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2018 (5) TMI 1097 - HC - Income TaxProvision for doubtful debt and provision for doubtful advances - Tribunal setting aside the matter to adjudicate afresh ? - Held that:- Tribunal merely remanded the issue before the Assessing Officer for deciding it afresh in light of the Full Bench judgment of this Court in case of Commissioner of IncomeTax v. Vodafone Essar Gujarat Ltd. [2017 (8) TMI 451 - GUJARAT HIGH COURT] . The judgment of full bench was not available when the issue was decided by the Assessing Officer and Commissioner of Income Tax (Appeals). We see no error in the order of the Tribunal and therefore, there is no question of asking the Assessing Officer to decide it again in light of the said judgment. No question of law in this respect arises Allowability of claim of depreciation on goodwill - Held that:- Referring to Explanation 3 to subsection (1) of section 32 which contains two clauses (a) and (b) explaining the expression 'asset' and 'block of asset'. Tribunal was of the view that goodwill would be included as an asset under Explanation3( b) to subsection (1) of section 32 of the Act and also held that in the present case, the difference was paid for acquisition of such goodwill. The Tribunal referred to the judgment of the Supreme Court in case of Smifs Securities Ltd. (2012 (8) TMI 713 - SUPREME COURT) and held the issue in favour of the assessee. The Tribunal had come to the correct conclusion that excess payment was towards goodwill and that by settled law, goodwill would also be a depreciable asset. - Decided against revenue
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