Cosmos Co-op Bank Ltd. v. DCIT

64 SOT 90Income Tax Appellate Tribunal#10093 most cited
11

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2016 to 2023.

Judgments citing Cosmos Co-op Bank Ltd. v. DCIT

PFIZER LTD,MUMBAI vs. DCIT - 14(2) (2), MUMBAI

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

ITA 2132/MUM/2018[2014-15]Status: DisposedITAT Mumbai22 Sept 2023AY 2014-15

Bench: Shri Prashant Maharishi, Am & Shri Rahul Chaudhary, Jm M/S Pfizer Limited The Capital, 1802/1901, Acit-14(2)(2) Plot No.C-70, G-Block, 461, 4T H Floor, Aaykar Bhavan Bandra Kurla Complex, Vs. Mumbai-400 020 Bandra (East), Mumbai-400 051 (Appellant) (Respondent) Pan No. Aaacp3334M

For Appellant: Shri P.J. Pardiwala Sr. AdvocateFor Respondent: Shri Ajay Kumar Sharma, CIT
Section 32Section 35D

…bench in case of United breweries Ltd is no more good law. 038. He further supported his claim by relying on several judicial precedents:- i. M/s Toyo engineering India private limited ITA number 3279/M/2008 dated 13/10/2014 ii. Cosmos cooperative bank Ltd 64 SOT 90 iii. Shri Krishna drugs limited ITA number 198/Hyderabad/2011 iv. AP paper Mills Ltd 33 DTR 148 v. Mylan laboratories Ltd 180 ITD 558 vi. Arricent technologies Holdings Ltd ITA number 19/del/2013 vii. Urmin marketing private limited ITA number 1806/Ahmedabad /2019 viii. JX Nippon lubricants private limited 4985/Del/ 2019 ITA No.2108, 2132/Mum…

ACIT - 14(2) (2), MUMBAI vs. PFIZER LTD, MUMBAI

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

ITA 2108/MUM/2018[2014-15]Status: DisposedITAT Mumbai22 Sept 2023AY 2014-15

Bench: Shri Prashant Maharishi, Am & Shri Rahul Chaudhary, Jm M/S Pfizer Limited The Capital, 1802/1901, Acit-14(2)(2) Plot No.C-70, G-Block, 461, 4T H Floor, Aaykar Bhavan Bandra Kurla Complex, Vs. Mumbai-400 020 Bandra (East), Mumbai-400 051 (Appellant) (Respondent) Pan No. Aaacp3334M

For Appellant: Shri P.J. Pardiwala Sr. AdvocateFor Respondent: Shri Ajay Kumar Sharma, CIT
Section 32Section 35D

…bench in case of United breweries Ltd is no more good law. 038. He further supported his claim by relying on several judicial precedents:- i. M/s Toyo engineering India private limited ITA number 3279/M/2008 dated 13/10/2014 ii. Cosmos cooperative bank Ltd 64 SOT 90 iii. Shri Krishna drugs limited ITA number 198/Hyderabad/2011 iv. AP paper Mills Ltd 33 DTR 148 v. Mylan laboratories Ltd 180 ITD 558 vi. Arricent technologies Holdings Ltd ITA number 19/del/2013 vii. Urmin marketing private limited ITA number 1806/Ahmedabad /2019 viii. JX Nippon lubricants private limited 4985/Del/ 2019 ITA No.2108, 2132/Mum…

ASSTT. CIT -1(3)(2), MUMBAI vs. NKGSB CO. OPERATIVE BANK LTD, MUMBAI

In the result, Revenue’s appeal is dismissed

ITA 4928/MUM/2017[2009-10]Status: DisposedITAT Mumbai05 Mar 2021AY 2009-10

Bench: Shri S. Rifaur Rahman & Shri Ravish Sood

For Appellant: Shri Rajeev WaglayFor Respondent: Shri Tharian Oommen
Section 143(1)Section 143(3)Section 32(1)(ii)

…Stock Ltd. As regard the expenditure claimed by the appellant on acquisition of the bank is not at all the revenue expenditure but a capital one. The Authorised representative has invited my attention in the case of M/s Cosmos Co-operative Bank Ltd. Vs DCII (64 SOT 90) in which it was held that the cost of acquisition was intangible in nature. It was on account of business or commercial rights of similar nature' covered u/s 32(1)(ii). The relevant portion is reproduced as under:- "14. Therefore, the moot question is as to whether the aforesaid business/commercial advantages, namely, taking over of huge client ba…

