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“depreciation on goodwill”

DepreciationSection 32Section 32346 judgments

The decision most relied on for depreciation on goodwill is CIT v. Smifs Securities Ltd. (348 ITR 302), cited in 540 judgments on BharatTax.

Leading authorities on depreciation on goodwill

CIT v. Smifs Securities Ltd.
348 ITR 302 · 2012 · Supreme Court
540
citing judgments

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.

Areva T&D India Ltd. v. DCIT
345 ITR 421 · 2012 · High Court
97
citing judgments

Business contracts and commercial rights of similar nature qualify as intangible assets under Section 32(1)(ii) and are eligible for depreciation. The decision also affirms that goodwill is an intangible asset eligible for depreciation.

Additional/Joint/Deputy/Assistant Commissioner of Incometax/Income-tax Officer v. Mylan Laboratories Ltd.
137 Taxmann.com 178 · 2022 · High Court
60
citing judgments

Goodwill arising on amalgamation is entitled to depreciation. This principle is established by multiple High Court decisions.

Beverages 331 ITR 192 (Del) B.Raveendran Pillai v. CIT
237 Taxmann 230 · 2016 · High Court
59
citing judgments

Goodwill arising on amalgamation is an intangible asset qualifying for depreciation under Section 32 of the Income Tax Act.

Ashwin Vanaspati Industries v. CIT
255 ITR 26 · 2002 · High Court
57
citing judgments

Depreciation is allowable on goodwill acquired through the slump sale of a business. When an assessee claims depreciation on the enhanced cost of an asset supported by a registered valuer's report, tax authorities must produce countervailing evidence, such as a departmental valuation report, to challenge it, rather than simply disregarding the expert opinion.

Kerala Vision Ltd. v. ACIT (
35 Taxmann.com 463 · 2013 · ITAT
52
citing judgments

Transactions carried out on the purchase of off-the-shelf software prior to the jurisdictional High Court's decision in CIT v. Samsung Electronics Co. Ltd. (October 15, 2011) are not liable for Tax Deducted at Source (TDS).

Thiru Arooran Sugar Ltd. v. DCIT
350 ITR 324 · 2013 · High Court
44
citing judgments

A deduction for interest expense on borrowed funds used for interest-free advances to group companies is permissible only if the assessee establishes these advances were from surplus funds. The decision further clarifies eligibility for depreciation on intangible assets like non-compete fees, software, goodwill, and commercial rights under section 32(1)(ii), often arising from a slump sale.

Triune Energy Services (P.) Ltd. v. DCIT
65 Taxmann.com 288 · 2016 · High Court
42
citing judgments

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.

Judgments citing depreciation on goodwill

Dy.CIT, Circle-7(1)(1), Mumbai vs. M/S Merck Specialities Private Limited, Mumbai

In the result, (a) both the appeals of the assessee are treated as allowed for statistical purposes

ITA 3197/MUM/2022[2016-17]Status: DisposedITAT Mumbai30 Oct 2023AY 2016-17

Bench: Shri B.R. Baskaran (Am) & Shri Narender Kumar Choudhry (Jm)

3261/Mum/2022 CO Nos. 18 & 19/Mum/2023 respect of the documents on which reliance was placed by the assessee in support of its claim of depreciation on goodwill. Further, the assessee was also directed to appear before the AO along with all the documents in support of its claim. The AO vide ... amalgamation, we are of the considered view that there is no basis to reject the claim of the assessee in respect of depreciation on goodwill. Particularly, when all the intangibles including the goodwill were nil in the books of the amalgamating subsidiary company for the year ending 31/03/2010. During

Icici Bank Limited, Mumbai vs. The Dy. Commissioner of Income Tax, 2(3)(1), Mumbai

In the result, ITA number 1113/M/2022 filed by the assessee is allowed for statistical purposes

ITA 1113/MUM/2022[2013-14]Status: DisposedITAT Mumbai27 Sept 2023AY 2013-14

Bench: Shri Prashant Maharishi, Am & Shri Sandeep Singh Karhail, Jm Icici Bank Ltd. Dcit 2(3)(1) Aayakar Bhavan, 5 Th Floor, Icic Bank Towers, North East Wing, Ground Floor, Bandra Room No. 552, Maharishi Vs. Kurla Complex, Bandra (E) Karve Road, Mumbai-400051 Mumbai-400020 (Appellant) (Respondent) Pan No. Aaaci1195H

