TMI Blog2018 (6) TMI 1658X X X X Extracts X X X X X X X X Extracts X X X X ..... No.529/Ahd/2017 (Assessment Year : 2013-14) - - - Dated:- 18-6-2018 - Shri Pramod Kumar Accountant Member And Ms. Madhumita Roy, Judicial Member Appellant by: Shri V.K. Singh, Sr.DR Respondent by: Shri Jigar M.Patel, AR ORDER Ms. Madhumita Roy, The Instant appeal has been filed by the Revenue against the order dated 06.12.2016 passed by the Commissioner of Income Tax(Appeals)-8, Ahmedabad [Ld.CIT(A) in short] u/s.250(6) of the Income Tax Act, 1961 (hereinafter referred to as the Act ) for Assessment Year (AY) 2013-14 arising out of the order dated 11.01.2016 passed by the DCIT, Circle4(1)(2) Ahmedabad. 2. The main issue involved in this appeal as to whether the orde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y the assessee deciding the issue of depreciation on goodwill in favour of assessee upon quashing the order of addition made by the Ld.AO following the order passed by his predecessor. While allowing the claim of the assessee, the Ld.CIT(A) observed as follows:- After considering all material on record and judgments available on this issue, it is noted that it has already been established by the judicial authorities that goodwill is to be treated as capital asset and is eligible for depreciation. In the appellant s case the issue raised by the AO is about the valuation of goodwill. In view of the direction of Hon ble Gujarat High Court given in the Approved Scheme, the appellant has treated the excess of liabilities over assets ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... legal position and find no reason to differ with findings in earlier appeal orders in the appellant s own case for the AY. 2011-12 and 2012-13 (as discussed above) and conclude that the appellant is eligible for depreciation on goodwill on WDV of ₹ 12,13,33,735. Hence the claim of depreciation of ₹ 3,03,33,434/- is allowed. Accordingly this ground of appeal is allowed. The said order is impugned before us. 4. At the time of hearing of the instant appeal, the Ld.representative for the Revenue relied upon the order passed by the AO. The Ld.AR submitted before us that the Hon ble Gujarat High Court has decided the issue in regard to depreciation on goodwill in assessee s own case for the AYs 2010-11, 2011-1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2012-13, dated 01.02.2018 while rejecting the appeal preferred by the Revenue in assessee s own case observed as follows:- 4. Before us, the ld.counsel for the assessee has placed on record copy of the Hon ble Gujarat High Court order in the case of assessee reported in Pr.CIT Vs. Zydus Wellness Ltd., 87 taxmann.com 82 (Guj.) rendered in Tax Appeal No.779 of 2017 dated 3.10.2017. Hon ble High Court upheld order of the ITAT vide which depreciation was granted to the assessee on goodwill. Similarly, in the Asstt.Year 2011-12, Tribunal has dismissed appeal of the Revenue whereby the Tribunal has upheld grant of depreciation on goodwill at the end of ld.CIT(A) vide order dated 8.6.2015. Considering judgement of the Hon ble Gujarat H ..... X X X X Extracts X X X X X X X X Extracts X X X X
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