TMI Blog2013 (12) TMI 770X X X X Extracts X X X X X X X X Extracts X X X X ..... es - Held that:- The AO is not entitled to grant deduction on the basis of a letter requesting an amendment to the return filed - The assessee should have filed valid revised return for claiming the expenses - Following Pruthvi Brokers & Shareholders (P) Ltd. [2012 (7) TMI 158 - BOMBAY HIGH COURT] - The issue was restored for fresh adjudication. - ITA No. 2450/Mum/2011 - - - Dated:- 22-10-2013 - Shri H. L. Karwa And Shri N. K. Billaiya, AM,JJ. For the Petitioner : Mr. Bhupendra Shah For the Respondent : Mr. Shishir Srivastava ORDER Per N. K. Billaiya, AM : This appeal by the assessee is directed against the order of the CIT(A)-20, Mumbai, dated 14-01-2011, pertaining to Assessment Year 2007-2008. 2. The assessee has ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... laim of depreciation on goodwill. 4.1 During the course of the assessment proceedings, the AO observed that the assessee has claimed depreciation on goodwill of Rs.1,50,000/-. The AO was of the firm belief that the goodwill is not a depreciable asset and accordingly disallowed the claim of the depreciation on goodwill. The CIT(A), in appeal, declined to intervene. 4.2 Before us, learned counsel for the assessee submitted that this issue is now well settled in favour of the assessee by the decision of the Hon'ble Supreme Court in the case of CIT Vs. Smifs Securities Ltd., reported in 348 ITR 302. We find force in the contention of the learned counsel for the assessee. Goodwill has been held to be an asset eligible for depreciation by the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hat the expenses were incurred for renovation of the premises, which the assessee agreed to take on rent. Due to certain problems the assessee could not occupy the said premises. However, the expenses incurred were in the nature of business expenditure and, therefore, the same should be allowed. 5.3 Learned DR relied upon the findings of the lower authorities. 5.4 We have carefully perused the order of the authorities below and the details of expenses filed before us in the form of Paper Book. In our considered view, these details have not been considered by the AO. Therefore, in the interest of justice and fair-play, we restore this issue back to the files of the AO. The AO is directed to decide the claim of these expenses afresh after ..... X X X X Extracts X X X X X X X X Extracts X X X X
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