ITA Nos. 236 & 237/Hyd/2023 are allowed for statistical purposes and ITA No

ITA 238/HYD/2023[2017-18]Status: DisposedITAT Hyderabad28 Dec 2023AY 2017-18

Bench: Shri R.K. Panda, Vice- & Shri K. Narasimha Chary

For Appellant: Shri P. Murali Mohan Rao, CAFor Respondent: Smt. T.H Vijaya Lakshmi, CIT(DR)
Section 143(2)Section 144Section 14A

…o far as the other 2 issues are concerned, he submitted that depreciation on goodwill is an allowable deduction. However, the learned CIT (A) NFAC without considering the binding decision of the Hon'ble Supreme Court in the case of CIT vs. Smifs Security Ltd (348 ITR 302) (S.C) and other decisions cited before him has passed the order in a very summary manner dismissing the ground by observing as under: Page 19 of 23 ITA Nos 236 to 238 of 2023 Lanco Enterprises P Ltd Gurgaon Page 20 of 23 ITA Nos 236 to 238 of 2023 Lanco Enterprises P Ltd Gurgaon 28. The assessee also relied on the following decisions: 29.…

Lanco Enterprise Private Limited, Gurgaon vs. DCIT, Circle-5(1), Hyderabad (Erstwhile DCIT, Circle-16(1)), Hyderabad

In the result, ITA Nos. 236 & 237/Hyd/2023 are allowed for statistical purposes and ITA No

ITA 237/HYD/2023[2014-15]Status: DisposedITAT Hyderabad28 Dec 2023AY 2014-15

Bench: Shri R.K. Panda, Vice- & Shri K. Narasimha Chary

For Appellant: Shri P. Murali Mohan Rao, CAFor Respondent: Smt. T.H Vijaya Lakshmi, CIT(DR)
Section 143(2)Section 144Section 14A

…o far as the other 2 issues are concerned, he submitted that depreciation on goodwill is an allowable deduction. However, the learned CIT (A) NFAC without considering the binding decision of the Hon'ble Supreme Court in the case of CIT vs. Smifs Security Ltd (348 ITR 302) (S.C) and other decisions cited before him has passed the order in a very summary manner dismissing the ground by observing as under: Page 19 of 23 ITA Nos 236 to 238 of 2023 Lanco Enterprises P Ltd Gurgaon Page 20 of 23 ITA Nos 236 to 238 of 2023 Lanco Enterprises P Ltd Gurgaon 28. The assessee also relied on the following decisions: 29.…

Lanco Enterprise Private Limited, Gurgaon vs. DCIT, Circle-5(1), Hyderabad (Erstwhile DCIT, Circle-16(1), Hyderabad

In the result, ITA Nos. 236 & 237/Hyd/2023 are allowed for statistical purposes and ITA No

ITA 236/HYD/2023[2012-13]Status: DisposedITAT Hyderabad28 Dec 2023AY 2012-13

Bench: Shri R.K. Panda, Vice- & Shri K. Narasimha Chary

For Appellant: Shri P. Murali Mohan Rao, CAFor Respondent: Smt. T.H Vijaya Lakshmi, CIT(DR)
Section 143(2)Section 144Section 14A

…o far as the other 2 issues are concerned, he submitted that depreciation on goodwill is an allowable deduction. However, the learned CIT (A) NFAC without considering the binding decision of the Hon'ble Supreme Court in the case of CIT vs. Smifs Security Ltd (348 ITR 302) (S.C) and other decisions cited before him has passed the order in a very summary manner dismissing the ground by observing as under: Page 19 of 23 ITA Nos 236 to 238 of 2023 Lanco Enterprises P Ltd Gurgaon Page 20 of 23 ITA Nos 236 to 238 of 2023 Lanco Enterprises P Ltd Gurgaon 28. The assessee also relied on the following decisions: 29.…

Bestech India P.Ltd, New Delhi vs. DCIT, Central Circle-1, Faridabad

In the result, the appeals of the assessee in ITA Nos

ITA 2059/DEL/2022[2017-18]Status: DisposedITAT Delhi27 Dec 2023AY 2017-18

Bench: Shri Saktijit Dey & Shri N.K. Billaiya

For Appellant: Shri R.S. Ahuja, CAFor Respondent: Shri Kanv Bali, Sr. DR
Section 14ASection 32(1)

