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2015 (10) TMI 1613 - ITAT AHMEDABAD

2015 (10) TMI 1613 - ITAT AHMEDABAD - TMI - Disallowance of depreciation on goodwill - Held that:- Respectfully following the decision of CIT Vs. SMIFS Securities [2012 (8) TMI 713 - SUPREME COURT] wherein the doctrin of ejusdem generic is applied and held that the Goodwill is of like nature of intangible asset as prescribed, therefore, we hereby hold that under the totality of the facts and circumstances of the case the assessee is entitled for the claim of depreciation on the DWV of the goodwi .....

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ommissioner of Income Tax(A) has erred in confirming the disallowance of depreciation on goodwill. 3. The brief facts of the case are that assessee has filed its return of income on 23-12-2006 declaring total income of ₹ 5,39,660/-. An assessment order was passed u/s. 143(3) on 22-12-2008 determining total income at ₹ 90,90,889/-. On verification of depreciation claimed, it revealed to the Ld. Assessing Officer that, assessee has claimed depreciation of ₹ 1,09,810/- @ 25% writt .....

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essment Year 2003-04 whereby depreciation on goodwill was allowed to the assessee. He placed on record the copy of the Tribunal s order passed in ITA No. 2087/Ahd/s2012. Ld. Departmental Representative was unable to controvert the contention of the learned counsel for the assessee. 6. On due consideration of the facts and circumstances, we find that issue in dispute is squarely covered by the order of ITAT passed in Assessment Year 2003-04. The discussion made by the Tribunal in Assessment Year .....

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will was not in existences when the assessee company had taken over the erstwhile firm. He has also placed reliance on Vyomit Shares, Stocks & Investments P. Ltd. Vs. DCIT, 106, ITD 408 (Mum). 7. On the other hand, from the side of the respondent assessee, learned AR, Mr. Sunil Toloti appeared and placed reliance on SMIFS Securities, 348 ITR 302 (SC), B. Raveendran Pillai Vs. CIT, 332 ITR 531 (2011) (Ker) and CIT Vs. Hindustan Coca Cola Beverages (P) Ltd. (Delhi), 331 ITR 192 (2011). 8. Fact .....

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consideration of ₹ 24,67,926/-. Thereafter for A.Y. 1999-00, 2000-01 and 2001-02, the assessee company had claimed depreciation @ 25% as informed by learned AR, Mr. Sunil Talati. The WDV for the year under consideration is ₹ 10,47,157/- over which the depreciation @ 25% amounting to ₹ 2,60,289/- was claimed. On account of these facts, we hereby hold that the goodwill was acquired after 1st day of April, 1998 as required u/s. 32(1)(ii) of the Act. Now the only question left for .....

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