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2020 (9) TMI 463 - ITAT DELHIDepreciation on goodwill - difference in the purchase price and the fair value of assets based on the relevant provision of law - HELD THAT:- CIT(A) has agreed on the contention raised by the Assessee regarding depreciation of goodwill representing the difference in the purchase price and the fair value of assets based on the relevant provision of law (Section 32 read with Rule 5 and Appendix-I) and in due deference to the decision of the Hon’ble Apex Court in the case of CIT vs. Smifs Securities Ltd. [2012 (8) TMI 713 - SUPREME COURT] has set aside the issues in dispute to the Assessing Officer with the directions to work out the appropriate amount of depreciation on goodwill while giving effect of the impugned order dated 13.12.2016 i.e. year in dispute. No doubt the ITAT has also set aside this issue to the Assessing Officer to decide the same in accordance with law, after giving opportunity to the assessee in its decision dated 28.08.2020 in assessment year 2012-13. But we are of the view that in the impugned order, Ld. First Appellate Authority has also set aside the issue of depreciation on goodwill to the AO to workout the appropriate amount of depreciation on goodwill, therefore, we are of the considered view that no interference is called for in the well reasoned order passed by the Ld. First Appellate Authority, hence, we uphold the findings of the Ld. First Appellate Authority on the issue of depreciation of goodwill. Appeal of the Revenue is dismissed.
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