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| The Tax Publishers2020 TaxPub(DT) 0611 (Mum-Trib) INCOME TAX ACT, 1961
Section 32
Issue as to allowabilit goodwill resulting from acquisition of business unit was fully covered by several Tribunal decisions in assessee's own case, wherein Tribunal following the decision of Supreme Court in the case of CIT v. Smifs Securities Ltd. ((2012) 348 ITR 302 (SC) : 2012 TaxPub(DT) 2430 (SC)) deleted the disallowance of depreciation.
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Depreciation - Allowability--Depreciation on goodwill resulting from acquisition of business unit - Issue as to allowability of depreciation goodwill resulting from acquisition of business unit -
AO disallowed the depreciation claimed by assessee at the rate of 25% under section 32 on the brought forward balances and written down value of block of assets under the head intangible assets, i.e., goodwill consisting of various intangible assets arising out of the acquisition of business unit. Held: This issue was fully covered by several Tribunal decisions in assessee's own case, wherein Tribunal following the decision of Supreme Court in the case of CIT v. Smifs Securities Ltd. ((2012) 348 ITR 302 (SC) : 2012 TaxPub(DT) 2430 (SC)) deleted the disallowance of depreciation.
REFERRED : CIT v. Smifs Securities Ltd. (2012) 348 ITR 302 (SC) : 2012 TaxPub(DT) 2430 (SC) Goetze (India) Ltd. v. CIT (2006) 284 ITR 0323 (SC) : 2006 TaxPub(DT) 1528 (SC) CIT v. Pruthvi Brokers & Shareholders (P.) Ltd. (2012) 349 ITR 0336 (Bom) : 2012 TaxPub(DT) 2671 (Bom-HC) Gujarat Gas Co. Ltd. v. Joint CIT (2000) 245 ITR 0084 (Guj) : 2000 TaxPub(DT) 1344 (Guj-HC) and CIT v. Bakelite Hylam Ltd. (1999) 237 ITR 0392 (AP) : 1999 TaxPub(DT) 0911 (AP-HC)
FAVOUR : In assessee's favour
A.Y. :
IN THE ITAT, MUMBAI BENCH
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