9911796707
TMI Blog2015 (12) TMI 1327X X X X Extracts X X X X X X X X Extracts X X X X ..... x Appellate Tribunal Rules, 1963, as they are descriptive and argumentative in nature. In brief the grievances of the assessee are two folds -(a) disallowance of remuneration paid to Director at Rs. 6,96,660/- upheld by ld. CIT(A) and (b) disallowance of depreciation of good-will at Rs. 4,33,710/- confirmed by ld. CIT(A), whereas ITO disallowed Rs. 3,98,114/-. 3. Briefly stated facts are that the assessee company is engaged in the business of trading and manufacturing of medicines/pharmaceutical products. It filed its return of income on 29.9.2008 for Asst. Year 2008-09 declaring total income at Rs. 1,54,72,370/-. Assessee's case was selected for scrutiny assessment and notice u/s 143(2) of the Act was issued on 8/9/2009 and was duly serve ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s debited in the profit and loss account. 7. The ld. AR further submitted that in the original minutes of meeting of Board of Directors, the date mentioned for increase in remuneration from Rs. 20,000/- to Rs. 1,00,000/- was w.e.f. 1.4.2007 and also assessee has duly deducted tax at source on the director's salary of Rs. 1 lac per month by effecting it in quarter 3rd of the year under appeal. 8. On the other hand, the ld. DR supported the orders of authorities below. 9. We have heard the rival contentions and perused the material on record. The only reason for disallowance of director's remuneration at Rs. 6,96,660/- was the mentioning of effective date of increase in remuneration which as per assessee was w.e.f. 1.4.2007 whereas Assessin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ecord). 13. The ld. DR supported the orders of lower authorities and could not rebut the submission of ld. AR. 14. We have heard the rival contentions and perused the material on record. From perusal of the order of co-ordinate bench, we find that the issue has been decided in favour of assessee in ITA No.3884/Ahd/2007 for Asst. Year 2004-05 vide its order dated 19/12/2014 wherein the Tribunal has observed as under :- "9. We have considered rival submissions and perused the orders of the AO and the CIT(A), and also various case laws relied on by the parties. We find that the issue of allowance of depreciation on intangible asset in the form of "goodwill" is covered in favour of the assessee with the various decisions including that of t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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