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2014 (7) TMI 413 - ITAT MUMBAIRectification of order – Mistake apparent from record – Valuation and depreciation on goodwill – Held that:- The valuation of goodwill has not been decided by the Tribunal - it amounts to mistake apparent from the record – thus, the matter is remitted back to the Tribunal for fresh adjudication – the claim of depreciation on goodwill has been dismissed by Tribunal – Relying upon Commissioner of Income Tax, Kolkata Versus Smifs Securities Ltd. [2012 (8) TMI 713 - SUPREME COURT] - goodwill is an intangible asset within the meaning of Section 32 of the Act and eligible for depreciation – thus, the order is recalled as the contrary decision taken by the Tribunal amounts to mistake apparent from record – matter recalled for fresh decision.
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