“depreciation on goodwill”

L & T Technologies Services Limited, Mumbai vs. Assistant Commissioner of Income Tax, Circle 2(2)(1), Mumbai

In the result, the additional grounds of the assessee are allowed for statistical purposes

Bench: Shri B.R. Baskaran & Shri Anikesh Banerjeel&T Technologies Services Ltd Vs Assistant Commissioner Of Income L&T House, N.M. Marg, Tax, Circle 2(2)(1), Mumbai Room No.545, 5Th Floor, Aayakar Mumbai Pan: Aaccl4310P Bhavan, Maharshi Karve Road, Mumbai-400 020 Appellant Respondent

section 250 of the Act and it relates to the Assessment Year 2015-2016. 1. The CIT(A) erred in upholding disallowance of Depreciation on Goodwill, without considering the facts and circumstances of the case 2. The CIT(A) has erred in accepting the contention of AO that the transfer ... been claimed in that year and thus there is no question of opening depreciation in this block, failing to appreciate that depreciation on goodwill was claimed in AY 2014-15 as well and the same was even allowed during the original assessment proceedings

Rochem Separation Systems India Private Limited, Mumbai vs. Principal Commissioner of Income Tax PCIT, Mumbai - 6, Mumbai

In the result, the appeal is allowed

Bench: Shri Saktijit Dey, Vp & Shri Girish Agrawal, Am Rochem Separation Systems India Principal Commissioner Of Income Private Limited Tax, Mumbai-400 006 101 Hdil Tower, Anant Kanekar Marg, Vs. Bandra (E), Mumbai-400 051

Counsel appearing for the assessee submitted that in course of the assessment proceedings, A.O. has specifically enquired into the claim of depreciation on goodwill. In this context, he drew our attention to notice dated 25.02.2021 issued by A.O. He submitted, in response to the query raised, the assessee not only ... record. There cannot be any doubt that the exercise of jurisdiction u/s. 263 of the Act is with reference to claim of depreciation on goodwill. As discussed earlier, in terms with a scheme of Amalgamation sanctioned by NCLT, the assessee acquired the assets and liabilities of CBTPL w.e.f

Acme Housing India Private Limited, Mumbai vs. Assistant Commissioner of Income Tax - Central Circle 2(3), Mumbai

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

Bench: Shri Amit Shukla & Shri Girish Agrawalassessment Year: 2017-18

Appellant due to amalgamation of M/s. Kaltint Logistics Private Limited and M/s. Ascent Construction Private Limited with the Appellant; hence, the depreciation on goodwill arising on amalgamation has been rightly claimed by the Appellant and the same shall be allowed. Therefore, the disallowance made by the AO shall be deleted ... business of building and developing real estate property. In the course of assessment proceedings, it was observed that assessee had claimed depreciation on goodwill amounting to Rs. 40,24,09,376/- for which details were called for. Ld. AO also observed from P & L A/c that assessee had debited

Novateur Electrical and Digital Systems Private Limited, Mumbai vs. ACIT - 10(3)(1), Mumbai

In the result, appeal of the assessee is allowed

Bench: Shri Pavan Kumar Gadale & Shri Girish Agrawalassessment Year: 2011-12

appreciating that the transfer pricing order mentioned only one PAN viz. AAACM5009Q being the one pertaining to Legrand. Ground 2-Depreciation on Goodwill On the facts and in the circumstances of the case and in law, the learned CIT(A) erred in the following respects: 7. in upholding the disallowance ... depreciation on goodwill amounting to Rs.81,30,26,569. 8. in not allowing depreciation on goodwill despite accepting the valuation report of the appellant and holding that goodwill is an intangible asset covered under section 32 of the Act and is entitled for depreciation. 9. in proceeding on a factually

ACIT Circle 8(3)(1), Mumbai vs. Ganjam Trading Co. Pvt. Ltd., Mumbai

In the result, the appeal of the Revenue is dismissed and the Cross

Bench: Shri B.R. Baskaran & Shri Raj Kumar Chauhan: A.Y. : 2018-19 C.O. No. 99/Mum/2024 : A.Y. : 2018-19 (Arising Out Of Ita No. 458/M/24)

relate to the Assessment Year (AY.) 2018- 19. The grounds urged by the Revenue relates to the following two issues:- (a) Disallowance of depreciation on goodwill; 2 C.O.No. 99/Mum/2024 (b) Disallowance made u/s.14A of the Income Tax Act, 1961 („the Act‟) In the Cross Objection, the assessee is contending that ... case of United Breweries while appreciating the findings of the Supreme Court in the case of Smifs Securities (supra) held that claim of depreciation on goodwill arising on amalgamation cannot be allowed. The Tribunal relied on 5th proviso to section 32(1) of the I.T. Act 1961 which provides that

Orion India Systems Private Limited, Mumbai Maharashtra vs. PCIT, Mumbai-Six Circle Fifteen (One)(One)

In the result, the appeal by the assessee is dismissed

Bench: Shri Om Prakash Kantshri Sandeep Singh Karhailassessment Year 2018-19

case and in law, Principal Commissioner of Income Tax, Mumbai-6, was correct in arriving at conclusion that appellant is not eligible for depreciation on 'Goodwill' acquired under 'Slump Sale'.” 3. In the present appeal, the assessee is aggrieved against the invocation of revisionary proceedings under section ... PCIT issued show cause notice under section 263 of the Act on the basis that during the year under consideration, the assessee claimed depreciation on Goodwill upon acquisition of business of Vernallis Systems Pvt. Ltd., Chennai on a slump sale basis under “Business Transfer Agreement” for a total consideration

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

Appeal are allowed

Bench: Justice (Retd.) C.V. Bhadang & Shri B R Baskaran: A.Y. : 2017-18

claim of depreciation on distribution network and on customer relations, similar principles, parameters and conditions as laid down in respect of claim of depreciation on goodwill will apply. It is necessary to note that distribution network and customer relations can also be said to be intangible assets. However, according ... learned CIT(A), the claim of depreciation on goodwill, distribution network and customer relations will not be available in view of provisions of Section 32(1) of the Act read with Explanation 7 to Section 43(1) of the Act. The learned CIT(A) has found that the intangible assets

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

Bench: Shri Narendra Kumar Billaiyashri Sandeep Singh Karhail

fact in this regard and has strictly decided only upon the question before it. The AO held that the question of allowability of depreciation on goodwill arising out of valuation done for the purpose of the merger was not posed before the Hon'ble Supreme Court. The AO further held ... provisions of the sixth proviso to section 32(1)(ii) of the Act, the AO held that the assessee is not eligible for depreciation on goodwill. Further, by referring to the provisions of Explanation (7) to section 43(1) of the Act, the AO held that there is no actual

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

Bench: Shri Narendra Kumar Billaiyashri Sandeep Singh Karhail

fact in this regard and has strictly decided only upon the question before it. The AO held that the question of allowability of depreciation on goodwill arising out of valuation done for the purpose of the merger was not posed before the Hon'ble Supreme Court. The AO further held ... provisions of the sixth proviso to section 32(1)(ii) of the Act, the AO held that the assessee is not eligible for depreciation on goodwill. Further, by referring to the provisions of Explanation (7) to section 43(1) of the Act, the AO held that there is no actual