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2016 (7) TMI 1013 - AT - Income TaxEntitled for depreciation on goodwill - carry forward losses - belated submission of ITR-V - Held that:- As decided in SMIFS Securities Ltd [2012 (8) TMI 713 - SUPREME COURT ] Explanation 3 states that the expression `asset' shall mean an intangible asset, being know-how, patents, copyrights, trademarks, licences, franchises or any other business or commercial rights of similar nature. A reading the words `any other business or commercial rights of similar nature' in clause (b) of Explanation 3 indicates that goodwill would fall under the expression `any other business or commercial right of a similar nature' - Decided in favour of assessee. Denial of carry forward losses on the ground of belated receipt of Form ITR-V - Held that:- In the present case, the AO has not intimated any defect in the return of income filed to the appellant and therefore the action of the AO in treating the original return of income as invalid does not stand the test of the law. Even otherwise, it is not the case of the AO that the appellant had not posted Form ITR-V within the prescribed time limit. The Hon’ble Bombay High Court in the case of Crawford Bayley & Co. v. UOI, [2011 (12) TMI 64 - BOMBAY HIGH COURT ] , held that the action of the AO declaring return of income invalid for non-receipt of ITR-V was invalid. Respectfully following this decision, we hold that the AO is not justified in treating the original return of income as invalid for belated receipt of Form ITR-V. We therefore direct the AO to grant the benefit of the determined business losses for future years.- Decided in favour of assessee.
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