DCIT, NEW DELHI vs. M/S GLF LIFESTYLE PVT. LTD.,, NEW DELHI
In the result, the appeal of the Revenue is dismissed
ITA 4556/DEL/2016[2012-13]Status: DisposedITAT Delhi09 Dec 2021AY 2012-13
Bench: Shri G.S.Pannu & Shri Kul Bharat[Assessment Year : 2012-13] Dcit, Vs Glf Lifestyle Pvt.Ltd., Circle-10(1), Flat No.3A/1, Taj Apartment, C.R.Building, Rao Tula Ram Marg, New Delhi-110002. New Delhi-110002. Pan-Aaecg3087E Appellant Respondent Appellant By Shri Ved Jain, Adv. Respondent By Shri Umesh Takyar, Sr.Dr Date Of Hearing 03.11.2021 Date Of Pronouncement 09.12.2021
Section 143(3)Section 32(1)Section 32(1)(ii)
depreciation on 'goodwill' as claimed in the return. The Assessing Officer disallowed the claim of the assessee-company on grounds that depreciation under section 32(2)(ii) is not available on goodwill.
The assessee contended that the assessee has paid excess consideration over and above the value of net assets
