“goodwill arising on amalgamation”

Publicis Communications Private Limited, Mumbai vs. The Assistant Commissioner of Income-Tax - Circle 7(3)(2), Mumbai

In the result, appeal of the assessee is allowed in part

Bench: Shri Narendra Kumar Billaiya, Hon’Ble & Shri Sandeep Singh Karhail, Hon’Ble

that the Hon'ble Supreme Court in the case of CIT vs Smifs Securities Ltd (supra) while considering an identical issue held that goodwill arising on amalgamation to be a capital asset eligible for depreciation. The facts in assessee's case being similar the ratio laid down by the Supreme

Disney Broadcasting (India) Private Limited, Mumbai vs. The Principle Commissioner of Income Tax, Circle-8, Mumbai

In the result, appeal filed by the assessee is allowed

Bench: Shri Narendra Kumar Billaiya, Hon'Ble

assessee over the value c* net assets acquired of YSN Shares and Securities Private Limited [Amalgamating Company should be considered as goodwill arising on amalgamation. It was claimed that the extra consideration was paid towards the reputation which the Amalgamating Company was enjoying in order to retain its existing clientele

Publics Communications P.Ltd, Mumbai vs. DCIT Cir 7(3)(2), Mumbai

In the result, ground 2 is allowed and ground 3 is allowed for statistical purposes

Bench: Ms. Kavitha Rajagopal() & Ms. Padmavathy S. ()

that the Hon'ble Supreme Court in the case of CIT vs Smifs Securities Ltd (supra) while considering an identical issue held that goodwill arising on amalgamation to be a capital asset eligible for depreciation. The facts in assessee's case being similar the ratio laid down by the Supreme

Merck Specialities Private Limited, Mumbai vs. The Dy. Commissioner of Income Tax, Circle 7(1)(1), Mumbai

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

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

Trib.) held that consideration paid by the amalgamated company over and above the net assets of the amalgamating company should be considered as goodwill arising on amalgamation. 29. Thus, once the AO has allowed the claim of depreciation on intangible assets acquired by the assessee upon amalgamation of subsidiary company

Merck Specialiities Private Limited, Mumbai vs. The Dy.Commissioner of Income Tax, Circle 7(1)(1), Mumbai

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

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

Trib.) held that consideration paid by the amalgamated company over and above the net assets of the amalgamating company should be considered as goodwill arising on amalgamation. 29. Thus, once the AO has allowed the claim of depreciation on intangible assets acquired by the assessee upon amalgamation of subsidiary company

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

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

Trib.) held that consideration paid by the amalgamated company over and above the net assets of the amalgamating company should be considered as goodwill arising on amalgamation. 29. Thus, once the AO has allowed the claim of depreciation on intangible assets acquired by the assessee upon amalgamation of subsidiary company

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

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

Trib.) held that consideration paid by the amalgamated company over and above the net assets of the amalgamating company should be considered as goodwill arising on amalgamation. 29. Thus, once the AO has allowed the claim of depreciation on intangible assets acquired by the assessee upon amalgamation of subsidiary company

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

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

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

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 and in law, the learned ... 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 Supreme Court

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

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

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

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 and in law, the learned ... 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 Supreme Court

Infiniti Retail Ltd, Mumbai vs. Chief CIT (OSD) (I/C. Pr. CIT - 2 ), Mumbai

In the result, appeal of the assessee is allowed

captioned AY. Besides, during the course of assessment proceedings, the assessee, vide letter dated 26 December 2016, had also submitted details regarding Goodwill arising on amalgamation and detailed justification regarding allowability of Depreciation on Goodwill alongwith supporting evidences. ● It is submitted that in the Financials for the year ended 31st ... mentioned in foregoing paragraphs, the assessment for the captioned AT was completed by the assessing officer on the basis that the depreciation on Goodwill arising on amalgamation is allowable under section 32 of the Act by relying on various details and submissions filed. This was also supported by the decision

Franklin Templeton Management (India) P.Ltd., Mumbai vs. Dy CIT -Range-6(3)(1), Mumbai

Appeal of the assessee is allowed for statistical purposes

Bench: Shri Prashant Maharishi, Am & Shri Rahul Chaudhary, Jm Franklin Templeton Dy. Cit–Range 6(3)(1) Management (India) P. Ltd. Room No.506, 5 Th Floor, 12Th& 13Th Floor, Aayakar Bhavan, India Bulls Finance Center, Vs. Tower–2, Senapati Bapat M.K. Road, Marg, Elphinstone (W), Mumbai-400 020 Mumbai-400013 (Respondent) (Appellant) Pan No.Aaact1609B Assessee By : Shri Farooq Irani, Ar Revenue By : Shri Vrinda U Matkari, Dr Date Of Hearing: 20.07.2022 Date Of Pronouncement: 18.10.2022

assets of the transferor company acquired by the transferee company should be recognized in the transferee company's financial statements as goodwill arising on amalgamation. 6.9 In the present case, the Franklin Templeton AMC Limited (formerly known as PAMC), which was 100% subsidiary of the appellant company. has been amalgamated ... assets of the transferor company acquired by the transferee company should be recognized in the transferee company's financial statements as goodwill arising on amalgamation. The amalgamation, in the present case, being an amalgamation in the nature of merger, should be accounted for under the pooling of interests’ method