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Chowgule & Company Private Limited Versus Addl. Commissioner of Income-tax

2016 (2) TMI 407 - BOMBAY HIGH COURT

Depreciation on intangible asset by way of 'Goodwill' - amalgamation of a company duly approved - Held that:- Depreciation on Goodwill paid upon amalgamation is a permissible deduction in terms of Section 32. See Commissioner of Income Tax, Kolkata Versus Smifs Securities Ltd. [2012 (8) TMI 713 - SUPREME COURT] - Tax Appeal No. 28 OF 2012 - Dated:- 12-1-2016 - F. M. REIS AND K. L. WADANE, JJ. For the Petitioner : Mr. Mihir Naniwadekar and Ms. V. Palyekar, Advocates For the Respondent : Ms. Asha .....

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representing business and/or commercial rights acquired in the course of amalgamation of a company duly approved by the High Court ? (2) Whether on the facts and in the circumstances of the case the Appellate Tribunal is right in dismissing the appeal based on incorrect appreciation of facts and law, which could be called perverse ? 3. The learned Counsel appearing for the Appellants, in support of the first substantial question of law, has pointed out that the question as to whether depreciati .....

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e Income-tax Act, 1961. Learned Counsel has thereafter taken us through the said Judgment to pointed out that this finding of the learned Tribunal is erroneous and, as such, on this ground alone, the first substantial question of law is to be answered in favour of the Appellant. Learned Counsel further pointed out that the Tribunal whilst passing the impugned Order has also gone to the extent of holding that in the present case, there was no amount paid on account of Goodwill as, according to hi .....

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and given effect to by the Revenue Authorities and, as such, it is not open to the Respondents to take a contrary stand as far as the present Appeal is concerned. Learned Counsel has also brought to our notice a Judgment of the Division Bench of this Court dated 30.10.2012 passed in Income Tax Appeal (L) No. 1330 of 2012, wherein relying upon the Judgment of the Apex Court in the case of Commissioner of Income Tax vs. Smifs Securities Limited (supra), this Court has remanded the matter to the le .....

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further pointed out that the learned Tribunal whilst passing the impugned order has come to the conclusion that there was no amount paid towards Goodwill and, as such, the question of seeking depreciation on account of Goodwill in cases of amalgamation of Companies under Section 32 of the Income-Tax Act, 1961, would not arise. Learned Counsel has taken us through the findings of the Tribunal to point out that there was no misappreciation of evidence. Learned Counsel further pointed out that the .....

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ent of the Apex Court in the case of Commissioner of Income-tax, Kolkata vs. Smifs Securities Ltd. (supra), it has been observed at Paras 4 and 5 thus : 4. Explanation 3 states that the expression 'asset' shall mean an intangible asset, being know-how, patents, copyrights, trademarks, licences, franchises or any other business or commercial rights of similar nature,. A reading the words 'any other business or commercial rights of similar nature' in clause (b) of Explanation 3 ind .....

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