GRINDWELL NORTON LTD,MUMBAI vs. DCIT 1(3)(2), MUMBAI

In the result, appeal of the assessee is partly allowed and appeal of the Revenue is dismissed

ITA 404/MUM/2017[2011-12]Status: DisposedITAT Mumbai12 Apr 2019AY 2011-12

Bench: Shri C.N. Prasad, Hon'Ble & Shri Rajesh Kumar, Hon'Blea.C.I.T – 9(3)(2) V. M/S Grindwell Norton Ltd., 418, 4Th Floor, Leela Business Park, 5Th Level, Aayakar Bhavan, M.K. Road, Andheri Kurla Road Mumbai-400 020 Mumbai – 400 099 Pan: Aaacg 8725 B (Appellant) (Respondent) M/S Grindwell Norton Ltd., Dy. Commissioner Of Income-Tax -1(3)(2) V. Room No. 535, 5Th Floor, Kalyaniwalla & Mistry Llp, Aayakar Bhavan, M.K. Road, Army & Navy Building, Mumbai-400 020 3Rd Floor, 148 M.G. Road, Fort, Mumbai – 400 001 Pan: Aaacg 8725 B (Appellant) (Respondent) Assessee By : Shri Akram Khan Department By : Shri Kiran Unavekar

For Appellant: Shri Akram KhanFor Respondent: Shri Kiran Unavekar
Section 143(3)Section 14A

…Goodwill on which the assessee would be entitled for depreciation in view of judgment of Hon’ble Supreme Court in the case of CIT vs Smifs Securities Ltd,(supra). Similar view has been taken by Hon’ble Pune Bench in the case of Cosmos Co-op Bank Ltd. v. DCIT (64 SOT 90) and coordinate Bench of Mumbai in the case of DCIT vs. Worldwide Media Pvt Ltd 153 ITD 162. It is further noted by us that Delhi Bench of ITAT in the case of Thyssenkrup Elevator (India) Pvt. Ltd. v. ACIT 167 TTJ 131 also held that where the assessee had acquired business of another company on slump sale basis, excess consideration paid by it over…

ACIE 9(3)(2), MUMBAI vs. GRINDWELL NORTON LTD, MUMBAI

In the result, appeal of the assessee is partly allowed and appeal of the Revenue is dismissed

ITA 347/MUM/2017[2011-12]Status: DisposedITAT Mumbai12 Apr 2019AY 2011-12

Bench: Shri C.N. Prasad, Hon'Ble & Shri Rajesh Kumar, Hon'Blea.C.I.T – 9(3)(2) V. M/S Grindwell Norton Ltd., 418, 4Th Floor, Leela Business Park, 5Th Level, Aayakar Bhavan, M.K. Road, Andheri Kurla Road Mumbai-400 020 Mumbai – 400 099 Pan: Aaacg 8725 B (Appellant) (Respondent) M/S Grindwell Norton Ltd., Dy. Commissioner Of Income-Tax -1(3)(2) V. Room No. 535, 5Th Floor, Kalyaniwalla & Mistry Llp, Aayakar Bhavan, M.K. Road, Army & Navy Building, Mumbai-400 020 3Rd Floor, 148 M.G. Road, Fort, Mumbai – 400 001 Pan: Aaacg 8725 B (Appellant) (Respondent) Assessee By : Shri Akram Khan Department By : Shri Kiran Unavekar

For Appellant: Shri Akram KhanFor Respondent: Shri Kiran Unavekar
Section 143(3)Section 14A

…Goodwill on which the assessee would be entitled for depreciation in view of judgment of Hon’ble Supreme Court in the case of CIT vs Smifs Securities Ltd,(supra). Similar view has been taken by Hon’ble Pune Bench in the case of Cosmos Co-op Bank Ltd. v. DCIT (64 SOT 90) and coordinate Bench of Mumbai in the case of DCIT vs. Worldwide Media Pvt Ltd 153 ITD 162. It is further noted by us that Delhi Bench of ITAT in the case of Thyssenkrup Elevator (India) Pvt. Ltd. v. ACIT 167 TTJ 131 also held that where the assessee had acquired business of another company on slump sale basis, excess consideration paid by it over…

