DCIT v. Worldwide Media Pvt Ltd.

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

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

…on’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 and above the value of net asset acquired, was to be considered as Goodwill u/s 32(1)(ii)…

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

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

…on’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 and above the value of net asset acquired, was to be considered as Goodwill u/s 32(1)(ii)…

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

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

…on'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 and above the value of net asset acquired, was to be considered as Goodwill u/s 32(1)(ii)…

Grindwell Norton Ltd, Mumbai vs. DCIT (OSD)-1, Mumbai

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

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)

…on’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 and above the value of net asset acquired, was to be considered as Goodwill u/s 32(1)(ii)…

Merck Specialities P. Ltd, Mumbai vs. Asst CIT Cir 6(3), Mumbai

Bench: S/Sh.Rajendra & Amarjit Singhिनधा"रण वष" वष" /Assessment Year: 2007-08 आयकर अपील सं./I.T.A./3943/Mum/2013,िनधा"रण िनधा"रण िनधा"रण वष" वष" आयकर अपील सं./I.T.A./3944/Mum/2013,िनधा"रण िनधा"रण वष" वष" /Assessment Year: 2008-09 िनधा"रण िनधा"रण वष" वष" Merck Specialities Private Limited The Acit, Circle-6(3), Aayakar Bhavan Shivsagar Estate, Dr. Annie Besant Rd. M.K. Road Vs. Worli,Mumbai-400 018. Mumbai-400020. Pan:Aaecm 2634 B (अपीलाथ" /Appellant) (""यथ" / Respondent) राज"व क" ओर से / Revenue By: Shri B.C.S Naik-Cit-Dr अपीलाथ" क" ओर से /Assessee By: Shri P.J. Pardiwala/Ms. Aarati Visanji सुनवाई क" तारीख / Date Of Hearing: 07/11/2016 घोषणा क" तारीख / Date Of Pronouncement: 25.01.2017 आयकर अिधिनयम अिधिनयम,1961 क" क" धारा धारा 254(1)केकेकेके अ"तग"त अ"तग"त आदेश आदेश आयकर आयकर आयकर अिधिनयम अिधिनयम क" क" धारा धारा अ"तग"त अ"तग"त आदेश आदेश Order U/S.254(1)Of The Income-Tax Act,1961(Act) लेखा सद"य सद"य, राजे"" राजे"" केकेकेके अनुसार अनुसार/ Per Rajendra A.M.- लेखा लेखा लेखा सद"य सद"य राजे"" राजे"" अनुसार अनुसार Challenging The Orders Of The Cit(A)-12,Mumbai The Assessee Has Filed The Appeals For The Above-Mentioned Assessment Years(Ay.S).Assessee-Company, Is Engaged In The Business Of Manufacturing Trading & Marketing Of Fine Chemicals & Pharmaceutical Specialties. The Details Of The Dates Of Filing Of Returns,Returned Incomes,Assessed Incomes Etc.Can Be Summarised As Under: Ay. Roi Filed On Returned Income Asstt.Dt. Assessed Income Cit(A)Order 2007-08 29.10.2007 Rs.5.64,95,162/- 31.12.2010 Rs.22,79,96,485/- 28/03/2013 2008-09 30.09.2008 Rs.24,35,52,117/-/- 26.12.2011 Rs.37,61,06,040/- 18/03/2013

…AA were distinguishable on facts. He referred to pages 14,33 and 43 of the paper book and also made a reference to Article1(i),1(vii),1(11),2,Recital 5 of the agreement.He relied upon the 3943-44/M/13(07-08&08-09) Merck Specialities cases of Worldwide Media (153 ITD 162), Break India(P.)Ltd.(68 SOT 263)Simf Securities (348 ITR 302); The Departmental Representative(DR) argued that details of intangible assets were not furnished before any of the revenue authorities,that the purchase agreement did not give any bifurcation or basis of calculation made by the assessee,that it had appointed the valuer subsequent to p…

Grindewell Norton Ltd, Mumbai vs. Addl CIT 1(1), Mumbai

In the result, appeal of the assessee is partly allowed

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

…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 and above the value of net asset acquired, was to be considered as Goodwill u/s 32(1)(ii)…

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

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

…आयकर अपील"य अ"धकरण, मुंबई "यायपीठ,G ,मुंबई । IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES “G”, MUMBAI "ी अ"मत शु"ला, "या"यक सद"य एवं "ी अ"वनी तनेजा, लेखा सद"य, के सम" Before Shri Amit Shukla, Judicial Member, and Shri Ashwani Taneja, Accountant Member Assessment Year: 2007-08 Grindwell Norton Ltd., Addl. CIT 1(1) Kalyaniwall & Mistry, Aayakar Bhavan, 5th बनाम/ Army & Navy Building, 3rd Floor, Vs. Floor, 148 M.G. Road, Fort, Mumbai-400020 Mumbai-400001 (Assessee) (Revenue) P.A. No.AAACG8725B Assessment Year: 2008-09 Grindwell Norton Ltd., Addl. CIT 1(1) Kalyaniwall & Mistry, Aayakar Bhavan, 5th बनाम/ Army…

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

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

…आयकर अपील"य अ"धकरण, मुंबई "यायपीठ,G ,मुंबई । IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES “G”, MUMBAI "ी अ"मत शु"ला, "या"यक सद"य एवं "ी अ"वनी तनेजा, लेखा सद"य, के सम" Before Shri Amit Shukla, Judicial Member, and Shri Ashwani Taneja, Accountant Member Assessment Year: 2007-08 Grindwell Norton Ltd., Addl. CIT 1(1) Kalyaniwall & Mistry, Aayakar Bhavan, 5th बनाम/ Army & Navy Building, 3rd Floor, Vs. Floor, 148 M.G. Road, Fort, Mumbai-400020 Mumbai-400001 (Assessee) (Revenue) P.A. No.AAACG8725B Assessment Year: 2008-09 Grindwell Norton Ltd., Addl. CIT 1(1) Kalyaniwall & Mistry, Aayakar Bhavan, 5th बनाम/ Army…