For Appellant: Ms. Aarati Visanji, ARFor Respondent: Shri. K. C. Selvamani, DR
Section 143Section 144CSection 32

allowed. 02. The assessee is aggrieved and has preferred this appeal raising following grounds. ITA No. 1113/Mum/2022 A.Y. 2013-14 1. Disallowance of depreciation on goodwill/ Intangible assets acquired on merger ₹ 452,46,93,899 [paras 4 to 6, Pages 4 to 22 of the NFAC order] On the facts ... audit report but after the decision of the honourable Supreme Court assessee A.Y.2015-16 ICICI BANK LTD filed revised return of income claiming depreciation on goodwill. c. Further while giving direction for amalgamation, honourable High Court was not shown to have ordered to pay any specific amount for such goodwill

The ACIT - 14(2)(2), Mumbai vs. M/S Pfizer Ltd., Mumbai

In the result appeal of the ld AO for assessment year

ITA 1777/MUM/2020[2016-17]Status: DisposedITAT Mumbai22 Sept 2023AY 2016-17

Bench: Shri Prashant Maharishi, Am & Shri Sandeep Singh Karhail, Jm

For Appellant: Shri Jeet Kamdar, AdvocateFor Respondent: Shri K. C. Selvamani CIT DR
Section 143Section 32

During the course of assessment proceedings, the learned assessing officer noted that as per annexure – 4 of form number 3 CD that the depreciation on goodwill of the ITA No. 3694 & 3736/Mum/2019 & ITA No. 1620 & 1777/Mum/2020 A.Y.2015-16 & 2016-17 M/S PFIZER LTD above sum is claimed by the assessee company

Pfizer Ltd., Mumbai vs. The ACIT-14(2)(2), Mumbai

In the result appeal of the ld AO for assessment year

ITA 1620/MUM/2020[2016-17]Status: DisposedITAT Mumbai22 Sept 2023AY 2016-17

Bench: Shri Prashant Maharishi, Am & Shri Sandeep Singh Karhail, Jm

For Appellant: Shri Jeet Kamdar, AdvocateFor Respondent: Shri K. C. Selvamani CIT DR
Section 143Section 32

During the course of assessment proceedings, the learned assessing officer noted that as per annexure – 4 of form number 3 CD that the depreciation on goodwill of the ITA No. 3694 & 3736/Mum/2019 & ITA No. 1620 & 1777/Mum/2020 A.Y.2015-16 & 2016-17 M/S PFIZER LTD above sum is claimed by the assessee company

Pfizer Limited, Mumbai vs. ACIT-14(2)(2), Mumbai

In the result appeal of the ld AO for assessment year

ITA 3736/MUM/2019[2015-16]Status: DisposedITAT Mumbai22 Sept 2023AY 2015-16

Bench: Shri Prashant Maharishi, Am & Shri Sandeep Singh Karhail, Jm

For Appellant: Shri Jeet Kamdar, AdvocateFor Respondent: Shri K. C. Selvamani CIT DR
Section 143Section 32

During the course of assessment proceedings, the learned assessing officer noted that as per annexure – 4 of form number 3 CD that the depreciation on goodwill of the ITA No. 3694 & 3736/Mum/2019 & ITA No. 1620 & 1777/Mum/2020 A.Y.2015-16 & 2016-17 M/S PFIZER LTD above sum is claimed by the assessee company

DCIT - 14(2)(2), Mumbai vs. M/S Pfizer Ltd., Mumbai

In the result appeal of the ld AO for assessment year

ITA 3694/MUM/2019[2015-16]Status: DisposedITAT Mumbai22 Sept 2023AY 2015-16

Bench: Shri Prashant Maharishi, Am & Shri Sandeep Singh Karhail, Jm

For Appellant: Shri Jeet Kamdar, AdvocateFor Respondent: Shri K. C. Selvamani CIT DR
Section 143Section 32

