9911796707
TMI Blog2017 (9) TMI 722X X X X Extracts X X X X X X X X Extracts X X X X ..... rcial rights of similar nature. So, in terms of BTA dated 15.12.2005, the Goodwill being an intangible property right is entitled for depreciation - Decided against revenue. - ITA No. 6157/Del. /2014 - - - Dated:- 30-8-2017 - Shri B. P. Jain, Accountant Member And Shri Kuldip Singh, Judicial Member Assessee By : Shri R.K. Kapoor, FCA Revenue By : Shri Arun Kumar Yadav, Senior DR ORDER Per Kuldip Singh, Judicial Member Appellant, Deputy Commissioner of Income-tax, Circle 11 (1), New Delhi (hereinafter referred to as the Revenue ), by filing the present appeal sought to set aside the impugned order dated 29.08.2014 passed by the Commissioner of Income-tax (Appeals)- XV, New Delhi, for the Assessment Year 2010-11 on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lowed the appeal. Feeling aggrieved, the Revenue has come up before the Tribunal by way of challenging the impugned order passed by ld. CIT. 4. We have heard the ld. Authorized Representatives of the parties to the appeal, gone through the documents relied upon and orders passed by the revenue authorities below in the light of the facts and circumstances of the case. 5. At the very outset, the ld. AR for the assessee contended that the issue in controversy has already been set at rest by the coordinate Bench of the Tribunal in ITA No.5540/Del/2013 for AY 2008-09 in assessee s own case by following the judgment rendered by Hon ble Supreme Court in case of CIT vs. Smifs Securities Ltd. and the said order has further been followed by the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ct. However, Ld. CIT(A) on the basis of submissions filed by the ld. A.R. and relying upon the judgement of Hon'ble Supreme Court in the case of CIT Vs Smifs Securities Ltd. (supra), has held that goodwill is an asset which is covered under Explanation (3)(b) of Section 32(1) of the Act which would fall under the expression 'any other business or commercial rights of similar nature '. The relevant finding of Ld. CIT(A) are contained in para 6 to 6.3, which are reproduced below: 6. I have carefully considered the facts of the case in the light of the submission made by the appellant and applicable law in this regard. Accordingly, my decision on various grounds is as under: 6.2 On careful consideration of the facts, I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the aforesaid referred to order passed by the ITAT was a subject matter of the departmental appeal before the Hon'ble Jurisdictional High Court in ITA No. 104/2016 wherein vide order dated 03.02.2016, the appeal of the department was dismissed, therefore, the order dated 18.06.2014 passed by the ITAT for the assessment year 2008-09 in ITA No. 5540/De1/2013 had been affirmed. In that view of the matter, the addition made by the AO on account of depreciation on the goodwill is deleted. 7. Following the order passed by the coordinate Bench of the Tribunal in assessee s own case for AY 2007-08 and 2008-09 and the appeal filed by the Revenue in Hon ble High Court has also been dismissed in the light of the decision rendered by Hon ble ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