GRINDWELL NORTON LTD,MUMBAI vs. JOINT COMMISSIONER OF INCOME TAX-1(1), MUMBAI

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

ITA 5479/MUM/2017[2012-13]Status: DisposedITAT Mumbai02 Apr 2019AY 2012-13

Bench: Shri Shamim Yahya (Am) & Shri Amarjit Singh (Jm)

Section 14A

…Goodwill on which the assessee would be entitled for depreciation in view of judgment of Hon'ble Supreme Court in the case of CIT vs Smifs Securities Ltd,(supra).Similar view has been taken by Hon'ble Pune Bench in the case of Cosmos Co-op Bank Ltd. v. DCIT (64 SOT 90) and coordinate Bench of Mumbai in the case of DCIT vs. Worldwide Media Pvt Ltd 153 ITD 162. It is further noted by us that Delhi Bench of ITAT in the case of Thyssenkrup Elevator (India) Pvt. Ltd. v. ACIT 167 TTJ 131 also held that where the assessee had acquired business of another company on slump sale basis, excess consideration paid by it ove…

GRINDWELL NORTON LTD,MUMBAI vs. DCIT (OSD)-1, MUMBAI

In the result, the appeal of the assessee is hereby ordered to be allowed

ITA 3589/MUM/2016[2010-11]Status: DisposedITAT Mumbai30 Aug 2018AY 2010-11

Bench: Shri B. R. Baskaran, Am & Shri Amarjit Singh, Jm आयकरअपीलसं/I.T.A. No.3589/M/2016 (निर्धारणवर्ा / Assessment Year: 2010-11) Grindwell Norton Ltd. बिधम/ Dcit (Osd)-1 Room Kalyaniwalla & Mistry, No.579, 5Th Floor, Aayakar Vs. Army & Navy Building, 3Rd Bhavan, M.K. Marg, Floor, 148 M.G. Road, Fort, Mumbai-400020. Mumbai-400001. स्थायीलेखासं./जीआइआरसं./Pan/Gir No. : Aaacg8752B (अपीलाथी/Appellant) .. (प्रत्यथी /Respondent)

For Appellant: Mr. Akram KhanFor Respondent: Shri M. V. Rajguni (Sr.DR)
Section 14ASection 32Section 92B

…Goodwill on which the assessee would be entitled for depreciation in view of judgment of Hon’ble Supreme Court in the case of CIT vs Smifs Securities Ltd,(supra). Similar view has been taken by Hon’ble Pune Bench in the case of Cosmos Co-op Bank Ltd. v. DCIT (64 SOT 90) and coordinate Bench of Mumbai in the case of DCIT vs. Worldwide Media Pvt Ltd 153 ITD 162. It is further noted by us that Delhi Bench of ITAT in the case of Thyssenkrup Elevator (India) Pvt. Ltd. v. ACIT 167 TTJ 131 also held that where the assessee had acquired business of another company on slump sale basis, excess consideration paid by it over…

HERO MOTOCORP LIMITED,NEW DELHI vs. JCIT, NEW DELHI

In the result appeal of the assessee in ITA No

ITA 1545/DEL/2015[2010-11]Status: DisposedITAT Delhi24 Oct 2016AY 2010-11

Bench: Sh. I. C. Sudhir & Shri Prashant Maharishihero Motocorp Limited, Jcit, 34, Basant Lok, Vasant Range-1, New Delhi Vs. Vihar, New Delhi Pan: Aaach0812J (Appellant) (Respondent) Dcit, M/S. Hero Moto Corp. Circle-11(1), Ltd., 34, Community Vs. New Delhi Centre, Basant Lok, Vasant Vihar, New Delhi-110057 (Appellant) (Respondent) Dcit, M/S. Hero Moto Corp. Circle-11(1), Ltd., 34, Community

For Appellant: Sh. Ajay Vohra, Sr. AdvFor Respondent: Sh. NC Sawain, CIT DR
Section 143Section 143(3)Section 144CSection 92C

