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TMI Blog2019 (6) TMI 1364X X X X Extracts X X X X X X X X Extracts X X X X ..... M.: The present appeal is directed against the order of CIT(A)-9, New Delhi, dated 23.12.2016, for assessment year 2012-13, raising following effective ground: "On the facts and in the circumstances of the case, Ld. CIT(A) has erred in deleting the disallowance of Rs. 10,29,60,726/- on account of Depreciation on Goodwill." 2. At the outset, the learned counsel of the assessee submitted that th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , we find that the Ld. CIT(A) deleted the disallowance by relying on the decision of Hon'ble Supreme Court in the case of Smifs Securities Ltd., wherein it was held that "Goodwill is an asset under Explanation 3(b) to section 32(1) and, thus it is eligible for depreciation. Explanation-5 to Section 32(1) of the Income-tax Act, 1961, makes it mandatory for the AO to grant depreciation irrespective ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... claimed the deduction in respect of depreciation in computing his total income." 5. On perused of the above provision, it is clear that even if the assessee had not claimed any deduction in respect of depreciation in computing the total income, the deduction is allowable as per the provisions of S. 32(1) of the Act. We, therefore, do not see any valid ground to interfere with the findings given ..... X X X X Extracts X X X X X X X X Extracts X X X X
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