TMI Blog2015 (7) TMI 1342X X X X Extracts X X X X X X X X Extracts X X X X ..... e case of Smifs Securities Ltd [ 2012 (8) TMI 713 - SUPREME COURT ]. We, therefore, are of the considered opinion that the case of the assessee stands covered by the earlier decision by the order of FAA - Decided against revenue. - I.T.A. No. 2146/Mum/2015 - - - Dated:- 25-7-2015 - S/SHRI JOGINDER SINGH (JM) AND RAJESH KUMAR (AM) For the Appellant : M/s Anupama Shukla For the Respondent : None ORDER Per RAJESH KUMAR, Accountant Member: This is an appeal filed by the revenue and is directed against the order of the Ld. CIT(A)-16, Mumbai dt.31.12.2014 pertaining to A.Y. 2009-10. Despite of service of notice, none appeared on behalf of the assessee, therefore, we proceed to decid ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 011. The assessee replied that it had incurred cost towards goodwill at ₹ 159.01 crores during the financial year 2007-08. The assessee also claimed depreciation on the said intangible assets to the tune of ₹ 39,75,26,000/- for the year ending on 31.3.2008 and accordingly, WDV of the said intangible block of assets as on 1.4.2008 arrived at ₹ 119,25,75,000/- and thus, rightly claimed depreciation on the said WDV at the rate of 25% amounting to ₹ 29,81,43,750/- as per the provisions of section 32 (1)(iii) of the Act by filing revised return on 30.3.2011. In defence of his submissions, the assessee relied on the series of decisions as incorporated in para 4.2 of the assessment order. The AO ultimately rejected the subm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ecision in the case of Smifs Securities Ltd (supra), whereas the facts of the present case and relied upon by the ld.CIT(A) are distinguishable. The ld. DR submitted that in the case of Smifs Securities Ltd (supra) the claim of goodwill was made in the return of income, whereas in the present case, the assessee claimed depreciation by mere filing a letter during the course of assessment proceedings. Further the direction of the ld.CIT(A) to AO was against the spirit of CBDT circular mentioned above. 6. We find from the record that the assessee has rightly claimed depreciation on goodwill being intangible assets. We also find from the record that similar issue was raised by the assessee in the assessment year 2008-09, which was deci ..... X X X X Extracts X X X X X X X X Extracts X X X X
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