…N 0230 (Delhi)  CIT v. MIS Bharti Teletech Ltd.:233 Taxman 238 (Delhi)  CIT v. Hindustan Coca Cola Beverages (P.) Ltd.:[2011] 331 ITR 192 (Del.)  ThyssenKrupp Elevator (India) (P.) Ltd. v. ACIT: 167 TTJ 131 (Delhi - Trib.)  Cosmos Co-op Bank Ltd. v. DCIT: 64 SOT 90 (Pune) k) In view of the above, considering that the Courts have conclusively held that the expression ‗business or commercial rights‘ needs to be widely construed and, therefore, any intangible right connected with business of an assessee would fall within the scope of that expression, which would be eligible for depreciation under section 32(1)(i…

GRINDEWELL NORTON LTD,MUMBAI vs. ADDL CIT 1(1), MUMBAI

In the result, appeal of the assessee is partly allowed

ITA 523/MUM/2014[2009-10]Status: DisposedITAT Mumbai30 Sept 2016AY 2009-10

Bench: Shri G.S. Pannu & Shri Ravish Sood: (A.Y : 2009-10)

For Appellant: Shri M.M. Golvala &For Respondent: Shri N. Padmanabham
Section 143(3)Section 14ASection 28Section 32

…Goodwill on which the assessee would be entitled for depreciation in view of judgment of Hon’ble Supreme Court in the case of CIT vs Smifs Securities Ltd,(supra).Similar view has been taken by Hon’ble Pune Bench in the case of Cosmos Co-op Bank Ltd. v. DCIT (64 SOT 90) and coordinate Bench of Mumbai in the case of DCIT vs. Worldwide Media Pvt Ltd 153 ITD 162. It is further noted by us that Delhi Bench of ITAT in the case of Thyssenkrup Elevator (India) Pvt. Ltd. v. ACIT 167 TTJ 131 also held that where the assessee had acquired business of another company on slump sale basis, excess consideration paid by it over…

GRINDWELL NORTON LTD.,MUMBAI vs. ADDL.COMM.OF INCOME TAX-1(1), MUMBAI

In the result, appeals filed by the assessee are partly allowed and appeal filed by the Revenue is dismissed

ITA 5800/MUM/2013[2008-09]Status: DisposedITAT Mumbai27 Jul 2016AY 2008-09

Bench: Shri Amit Shukla & Shri Ashwani Tanejaassessment Year: 2007-08

Section 143(3)Section 144C(3)(a)Section 14ASection 28Section 32Section 41(1)

…Goodwill on which the assessee would be entitled for depreciation in view of judgment of Hon’ble Supreme Court in the case of CIT vs Smifs Securities Ltd,(supra). Similar view has been taken by Hon’ble Pune Bench in the case of Cosmos Co-op Bank Ltd. v. DCIT (64 SOT 90) and coordinate Bench of Mumbai in the case of DCIT vs. Worldwide Media Pvt Ltd 153 ITD 162. It is further noted by us that Delhi Bench of ITAT in the case of Thyssenkrup Elevator (India) Pvt. Ltd. v. ACIT 167 TTJ 131 also held that where the assessee had acquired business of another company on slump sale basis, excess consideration paid by it over…

GRINDWELL NORTON LTD,MUMBAI vs. ADDL CIT 1(1), MUMBAI

In the result, appeals filed by the assessee are partly allowed and appeal filed by the Revenue is dismissed

ITA 528/MUM/2012[2007-08]Status: DisposedITAT Mumbai27 Jul 2016AY 2007-08

Bench: Shri Amit Shukla & Shri Ashwani Tanejaassessment Year: 2007-08

Section 143(3)Section 144C(3)(a)Section 14ASection 28Section 32Section 41(1)

…Goodwill on which the assessee would be entitled for depreciation in view of judgment of Hon’ble Supreme Court in the case of CIT vs Smifs Securities Ltd,(supra). Similar view has been taken by Hon’ble Pune Bench in the case of Cosmos Co-op Bank Ltd. v. DCIT (64 SOT 90) and coordinate Bench of Mumbai in the case of DCIT vs. Worldwide Media Pvt Ltd 153 ITD 162. It is further noted by us that Delhi Bench of ITAT in the case of Thyssenkrup Elevator (India) Pvt. Ltd. v. ACIT 167 TTJ 131 also held that where the assessee had acquired business of another company on slump sale basis, excess consideration paid by it over…