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2018 (12) TMI 631 - ITAT MUMBAIRevision u/s 263 - employees' contribution towards provident fund amounting and towards ESIC were paid by Company beyond the prescribed due date and yet were allowed by the Assessing Officer in computation of income - Held that:- The issue of allowance of provident fund and ESIC dues are concerned, the same issue is covered in favour of the assessee in the case of CIT vs. Ghatge Patil Transport Ltd. [2014 (10) TMI 402 - BOMBAY HIGH COURT]. Revision u/s 263 - Depreciation on non compute fee - Held that:- We find that the claim was duly made by the assessee in the computation of income. Hence, it cannot be said that the A.O. has not applied his mind on this issue. In this regard, we place reliance upon the case law in the case of State Bank of India vs. ACIT (2018 (6) TMI 1326 - BOMBAY HIGH COURT) for the proposition that when the A.O. allows a claim on the basis of computation of income, it cannot be said that the same has been done without application of mind. Furthermore, we find that the issue of depreciation on intangible assets in the nature of goodwill has been decided in favour of the assessee by the decision in the case of CIT vs. Smifs Securities Ltd. [2012 (8) TMI 713 - SUPREME COURT]. Hence, the claim of the deprecation on non compete fee can be considered on the anvil of these case laws. Hence, the view adopted by the A.O. cannot be said to be not a possible one. Hence for the proposition that if there are two views possible and the A.O. has adopted one view, with which the ld. CIT is not in agreement, with the order cannot be said to be liable to be visited with the revisionary order by the ld. CIT u/s. 263. Accordingly, the order under 263 passed by the ld. CIT is hereby quashed. Decided in favour of the assessee.
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