TMI Blog2014 (7) TMI 413X X X X Extracts X X X X X X X X Extracts X X X X ..... adjudication – the claim of depreciation on goodwill has been dismissed by Tribunal – Relying upon Commissioner of Income Tax, Kolkata Versus Smifs Securities Ltd. [2012 (8) TMI 713 - SUPREME COURT] - goodwill is an intangible asset within the meaning of Section 32 of the Act and eligible for depreciation – thus, the order is recalled as the contrary decision taken by the Tribunal amounts to mista ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssee in cross objection with regard to valuation of goodwill and depreciation on goodwill was not adjudicated by the Tribunal, which amounts to mistake apparent from record. Learned AR further argued that the Tribunal had not adjudicated ground relating to cost of acquisition of goodwill i.e. value to be taken at ₹ 8 crores, which amounts to mistake apparent from record. Therefore, it needs ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eme Court in the case of Smifs Securities Pvt. Ltd., 348 ITR 302 (SC), order dated 22-8-2012. He further relied on the order of Hon ble Apex Court in the case of ACIT Vs. Saurashtra Kutch Stock Exchange Ltd., (2008) 305 ITR 227 (SC) in support of the proposition that judicial decision acts retrospectively and the doctrine of prospective overruling is exception to the general rule. Accordingly, i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... odwill. We found that issue with regard to valuation of goodwill has not been decided by the Tribunal, therefore, it amounts to mistake apparent from the record. Accordingly, we recall ground No.6 for deciding afresh by the Tribunal. Ground No.7 with regard to claim of depreciation on goodwill, we found that this ground of assessee was dismissed by Tribunal. However, subsequently, Hon ble Supreme ..... X X X X Extracts X X X X X X X X Extracts X X X X
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