2016 (2) TMI 1196 - HC - Income Tax

ADMIT the following substantial question of law arises for consideration Whether the Income Tax Appellate Tribunal has correctly appreciated the facts on record so as to hold that an amount of Rs. 37, 22, 156/- represented goodwill and thereby allowing depreciation thereon? For proposed question No.2 as can be seen from the impugned order the Tribunal has merely set aside the issue and restored the matter to the file of the Assessing Officer to verify the claim of the assessee that it did not claim any income to be exempt from payment of income tax. No infirmity can be found in the approach adopted by the Tribunal warranting interference. No question of law can be stated to arise qua the said issue. The said ground of appeal is therefore rejected.

Summary

The High Court of Gujarat admitted the proposed question regarding the correct appreciation of facts by the Income Tax Appellate Tribunal on an amount represented as goodwill. The Tribunal set aside another issue and returned it to the Assessing Officer for verification, with no infirmity found in the approach. The ground of appeal related to this issue was rejected.