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TMI Blog2014 (7) TMI 679X X X X Extracts X X X X X X X X Extracts X X X X ..... on 15.12.2005 was recorded as goodwill and depreciation was claimed by treating the same as intangible asset - CIT(A) rightly followed CIT Vs Smifs Securities Ltd. 2012 (8) TMI 713 - SUPREME COURT] - goodwill is an asset which is covered under Explanation (3)(b) of Section 32(1) of the Act which would fall under the expression ‘any other business or commercial rights of similar nature’ – thus, the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he decision of Hon'ble Supreme Court in the case of CIT Vs Smifs Securities Ltd. (2012) Civil Appeal No.5961 of 2012, findings are based in this case and therefore, it was argued that Ld. CIT(A) had rightly decided the issue in its favour which should be upheld. 3. Ld. D.R. fairly conceded to the submissions of the Ld. A.R. but relied upon the assessment order. 4. We have heard rival par ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e judgement of Hon'ble Supreme Court in the case of CIT Vs Smifs Securities Ltd. (supra), has held that goodwill is an asset which is covered under Explanation (3)(b) of Section 32(1) of the Act which would fall under the expression any other business or commercial rights of similar nature . The relevant finding of Ld. CIT(A) are contained in para 6 to 6.3, which are reproduced below: ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .3 Moreover, the Hon'ble Supreme Court in the case of CIT Vs Smifs Securities Ltd. (supra), while held that goodwill is an asset, which is covered under Explanation 3(b) to Section 32(1) of the Act, which would fall under the expression any other business or commercial rights of similar nature . Keeping in view the above decision of the Apex Court, which is binding, it is held that the claim ..... X X X X Extracts X X X X X X X X Extracts X X X X
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