9911796707
TMI Blog2016 (2) TMI 407X X X X Extracts X X X X X X X X Extracts X X X X ..... appearing for the Appellants and Ms. Asha Desai, learned Counsel appearing for the Respondents. 2. The above Appeal came to be admitted by an Order dated 26.03.2012 on the following substantial questions of law : (1) Whether on the fact and in the circumstances of the case, the Appellate Tribunal is right in disallowing Appellant's claim for depreciation on intangible asset by way of 'Goodwill' representing business and/or commercial rights acquired in the course of amalgamation of a company duly approved by the High Court ? (2) Whether on the facts and in the circumstances of the case the Appellate Tribunal is right in dismissing the appeal based on incorrect appreciation of facts and law, which could be called pe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d in the subsequent Assessement year. Learned Counsel further pointed out that the said Order passed by the learned Tribunal for the subsequent Assessment year has been accepted and given effect to by the Revenue Authorities and, as such, it is not open to the Respondents to take a contrary stand as far as the present Appeal is concerned. Learned Counsel has also brought to our notice a Judgment of the Division Bench of this Court dated 30.10.2012 passed in Income Tax Appeal (L) No. 1330 of 2012, wherein relying upon the Judgment of the Apex Court in the case of Commissioner of Income Tax vs. Smifs Securities Limited (supra), this Court has remanded the matter to the learned Tribunal to decide the Appeal filed by the Assessee afresh. Learne ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... olkata vs. Smifs Securities Ltd. (supra), it has been observed at Paras 4 and 5 thus : 4. Explanation 3 states that the expression 'asset' shall mean an intangible asset, being know-how, patents, copyrights, trademarks, licences, franchises or any other business or commercial rights of similar nature,. A reading the words 'any other business or commercial rights of similar nature' in clause (b) of Explanation 3 indicates that goodwill would fall under the expression 'any other business or commercial right of a similar nature'. The principle of ejusdem generis would strictly apply while interpreting the said expression which finds place in Explanation 3(b). 5. In the circumstances, we are of the view that & ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