During the course of assessment proceedings, the learned assessing officer noted that as per annexure – 4 of form number 3 CD that the depreciation on goodwill of the ITA No. 3694 & 3736/Mum/2019 & ITA No. 1620 & 1777/Mum/2020 A.Y.2015-16 & 2016-17 M/S PFIZER LTD above sum is claimed by the assessee company

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

reported in the AI are statement could not be accomplished by the appellant in absence of details and information from the third parties DEPRECIATION ON GOODWILL ARISING ON AMALGAMATION OF ERSTWHILE WYETH LTD WYETH ₹ 271, 63, 00,000 3) on the facts and in the circumstances of the case ... learned CIT (A) erred in disallowing the claim of depreciation on goodwill arising on amalgamation of Wyeth amounting to ₹ 2,716,300,000 4) on the facts and in the circumstances of the case and in law, the learned CIT (A) order in not following the decision of the honourable

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

reported in the AI are statement could not be accomplished by the appellant in absence of details and information from the third parties DEPRECIATION ON GOODWILL ARISING ON AMALGAMATION OF ERSTWHILE WYETH LTD WYETH ₹ 271, 63, 00,000 3) on the facts and in the circumstances of the case ... learned CIT (A) erred in disallowing the claim of depreciation on goodwill arising on amalgamation of Wyeth amounting to ₹ 2,716,300,000 4) on the facts and in the circumstances of the case and in law, the learned CIT (A) order in not following the decision of the honourable

Dow Chemicals International Private Limited, Mumbai vs. Deputy Commissioner of Income Tax-14(1)(2), Mumbai

In the result, the appeal by the assessee is partly allowed for statistical purposes

ITA 1201/MUM/2023[2017-2018]Status: DisposedITAT Mumbai11 Sept 2023AY 2017-2018

Bench: Shri Prashant Maharishi & Shri Sandeep Singh Karhail

For Appellant: Shri Rajan VoraFor Respondent: Shri H.M. Bhatt
Section 115Section 143(1)Section 143(1)(a)Section 250Section 32Section 36(1)(va)

claiming any goodwill as an asset eligible for depreciation and if the amalgamation is not considered, there would not be any deduction of depreciation on goodwill. Thus, under the provisions of 6th Dow Chemical International Pvt. Ltd. ITA no.1201/Mum./2023 proviso to section ... that it has incurred any cost for acquiring goodwill in the scheme of amalgamation and merely by accounting entries the assessee cannot claim depreciation on goodwill contrary to the provisions of the law. The AO held the intangible assets created in the books of the assessee as fictitious and disallowed

Nahar Colours and Coatinhgs Private Limited, Udaipur vs. Principal Commissioner Ofincometax, Udaipur

In the result, appeal of the assessee is allowed

ITA 140/JODH/2023[2018-19]Status: DisposedITAT Jodhpur09 Aug 2023AY 2018-19
Section 142(1)Section 143(1)Section 143(2)Section 143(3)Section 263Section 801ASection 80I

from tax. (Gauhati High Court in the case of CIT v. Jawahar Bhattacharjee [2012] 24 taxmann.com 215/209 Taxman 174) 4.3. The assessee claimed depreciation on goodwill and operational expenses. The Principal Commissioner invoked the provisions of section 263 17 Nahar Colours and Coatings Private

Thermo Fisher Scientific India Pvt Ltd., Mumbai vs. DCIT-15(3)(1), Mumbai

In the result, the appeal of the assessee is allowed for In the result, the appeal of the assessee is allowed for In the result, the appeal of the assessee is allowed for statistical purposes

ITA 769/MUM/2023[2009-10]Status: DisposedITAT Mumbai31 Jul 2023AY 2009-10

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Assessment Year: 2009-10 Thermo Fisher Scientific India Dy. Cit-15(3)(1), Pvt. Ltd., Room No. 360, Aayakar Vs. 403-404, ‘B’ Wing, Delphi, Bhavan, New Marine Lines, Hiranandani Business Park, Mumbai-400020. Mumbai-400076. Pan No. Aabct 3207 A Appellant Respondent