…IN THE INCOME TAX APPELLATE TRIBUNAL, DELHI ‘A’ BENCH, NEW DELHI BEFORE SHRI SAKTIJIT DEY, VICE PRESIDENT, AND SHRI N.K. BILLAIYA, ACCOUNTANT MEMBER ITA No. 2058/DEL/2022 [A.Y. 2016-17] ITA No. 2059/DEL/2022 [A.Y. 2017-18] Bestech India Pvt Ltd Vs. The Dy. C.I.T., Unit No. 5D, JW Marriot Hotel Central Circle 1 5th Floor, Aria Signature Offices Faridabad Delhi Aerocity Hospitality District Assets Area – 4, New Delhi PAN – AABCB 6551 B (Applicant) (Respondent) Assessee By : Shri R.S. Ahuja, CA Shri Pushpdeep Singh, Adv Department By : Shri Kanv Bali, Sr. DR Date of Hearing : 21.12.2023 Date of Pronouncemen…

Bestech India P.Ltd, New Delhi vs. DCIT, Central Circle 1, Faridabad

In the result, the appeals of the assessee in ITA Nos

ITA 2058/DEL/2022[2016-17]Status: DisposedITAT Delhi27 Dec 2023AY 2016-17

Bench: Shri Saktijit Dey & Shri N.K. Billaiya

For Appellant: Shri R.S. Ahuja, CAFor Respondent: Shri Kanv Bali, Sr. DR
Section 14ASection 32(1)

…IN THE INCOME TAX APPELLATE TRIBUNAL, DELHI ‘A’ BENCH, NEW DELHI BEFORE SHRI SAKTIJIT DEY, VICE PRESIDENT, AND SHRI N.K. BILLAIYA, ACCOUNTANT MEMBER ITA No. 2058/DEL/2022 [A.Y. 2016-17] ITA No. 2059/DEL/2022 [A.Y. 2017-18] Bestech India Pvt Ltd Vs. The Dy. C.I.T., Unit No. 5D, JW Marriot Hotel Central Circle 1 5th Floor, Aria Signature Offices Faridabad Delhi Aerocity Hospitality District Assets Area – 4, New Delhi PAN – AABCB 6551 B (Applicant) (Respondent) Assessee By : Shri R.S. Ahuja, CA Shri Pushpdeep Singh, Adv Department By : Shri Kanv Bali, Sr. DR Date of Hearing : 21.12.2023 Date of Pronouncemen…

S & P Capital Iq (India) Private Limited, Hyderabad vs. ACIT, Circle-3(1), Hyderabad

In the result, appeal of the assessee is allowed

ITA 463/HYD/2022[2018-19]Status: DisposedITAT Hyderabad26 Dec 2023AY 2018-19

Bench: Shri Rama Kanta Panda & Shri K.Narasimha Charyआ.अपी.सं / Ita-Tp No. 463/Hyd/2022 (निर्धारण वर्ा / Assessment Year: 2018-19)

For Appellant: Shri K.C. Devdas, ARFor Respondent: Ms. TH Vijaya Lakshmi, CIT-DR
Section 139Section 139(5)Section 143(2)Section 143(3)Section 32(1)Section 43(1)Section 43(6)(c)

…ee claimed the deduction in respect of depreciation in computing the total income, the provisions under section 32(1) of the Act shall continue to apply. Assessee placed reliance on the decision of the Hon’ble Apex Court in the case of Smifs Securities [2012] 348 ITR 302, wherein it was held that goodwill of a business or profession is a depreciable asset. 5. Learned DRP rejected such a claim observing that, the object of the issue of notice under section 143(2) of the Act is only to ensure that there is no understatement of income or no underpayment of the tax or there is no excess claim of loss or reduction, a…

