CIT v. Smifs Securities Ltd (S.C)

DY. COMMISSIONER OF INCOME TAX , CIRCLE-17(2), HYDERABAD vs. VISHAL PERSONAL CARE PRIVATE LIMITED , HYDERABAD

In the result, appeal filed by the Revenue is allowed for statistical purposes

Bench: Shri R.K. Panda, Vice- & Shri K. Narasimha Charyassessment Year: 2013-14 Dy. Cit Vs. Vishal Personal Care (P) Circle 17(2) Ltd, Hyderabad Hyderabad Pan:Aadcv9905H (Appellant) (Respondent) Assessee By: Shri M Chandramouleshwara Rao, Ca Revenue By: Shri Shakeer Ahmed, Dr Date Of Hearing: 09/08/2023 Date Of Pronouncement: 09/08/2023 Order Per R.K. Panda, Vice-This Appeal Filed By The Revenue Is Directed Against The Order Dated 05.02.2019 Of The Learned Cit (A)-1, Hyderabad, Relating To A.Y.2013-14. 2. Facts Of The Case, In Brief, Are That The Assessee Is A Company Engaged In The Business Of Manufacturing Of Cosmetic Herbals For Internal & External Use. It Filed Its Return Of Income On 28.09.2013 Admitting Loss Of (-) Rs.7,96,58,427/-. The Case Was Selected For Scrutiny Through Cass. Statutory Notices U/S 143(2) & 142(1) Were Issued & Served On The Assessee To Which The Ar Of The Assessee Appeared Before The Assessing Officer & Filed The Requisite Details. Page 1 Of 6

…sidered the facts of the case, assessment order and the submissions of the appellant. The details and case laws furnished by the appellant is verified. Respectfully following the Supreme Court’s decision in the case of CIT vs. Smifs Securities Ltd (S.C) 2012: 248 ITR 302, the appellant is eligible for depreciation on intangible assets i.e. brand value. Hence the addition made by the Assessing Officer is deleted”. 7.1 So far as depreciation on goodwill is concerned, the learned CIT (A) allowed the claim of the assessee by observing as under: Page 3 of 6 ITA 747 of 2019 Vishan Personal Care P Ltd “7.3 I have ca…