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2015 (11) TMI 578 - ITAT MUMBAI

2015 (11) TMI 578 - ITAT MUMBAI - [2015] 43 ITR (Trib) 307 (ITAT [Mum]) - Depreciation on goodwill - whether the "goodwill" does not fall within the definition of eligible intangible assets for the claim of depreciation thereupon under section 32(1)(ii)? - Held that:- Issue relating to the depreciation of goodwill has now been settled by the hon'ble Supreme Court in the case of CIT v. Smifs Securities Ltd. [2012 (8) TMI 713 - SUPREME COURT] to held hat the goodwill also falls under the expressio .....

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. Smt. Parminder for the respondent. ORDER The order of the Bench was delivered by 1. Sanjay Garg (Judicial Member).-The present appeal has been preferred by the assessee against the order of the Commissioner of Income-tax (Appeals) (hereinafter referred to as the CIT(A)) dated January 31, 2013 relevant to the assessment year 2008-09. 2. Earlier, the said appeal was decided by the Tribunal vide order dated March 12, 2014. However, the assessee thereafter brought an application under section 254 .....

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i.e., regarding the claim of depreciation on goodwill. The said ground No. 4 of the appeal, for the sake of convenience, is reproduced as under : "Ground No. 4 : Not granting depreciation on goodwill 1. On the facts and in the circumstances of the case and in law, the Commissioner of Income-tax (Appeals)-LTU erred in not granting depreciation on goodwill of ₹ 3,23,15,044 on the ground that good will is not covered under section 32(1)(ii) of the Act. 2. The appellant prays that the Ass .....

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e-tax Act. 4. The learned authorised representative for the assessee at the outset has stated that the issue relating to the depreciation of goodwill has now been settled by the hon'ble Supreme Court in the case of CIT v. Smifs Securities Ltd. [2012] 348 ITR 302 (SC). The hon'ble Supreme Court while adjudicating the issue relating to the claim of depreciation on goodwill has categorically held as under (page 305) : "10. Explanation 3 states that the expression 'asset' shall .....

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