Triune Energy Services (P.) Ltd. v. DCIT

65 Taxmann.com 288High Court2016#2798 most cited

What is Triune Energy Services (P.) Ltd. v. DCIT authority for?

When a business is purchased as a going concern, the consideration paid in excess of the value of its tangible assets is classified as goodwill, which is an intangible asset eligible for depreciation without needing a separate valuation.

42

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2016 to 2025.

Also referred to as

Triune Energy Services (P.) Ltd. v. DCIT · 65 Taxmann.com 288 · Section 32(1)(ii) · depreciation on goodwill · intangible asset · purchase of going concern · excess consideration · slump sale · business transfer agreement · goodwill valuation

Sections most often in play

Section 32(1)(ii)Section 250Section 143(3)Section 115JBSection 139(5)Section 143(2)Section 234ASection 234B

Issues it is cited on

section 132(2)section 132(1)(a)business transfer agreementillegal paymentdepreciation on goodwillgoodwill arising on amalgamationsection 32(1)(ii)section 47slump salesection 50bgoing concerncommercial rights

Judgments citing Triune Energy Services (P.) Ltd. v. DCIT

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)

…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…

Fibres & Fabrics International Private Limited, Bangalore vs. DCIT, Bangalore

In the result, both the appeals are allowed

ITA 918/BANG/2013[2008-09]Status: DisposedITAT Bangalore13 Jul 2016AY 2008-09

Bench: Shri Vijay Pal Rao & Shri Inturi Rama Rao

For Appellant: Shri Nageshwar Rao, AdvocateFor Respondent: Shri Sunil Kumar Agarwala, Jt. CIT(DR)
Section 32(1)(ii)

…IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH : BANGALORE BEFORE SHRI VIJAY PAL RAO, JUDICIAL MEMBER AND SHRI INTURI RAMA RAO, ACCOUNTANT MEMBER ITA Nos.918 & 919/Bang/2013 Assessment years : 2008-09 & 2009-10 Fibres & Fabrics International Vs. The Deputy Commissioner of Pvt. Ltd., Income Tax, No21-E1, 2nd Phase, Circle 11(3), Peenya Industrial Area, Peenya, Bangalore. Bangalore – 560 058. PAN: AAACF 6841M APPELLANT RESPONDENT Appellant by : Shri Nageshwar Rao, Advocate Respondent by : Shri Sunil Kumar Agarwala, Jt. CIT(DR) Date of hearing : 20.04.2016 Date of Pronouncement : 13.07.2016 O R D E R Per Inturi R…