Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2021 (3) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2021 (3) TMI 758 - AT - Income TaxClaim of deprecation on goodwill - goodwill arised on amalgamation of Fame India Ltd. into Inox Leisure Ltd. - assessee submitted before the ld. CIT(A) that Assessing Officer had not at all discussed its claim of goodwill arising on account of amalgamation of its subsidiary company in the assessment order in spite of that fact that its claim of depreciation on account of amalgamation was made vide letter dated 20th January, 2016 during the course of assessment proceedings - HELD THAT:- During the course of assessment proceedings, the assessee has given a complete detail along with supporting documents demonstrating that goodwill was arised on account of amalgamation of companies, however, the Assessing Officer has not made any discussion to the claim of the assessee. At the appellate stage, the ld. CIT(A) has held in a unwarranted manner that the claim of the assessee is not permitted under the existing law on the pretext that the issue raised requires investigation and verification. We consider that the decision of the ld. CIT(A) is unjustified and he had not made any discussion to the legal findings and not substantiated his decision with any material to come to the conclusion. As per law it is required to carry out the required investigation and verification of the facts to tax the real income. In the light of the above facts and judicial findings, we direct the ld. CIT(A) to consider the claim of the assessee on merit after verification/examination of the material to be produced by the assessee with reference to claim of goodwill arsied on account of amalgamation of companies. Therefore, we restore this issue to the file of ld. CIT(A) for adjudicating the impugned issue of claim of depreciation on goodwill afresh on merit after examination as per the direction laid down in the decision of Zydus Wellness Ltd. [2017 (10) TMI 373 - GUJARAT HIGH COURT]. Disallowance on account of delay payment of employee contribution towards PF & ESIC - not crediting the amount on or before due date as prescribed u/s. 36(1)(va) - HELD THAT:- Hon’ble Jurisdictional High Court of Gujarat in the case of CIT vs. Amoli Organics P. Ltd [2013 (11) TMI 971 - GUJARAT HIGH COURT] held that assessee was entitled to make payment within grace period under the provident fund act and if within that grace period employees’ contribution have been deposited by the assessee, it cannot be said that assessee has not deposited the amount within due date prescribed under the provident fund act - we restore this issue to the file of CIT(A) for deciding afresh after examination of the claim of assessee that amount was deposited within the grace period as provided in the provident fund act. Therefore, this ground of appeal of the assessee is also allowed for statistical purposes.
|