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TMI Blog2017 (2) TMI 860X X X X Extracts X X X X X X X X Extracts X X X X ..... ion for transfer of this proprietary business with goodwill was received. That is why section 47(xiv) enabled the appellant to claim a benefit of the goodwill of ₹ 2,29,89,701/-, which was generated as a result of the proprietary business carried out was the plea raised. It is in relation to these facts that the tribunal concurred with the Commissioner of Income Tax (Appeals). It has also referred to the deed of assignment dated 17th September, 2008. It also perused the first and the second Schedule 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 ₹ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... view petition and it is dismissed. - Notice of Motion No. 2662 of 2016, Review Petition (L) No. 36 of 2016, Income Tax Appeal No. 1731 of 2014 - - - Dated:- 9-2-2017 - S. C. Dharmadhikari And Dr. Shalini Phansalkar Joshi, JJ. Mr. Porus Kaka Senior Advocate with Mr. Manish and Mr. Burzin Somandy i/b. M/s. L. C. Tolat and Co. for the petitioner Mr. Arvind Pinto for the respondent ORDER P. C. 1. Heard both sides and perused the affidavit in support of the notice of motion for condonation of delay in filing the review petition. For the reasons set out therein, the notice of motion is made absolute. The delay in filing the review petition is condoned and the review petition is taken up for hearing forthwith. 2. Thi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Hon'ble Supreme Court of India in the case of Commissioner of Income Tax vs. Smifs Securities Ltd. (2012) 348 ITR 302 (SC), it is submitted that this court was not shown the principle of law that the difference between the cost of an asset and the amount paid by the assessee constituted goodwill and that the assessee in the process of amalgamation had acquired a capital right in the form of goodwill because of which the market worth of the assessee stood increased. This was not, therefore, the position in the sense such a goodwill as generated by the taking over of the sole proprietary concern by a private limited company cannot be reflected, in the manner understood by the tribunal and this court, in the books of Account of the pro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s transferred. The appellant received the entire consideration of transfer by way of fully paid up shares of the private limited company. No monetary consideration for transfer of this proprietary business with goodwill was received. That is why section 47(xiv) enabled the appellant to claim a benefit of the goodwill of ₹ 2,29,89,701/-, which was generated as a result of the proprietary business carried out was the plea raised. It is in relation to these facts that the tribunal concurred with the Commissioner of Income Tax (Appeals). It has also referred to the deed of assignment dated 17th September, 2008. It also perused the first and the second Schedule to the agreement, which set out the details and particulars of the immovable an ..... X X X X Extracts X X X X X X X X Extracts X X X X
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