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2017 (1) TMI 519 - HC - Income TaxReopening of assessment - depreciation on goodwill disallowed - Held that:- Subsequently with respect to the assessment for AY 2003-04, 2004-05, 2005-06 and 2007-08 while passing the reassessment order the Assessing Officer disallowed the depreciation on goodwill, however it is reported that subsequently the Tribunal has set aside the addition made by the Assessing Officer while disallowing the depreciation on goodwill. It is reported by Shri Shah, learned advocate appearing on behalf of the petitioner that the orders passed by the learned Tribunal has not been challenged. Apart from the above, now the issue with respect to depreciation of goodwill is now not res integra in view of the decision of the Hon’ble Supreme Court in the case of Smifs Securities Ltd. (2012 (8) TMI 713 - SUPREME COURT) and the decision of the Division Bench of this Court in case of Swastik Industries (2016 (4) TMI 169 - GUJARAT HIGH COURT ). Under the circumstances also, it cannot be said that any income chargeable to tax has escaped the assessment. Under the circumstances also, the impugned notice under Section 148 of the IT Act and the reassessment proceedings deserve to be quashed and set aside.
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