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TMI Blog2017 (1) TMI 519X X X X Extracts X X X X X X X X Extracts X X X X ..... n of goodwill is now not res integra in view of the decision of the Hon’ble Supreme Court in the case of Smifs Securities Ltd. (2012 (8) TMI 713 - SUPREME COURT) and the decision of the Division Bench of this Court in case of Swastik Industries (2016 (4) TMI 169 - GUJARAT HIGH COURT ). Under the circumstances also, it cannot be said that any income chargeable to tax has escaped the assessment. Under the circumstances also, the impugned notice under Section 148 of the IT Act and the reassessment proceedings deserve to be quashed and set aside. - SPECIAL CIVIL APPLICATION NO. 284 of 2011 - - - Dated:- 29-12-2016 - MR. M.R. SHAH AND MR. B.N. KARIA, JJ. FOR THE PETITIONER : MR TEJ SHAH, ADVOCATE FOR THE RESPONDENT : MR KM PARIKH, A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... corded submitting that the reopening is mainly on change of opinion of subsequent Assessing Officer and therefore, reopening on mere change of opinion of the subsequent Assessing Officer is not permissible. It was the specific case on behalf of the petitioner assessee that the question with respect to the depreciation on goodwill was infact gone into by the Assessing Officer at the time of framing scrutiny assessment. That the objections raised by the assessee have not been accepted by the Assessing Officer and has disposed of the same. Hence, the petitioner has preferred the present Special Civil Application under Article 226 of the Constitution of India challenging the impugned reopening of the assessment for AY 200607. [3.0] Shri Te ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... has set aside the addition made by the Assessing Officer and has allowed the depreciation on goodwill. It is submitted that the order passed by the learned Tribunal as attained finality. [3.4] It is further submitted that even otherwise the issue whether depreciation on goodwill is permissible / allowable or not is now not res integra in view of the decision of the Division Bench this Court in the case of Commissioner of Incometax, Kolkata vs. Smifs Securities Ltd. reported in (2012)24 Taxmann.com 222 (SC) as well as the subsequent decision of the Division Bench of this Court in the case of Principal Commissioner of Incometax2 vs. Swastik Industries reported in (2016)68 Taxmann.com 329 (Gujarat). It is submitted that therefore ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ct to the depreciation on goodwill. From the material on record it appears that the assessee replied to the same. Only thereafter the Assessing Officer framed the scrutiny assessment under Section 143(3) of the IT Act by allowing the depreciation on goodwill as claimed by the assessee. Under the circumstances the impugned reopening is nothing but a change of opinion of the subsequent Assessing Officer. As per the catena of decisions of the Hon ble Supreme Court as well as this Court merely on change of opinion of the subsequent Assessing Officer the reassessment proceedings are not permissible. [5.1] It is also required to be noted that subsequently with respect to the assessment for AY 200304, 200405, 200506 and 200708 while passing the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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