Vodafone India Services Pvt. Ltd, Mumbai vs. DCIT Circle-4(1)(2), Ahmedabad

In the result, the appeal of the assessee is allowed

ITA 2241/AHD/2018[2009-10]Status: DisposedITAT Mumbai18 Dec 2023AY 2009-10

Bench: Shri Aby T. Varkey, Jm & Shri Amarjit Singh, Am आयकर अपील सं/ I.T.A. No.2241/Ahd/2018 (निर्धारण वर्ा / Assessment Year: 2009-10) Vodafone India Services बिधम/ Dcit, Central Circle- Pvt. Ltd. 4(1)(2) Vs. Indiabulls Finance Centre, B Wing, 2Nd Floor, Room 1201, 12Th Floor, Tower-1, No.209, Pratyaksh Kar Senapati Bapat Road, Bhavan, Near Elphinstone (West), Polytechnic, Ambawadi, Mumbai-400013. Ahmedabad-380015. स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Aaacz1849D (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: Ms. Fereshte Sethna (Adv) Revenue By: Letter Dated 11.10.2023 सुनवाई की तारीख / Date Of Hearing: 10/10/2023 घोषणा की तारीख /Date Of Pronouncement: 18/12/2023 आदेश / O R D E R Per Aby T. Varkey, Jm: This Appeal Has Been Preferred By The Assessee Company Against The Order Of The Ld. Commissioner Of Income Tax (Appeals)-13, Ahmedabad Dated 31.08.2018, Arising Out Of The Final Assessment Order Passed U/S 143(3)/144C(13) Dated 05.12.2014 For The Assessment Year 2009-10. 2. In The Several Grounds Raised In The Appeal, The Sole Grievance Of The Appellant Is Against The Action Of The Ao/Ld. Cit(A) In Not Allowing The Depreciation Claimed On Goodwill.

For Appellant: Ms. Fereshte Sethna (Adv)For Respondent: Letter dated 11.10.2023
Section 143(1)Section 143(3)Section 144C(15)(b)Section 92C

…e that, originally in the return of income filed on 30.09.2009, the appellant had not claimed depreciation on goodwill. The Ld. AR pointed out that, it was only after the judgment rendered by the Hon’ble Apex Court in the case of CIT v. Smifs Securities Ltd. (348 ITR 302) which was pronounced in the year 2012 that, the appellant became aware that it was legally entitled to claim depreciation u/s 32 of the Act on this goodwill acquired from VEGL; and accordingly raised a claim before the AO vide letter 14.03.2013. Having perused the records placed before us, it is indeed noted that the aforesaid claim for deprecia…

ACIT-2(2)(1), Mmumbai vs. M/S. Jics Logistic Limited, Mumbai

In the result, the appeal of the revenue for assessment year the appeal of the revenue for assessment year the appeal of the revenue for assessment year

ITA 1781/MUM/2023[2017-18]Status: DisposedITAT Mumbai29 Nov 2023AY 2017-18

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Assessment Year: 2011-12 & Assessment Year: 2012-13 &

For Appellant: Mr. Satyaprakash Singh

…mpany. It is pertinent to note that decisions favouring the proposition [CIT v. Smifs is pertinent to note that decisions favouring the proposition [CIT v. Smifs is pertinent to note that decisions favouring the proposition [CIT v. Smifs Securities Ltd.[2012] 348 ITR 302 Securities Ltd.[2012] 348 ITR 302(SC)]that depreciation is available on (SC)]that depreciation is available on goodwill arising out of amalgamation, section, viz., 5th proviso to goodwill arising out of amalgamation, section, viz., 5th proviso to goodwill arising out of amalgamation, section, viz., 5th proviso to section 32 (1), section 49(1)(iii…

ACIT-2(2)(1), Mmumbai vs. M/S. Jics Logistic Limited, Mumbai

In the result, the appeal of the revenue for assessment year the appeal of the revenue for assessment year the appeal of the revenue for assessment year

ITA 1780/MUM/2023[2016-14]Status: DisposedITAT Mumbai29 Nov 2023AY 2016-14

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Assessment Year: 2011-12 & Assessment Year: 2012-13 &

For Appellant: Mr. Satyaprakash Singh

…mpany. It is pertinent to note that decisions favouring the proposition [CIT v. Smifs is pertinent to note that decisions favouring the proposition [CIT v. Smifs is pertinent to note that decisions favouring the proposition [CIT v. Smifs Securities Ltd.[2012] 348 ITR 302 Securities Ltd.[2012] 348 ITR 302(SC)]that depreciation is available on (SC)]that depreciation is available on goodwill arising out of amalgamation, section, viz., 5th proviso to goodwill arising out of amalgamation, section, viz., 5th proviso to goodwill arising out of amalgamation, section, viz., 5th proviso to section 32 (1), section 49(1)(iii…