For Appellant: Mr. Niraj ShethFor Respondent: Mr. Mudit Nagpal, CIT-DR
Section 43(1)

passed by the learned DCIT be set aside. order passed by the learned DCIT be set aside. 2. Ground 2 2. Ground 2 - Depreciation on goodwill 2.1 On the facts and in the circumstances of the case and in On the facts and in the circumstances of the case ... therefore same are not required to adjudicate upon specifically and therefore same is dismissed as infructuous. is dismissed as infructuous. Ground 2: Depreciation on Goodwill Ground 2: Depreciation on Goodwill - Rs. 21,28,26,691 Rs. 21,28,26,691 4. The facts qua the ground

Gbt India Private Limited, New Delhi vs. ACIT, OSD, Delhi

In the result, the appeal of the assessee is partly allowed

ITA 1763/DEL/2022[2017-18]Status: DisposedITAT Delhi14 Jul 2023AY 2017-18
For Appellant: Shri Himanshu S. Sinha, AdvocateFor Respondent: Shri Jitender Kumar, CIT DR
Section 43BSection 92C

erred in making an addition of Rs.9,43,45,109/- on account of disallowance of depreciation on goodwill amounting to Rs.6,15,36,299, disallowance of bad debts written off amounting to Rs.2,10,43,511 and disallowance under Section 43B amounting to Rs.31, 140 during the relevant ... circumstances of the case and in law, the Hon'ble DRP erred in sustaining the addition on account of is allowance of depreciation on goodwill only on the condition that order of this Hon'ble Tribunal in Appellant's own case for A Y 2015- 16 has been challenged before

ACIT, Circle- 10(1), New Delhi vs. Global Fairs & Media Pvt. Ltd., Delhi

In the result, appeal of the Revenue is dismissed

ITA 3328/DEL/2019[2015-16]Status: DisposedITAT Delhi23 May 2023AY 2015-16

Bench: Shri Narendra Kumar Billaiya & Shri Challa Nagendra Prasadआ.अ.सं/.I.T.A No.3328/Del/2019 िनधा"रणवष"/Assessment Year:2015-16 बनाम Acit Global Fairs & Media Pvt. Ltd., Vs. Circle 10(1) 9-10, Express Building, New Delhi. Bahadur Shah Zafar Marg, New Delhi. Pan No. Aaecg3877C अपीलाथ" Appellant ""यथ"/Respondent

Section 47

Delhi High Court in the case of Triune Energy Services Pvt. Ltd. (237 ITR 230), wherein a depreciation on Goodwill has been allowed. 3. Ld. DR fairly submits that the issue has been decided in favour of the assessee in assessee’s own case ... Jurisdictional High Court in the case of Triune Energy Services Pvt. Ltd. (supra) sustained the order of the Ld.CIT(A) in allowing the depreciation on Goodwill observing as under: “12. After considering the facts and submissions, and after drawing support from the BTA, the Id. CIT(A) was convinced I.T.A

Teleperformance Global Services Pvt Ltd (M/S Serco Bpo Pvt. Ltd )., Mumbai vs. DCIT 5(3)(1), Mumbai

Accordingly 15. In result the appeal of both AY 2017-18 and AY 2018-19 is allowed

ITA 2815/MUM/2022[2018-19]Status: DisposedITAT Mumbai24 Apr 2023AY 2018-19

Bench: Amit Shukla () & Ms. Padmavathy S. ()

Section 115JSection 143(1)Section 143(3)Section 144C

Rs.6,05,18,177 and besides the TP adjustment the AO further made a disallowance of Rs.70,87,66,411 towards depreciation on goodwill and also disallowed the unabsorbed depreciation of Rs.1,45,93,19,199. The assessed income as per the draft assessment order was Rs.2

Teleperformance Global Services Pvt Ltd (M/S Serco Bpo Pvt. Ltd )., Mumbai vs. DCIT 5(3)(1), Mumbai

Accordingly 15. In result the appeal of both AY 2017-18 and AY 2018-19 is allowed

ITA 2814/MUM/2022[2017-18]Status: DisposedITAT Mumbai24 Apr 2023AY 2017-18

Bench: Amit Shukla () & Ms. Padmavathy S. ()

Section 115JSection 143(1)Section 143(3)Section 144C

Rs.6,05,18,177 and besides the TP adjustment the AO further made a disallowance of Rs.70,87,66,411 towards depreciation on goodwill and also disallowed the unabsorbed depreciation of Rs.1,45,93,19,199. The assessed income as per the draft assessment order was Rs.2

