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Chowgule & Company (P) Ltd. Versus ACIT, Circle-2, Margao, Goa

2015 (10) TMI 1430 - ITAT PANAJI

Disallowance of Depreciation on Goodwill - Held that:- In view of the decision of the Hon'ble Supreme Court in the case of SMIFS Securities Ltd. [2012 (8) TMI 713 - SUPREME COURT ] the AO is directed to allow the claim of depreciation on the said intangible asset as claimed by the Assessee. - Decided in favour of assessee.

Disallowance of depreciation in respect of Tudou plant - Held that:- Admittedly, after the concept of block of assets for the purpose of depreciation, if any part o .....

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lock of assets, the Assessee would be entitled to depreciation in respect of the said block of assets. In these circumstances, the AO is directed to grant the Assessee depreciation in respect of the Tudou plant as claimed. - Decided in favour of assessee. - ITA No. 27/PNJ/2014 - Dated:- 9-6-2015 - George Mathan, JM And N. K. Billaiya, AM,JJ. For the Appellant : Mihir Naniwadekar, Adv. For the Respondent : M R Bangari, Ld. DR ORDER Per: George Mathan: 1. This is an appeal filed by the Assessee ag .....

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mission that the issue was squarely covered by the decision of the Hon'ble Supreme Court in the case of SMIFS Securities Ltd. reported in 348 ITR 302 wherein in question no. (b) reading "whether goodwill is an asset within the meaning of Sec. 32 of the Income Tax Act, 1961 and whether depreciation on the goodwill is allowable under the said section", the Hon'ble Supreme Court has categorically held that Goodwill is an asset under Explanation-3(b) to Sec. 32(1) of the Act and co .....

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aid intangible asset as claimed by the Assessee. In the result, ground nos. 2.1 to 2.5 of the Assessee's appeal stands allowed. 5. In respect of ground nos. 3.1 to 3.5 of the Assessee's appeal, it was submitted by the ld. AR that the issue was against the action of the ld. CIT(A) in confirming the disallowance of depreciation in respect of Tudou plant. It was the submission that the Assessee is in the business of iron ore mining. The Assessee's plant namely Tudou plant had two proces .....

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