TMI Blog2012 (10) TMI 147X X X X Extracts X X X X X X X X Extracts X X X X ..... radictory assessments for the different assessment years as the Tribunal refused to follow the earlier order of the Tribunal dated 28.5.2009. It is necessary to ensure consistency in respect of the same question for the different assessment orders. Thus it would be better to follow the same course that has been adopted in respect of the AY 2003-2004. - 743 of 2012 - - - Dated:- 5-9-2012 - S.V. Vazifdar and M.S. Sanklecha, JJ Prakash Shah with Jas Sanghavi i/b PDS Legal for the Appellant P.C. Chhotaray for the Respondent JUDGEMENT 1. This is an appeal under section 260A of the Income Tax Act, 1961 against the order of the Income Tax Appellate Tribunal dated 20.1.2012 in ITA No.8500/Mum/2010 pertaining to the assessmen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n goodwill at Rs.18,43,62,335/- (25%). The Assessing Officer disallowed the claim on the ground that depreciation was not allowable on goodwill. The CIT (A) confirmed the order. 4. Before the Tribunal, the assessee produced another valuation report from Ernst and Young which gave a further break-up of Rs.71 crores. According to the report, the said sum included the value of intangible assets other than goodwill amounting to Rs.49.60 crores. The assessee thus revalued goodwill at Rs.21.40 crores. The Tribunal held as under in respect of AY 2003-2004:- "5. After hearing rival contentions, we find that the additional evidence in question has to be admitted as this evidence is necessary to adjudicate the claim that there are a number of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r in question in the present appeal viz. AY 2006-2007. The appellant relied upon the same reports. By the impugned order, the Tribunal refused to follow the earlier order of the Tribunal dated 28.5.2009, paragraph 5 whereof is quoted above. The impugned order quotes the above observations of the order of the Tribunal in respect of the AY 2003- 2004 and holds that no depreciation is allowable on goodwill. The Tribunal however, rejected the valuation reports relied upon by the appellant and observed that depreciation has neither been claimed nor allowed on intangible assets in the preceding years and that the assessee cannot be allowed to claim depreciation in the assessment order in question. The Tribunal therefore, upheld the order of the A ..... X X X X Extracts X X X X X X X X Extracts X X X X
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