DCIT, Circle- 10(1), New Delhi vs. Global Fairs & Media Pvt. Ltd., Delhi

In the result, the appeal of the Revenue in ITA No

ITA 4317/DEL/2017[2012-13]Status: DisposedITAT Delhi29 Mar 2023AY 2012-13

Bench: Shri N.K. Billaiya & Shri Anubhav Sharma

For Appellant: Shri KVSR Krishnan, AdvFor Respondent: Shri Anuj Garg, Sr. DR
Section 47

Supreme Court in the case of McDowel & Co. Ltd 154 ITR 148, the Assessing Officer, while disallowing the claim of depreciation on goodwill, held that the assessee has used colourable devices to claim depreciation on goodwill. Accordingly, addition of Rs. 1,62,87,624/- was made. 11. The assessee strongly ... decision of the Hon'ble Supreme Court as well as the Hon'ble Jurisdictional High Court and, accordingly, deleted the disallowance of depreciation on goodwill of Rs. 1,62,87,624/-. 14. Before us, the ld. DR strongly supported the findings of the Assessing Officer and read the operative part

Deputy Commisioner of Income Tax, Rajahmahendravaram vs. Andhra Paper Limited, Rajahmahendravaram

In the result, appeal of the Revenue is partly allowed for statistical

ITA 189/VIZ/2022[2013-14]Status: DisposedITAT Visakhapatnam28 Feb 2023AY 2013-14

Bench: Shri Duvvuru Rl Reddy, Hon’Ble & Shri S Balakrishnan, Hon’Bleआयकरअपीलसं./ I.T.A. Nos. 162/Viz/2022 & 189/Viz/2022 ("नधा"रणवष"/ Assessment Years : 2012-13 & 2013-14) Deputy Commissioner Of Income Vs. M/S. Andhra Paper Limited Tax, Circle-1, (M/S. International Paper Rajamahendravaram. Appm Ltd), Sri Ram Nagar, Rajamahendravaram. Pan: Aact 8849 D (अपीलाथ"/ Appellant) (""यथ"/ Respondent) Co Nos: 22 & 23/Viz/2022 (In आयकरअपीलसं./ I.T.A. Nos. 162/Viz/2022 & 189/Viz/2022) ("नधा"रणवष"/ Assessment Years : 2012-13 & 2013-14) M/S. Andhra Paper Limited Vs. Deputy Commissioner Of (M/S. International Paper Appm Income Tax, Circle-1, Ltd), Rajamahendravaram. Sri Ram Nagar, Rajamahendravaram. Pan: Aact 8849 D (अपीलाथ"/ Appellant) (""यथ"/ Respondent) अपीलाथ"क"ओरसे/ Assessee By : Sri K. Chakrapani ""याथ"क"ओरसे/ Revenue By : Sri Mn Murthy Naik, Cit-Dr

For Appellant: Sri K. ChakrapaniFor Respondent: Sri MN Murthy Naik, CIT-DR
Section 142(1)Section 143(2)Section 143(3)Section 14ASection 35D

required information called for by the Ld. AO. After examining the replies made by the assessee, the Ld. AO made following disallowances: (i) Depreciation on Goodwill - Rs. 27,22,713/- (ii) Expenditure U/s. 35D - Rs. 5,14,730/- (iii) Unabsorbed depreciation - Rs. 48,78,000/- (iv) Disallowance of Miscellaneous Expenses

Deputy Commissioner of Income Tax, Circle-1, Rajamahendravaram vs. Andhra Paper Limited, Rajamahendravaram

