Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2019 (3) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (3) TMI 261 - AT - Income TaxDepreciation on “network Rights” - depreciation on intangible assets - AO treated the network rights as “goodwill” - HELD THAT:- Findings of the AO that “Network Rights” is “goodwill” has not been disturbed by the CIT (A) and as held in the case of CIT vs. Smifs Securities Ltd (2012 (8) TMI 713 - SUPREME COURT), depreciation is allowable on “goodwill”. Respectfully following the judgment of the Hon'ble Apex Court, we direct the AO to allow depreciation on “network Rights”. - Decided in favour of assessee. Allowable business expenditure - technical and management fees paid to M/s. Induslnd Media & Communications Ltd Held that:- Services rendered by M/s. Induslnd Media & Communications Ltd are technical and managerial, it has not filed any evidence either before the AO or before the CIT (A) to substantiate the claim. Even before us, no evidence is filed. Assessee only reiterated the submissions made before the authorities below and prayed that the issue may be remitted to the file of the AO before whom, the assessee is willing to file all the relevant evidence. The learned DR also reiterated the findings of the authorities below - remit the issue to the file of the AO with a direction to verify whether the assessee has actually made the payment and if such payment is made, then to allow the same as it is for business purposes of the assessee. - Decided in favour of assessee for statistical purposes.
|