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PPG ASIAN PAINTS P. LTD. (formerly known as Asian PPG Industries Ltd.) Versus ASSISTANT COMMISSIONER OF INCOME-TAX (LTU)

2015 (11) TMI 578 - ITAT MUMBAI

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 .....

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uld be an asset under Explanation 3(b) to section 32(1) of the Act, we accordingly hold that the assessee is entitled to the claim of depreciation on goodwill. This issue is accordingly decided in favour of the assessee. - I. T. A. No. 2919 /M/ 2013 .....

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vered 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 y .....

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of the assessee, which was relating to the claim of depreciation on goodwill has remained unadjudicated. The Tribunal vide order dated August 1, 2014 passed in M. A. No. 136/M/2014 recalled the order dated March 12, 2014 to the limited extent for adj .....

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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 .....

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he provision of section 32 of the Act." 3. We have heard the rival contentions of the learned representatives of both parties and have also gone through the record. The lower authorities have rejected the claim of depreciation on goodwill observ .....

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e 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 th .....

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, licences, franchises or any other business or commercial rights of similar nature. A reading of the words 'any other business or commercial rights of similar nature' in clause (b) of Explanation 3 indicates that goodwill would fall under th .....

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