In the result, appeal of the Revenue is partly allowed for statistical

ITA 162/VIZ/2022[2012-13]Status: DisposedITAT Visakhapatnam28 Feb 2023AY 2012-13

Bench: Shri Duvvuru Rl Reddy, Hon’Ble & Shri S Balakrishnan, Hon’Bleआयकरअपीलसं./ I.T.A. Nos. 162/Viz/2022 & 189/Viz/2022 ("नधा"रणवष"/ Assessment Years : 2012-13 & 2013-14) Deputy Commissioner Of Income Vs. M/S. Andhra Paper Limited Tax, Circle-1, (M/S. International Paper Rajamahendravaram. Appm Ltd), Sri Ram Nagar, Rajamahendravaram. Pan: Aact 8849 D (अपीलाथ"/ Appellant) (""यथ"/ Respondent) Co Nos: 22 & 23/Viz/2022 (In आयकरअपीलसं./ I.T.A. Nos. 162/Viz/2022 & 189/Viz/2022) ("नधा"रणवष"/ Assessment Years : 2012-13 & 2013-14) M/S. Andhra Paper Limited Vs. Deputy Commissioner Of (M/S. International Paper Appm Income Tax, Circle-1, Ltd), Rajamahendravaram. Sri Ram Nagar, Rajamahendravaram. Pan: Aact 8849 D (अपीलाथ"/ Appellant) (""यथ"/ Respondent) अपीलाथ"क"ओरसे/ Assessee By : Sri K. Chakrapani ""याथ"क"ओरसे/ Revenue By : Sri Mn Murthy Naik, Cit-Dr

For Appellant: Sri K. ChakrapaniFor Respondent: Sri MN Murthy Naik, CIT-DR
Section 142(1)Section 143(2)Section 143(3)Section 14ASection 35D

required information called for by the Ld. AO. After examining the replies made by the assessee, the Ld. AO made following disallowances: (i) Depreciation on Goodwill - Rs. 27,22,713/- (ii) Expenditure U/s. 35D - Rs. 5,14,730/- (iii) Unabsorbed depreciation - Rs. 48,78,000/- (iv) Disallowance of Miscellaneous Expenses

Oriental Buildtech (P) Ltd, New Delhi vs. PCIT-7, New Delhi

ITA 911/DEL/2021[2016-17]Status: DisposedITAT Delhi23 Feb 2023AY 2016-17
Section 143(3)Section 263

verify the issue of depreciation of Rs. 5,93,02,186/- claimed on Goodwill by the assessee ignoring that a) a query regarding depreciation on Goodwill was very much raised by the assessing officer during the course of assessment proceedings which was replied in detail by the assessee b) depreciation ... said depreciation after applying his mind on the facts of the case and settled position of law at that time. The allowance of depreciation on Goodwill was otherwise a d) debatable matter and the assessing officer adopted one of the possible two views. Thus, the impugned order

Srf Ltd., Gurgaon vs. Addl CIT, New Delhi

In the result, this ground of the assessee is allowed for statistical purposes

ITA 774/DEL/2017[2009-10]Status: DisposedITAT Delhi23 Feb 2023AY 2009-10

Bench: Sh. Anil Chaturvedi & Sh. Yogesh Kumar Ussrf Limited Vs. Acit Unitech Crest, Greenwood Range – 9, City Block – C, Sector – 45, Ltu, New Delhi Gurgaon – 122 003 Pan No. Aaacs 0206 P (Appellant) (Respondent) Assessee By Shri Pradeep Dinodia, Shri R. K. Kapoor C.A. Shri Ravi Kumar Revenue By Shri Mahesh Shah, Cit (Dr) Shri Rajesh Kumar, Cit (Dr) Date Of Hearing: 10/01/2023 Date Of Pronouncement: 23/02/2023 Order Per Anil Chaturvedi, Am: The Present Appeal Is Filed By The Assessee Directed Against The Order Dated 27.09.2016 Of The Commissioner Of Income Tax (Appeals)-44, New Delhi [For Short, Cit(A)] Under Section 143(3) R.W.S 144C Of The Income Tax Act, 1961 [For Short, 'The Act'] For Assessment Year 2009-10. 2. Brief Facts Of The Case As Culled Out From The Material On Record Are As Under:-

Section 143(2)Section 143(3)Section 144CSection 14ASection 92C

Thus the grounds of assessee are allowed. 37. Ground Nos. 4 & 6(ii) are interconnected and are with respect to claim of depreciation on goodwill. 38. CIT(A) while deciding the issue from para 6 of his order has noted that the claim of deprecation of goodwill was not made ... from SRF Polymers Ltd. and it was mere a book entry created by the assessee subsequent to transfer of assets and therefore the depreciation on goodwill was not allowable. He thus upheld the order of AO. Aggrieved by the order of CIT(A), assessee is now before us. 41. Before