2015 (10) TMI 1430

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..... sessee against the order of ld. CIT(A), Panaji in ITA No. 41/MRG/2008-09 dt. 28.10.2013 for the A.Y 2006-07. Shri Mihir Naniwadekar, Advocate represented on behalf of the Assessee and Shri M.R. Bangari, ld. DR represented on behalf of the Revenue. 2. It was submitted by the ld. AR that ground nos. 2.1 to 2.5 of the Assessee's appeal was against action of the ld. CIT(A) in confirming the disal .....

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..... to whether goodwill is an asset within the meaning of Sec. 32 of the Income Tax Act and depreciation is allowable on the same, in view of the decision of the Hon'ble Supreme Court in the case of SMIFS Securities Ltd. referred to supra, the AO is directed to allow the claim of depreciation on the said intangible asset as claimed by the Assessee. In the result, ground nos. 2.1 to 2.5 of the Asse .....

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..... een produced before the AO and the ld. CIT(A). It was the submission that as the dry plant of the Tudou plant had been used and as the asset fell within the block of assets, depreciation was liable to be allowed. The ld. AR drew our attention to the order of the ld. CIT(A) and the AO wherein the AO and the ld. CIT(A) have recognized the usage of the dry plant. 6. In reply, the ld. DR vehemently s .....

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