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2013 (5) TMI 224 - AT - Income TaxDepreciation on goodwill disallowed - Held that:- This issue is no more res integra in view of the judgment of CIT v. Smifs Securities Ltd. [2012 (8) TMI 713 - SUPREME COURT] wherein excess consideration paid by assessee over the value of net asset acquired was considered as goodwill on which depreciation was claimed. In favour of assessee. Disallowance u/s 14A as per Rule 8D - Held that:- As the assessment year involved is 2004-2005. As decided in Godrej & Boyce Ltd. Mfg. Co. v. DCIT [2010 (8) TMI 77 - BOMBAY HIGH COURT] provisions of Rule 8D cannot be applied to any assessment year prior to 2008-2009 - matter sent back to the AO for working out of disallowance under this provision on reasonable basis. Disallowance of u/s 145A - difference between the Cenvat addition to opening and closing stock of raw material and packing material - Held that:- According to the prescription of section 145A the amount of tax, duty, cess etc. is liable to be included in the value of purchases, sales, opening and closing stock. It is not appropriate to include the closing CENVAT in the figure of closing stock without modifying the figures of purchases, sales and opening stock. See CIT Vs. Mahalaxmi Glass Works Pvt. Ltd. [2009 (4) TMI 182 - BOMBAY HIGH COURT] and CIT Vs. Mahavir Alluminium [2007 (11) TMI 41 - HIGH COURT, DELHI] - store the matter to the file of A.O. as the authorities have not properly adjusted other figures with the amount of tax, duty, cess etc.
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