9911796707
TMI Blog2017 (2) TMI 860X X X X Extracts X X X X X X X X Extracts X X X X ..... e review petition is condoned and the review petition is taken up for hearing forthwith. 2. This review petition seeks a review of the order passed by this court in Income Tax Appeal No. 1731 of 2014. By that order dated 18th July, 2016, we dismissed the review petitioner's appeal, which was directed against the order of the tribunal dated 6th June, 2014. 3. The assessment year in this case is 2009-10. The tribunal concurred with the Commissioner of Income Tax (Appeals). 4. Mr. Kaka learned senior counsel appearing for the review petitioner-original appellant would submit that there are errors apparent on the face of the record for this court did not refer, in addition to clause (xiv) of section 47, two important sections of the Inco ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in the manner understood by the tribunal and this court, in the books of Account of the proprietary concern. Mr. Kaka also relied upon the principles and standards of accounting, which have been now set out in "Accounting Standard (AS) 26", paragraph 35. That is titled as "Internally Generated Goodwill". For these reasons, he would submit that this is a fit case to review the order passed on the appeal. 5. On the other hand, Mr. Pinto learned counsel appearing for the respondent would submit that there was a finding of fact rendered by the tribunal and that finding of fact has not been held to be perverse or vitiated by any error of law apparent on the face of the record. Section 47(xiv) was projected and if that was asserted to be an app ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dule to the agreement, which set out the details and particulars of the immovable and movable assets, to which the assignor is entitled. That did not contain any details as to the valuation of goodwill while arriving at a total value of Rs. 3,35,90,640/-, for which the allotment of 3359064 shares of Rs. 10/- each in the share capital of the assignee was obtained. The general wording in the recitals may cover goodwill, but the assignment deed did not evidence that a goodwill valued at certain figure is transferred. The alleged goodwill was not created in the books of the propriety concern is thus one of the findings. The tribunal holds that the allotment of shares exceeding Rs. 1,16,05,939/- is in the form of excess asset over and above the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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