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TMI Blog2018 (1) TMI 448X X X X Extracts X X X X X X X X Extracts X X X X ..... PER PRASHANT MAHARISHI, A. M. 1. This is an appeal filed by the Revenue against the order of the ld CIT(A), XIII, New Delhi dated 01.02.2011 for the Assessment Year.. 2006-07. 2. The revenue has raised the following grounds of appeal:- "1. On the facts and circumstances of the case and in law, the CIT(A) has erred in deleting the addition of Rs. 4478750/- on account of disallowance of depreci ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ers who can enter into its business because of its complexity. Consequently, depreciation was disallowed to the extent of Rs. 4478750/-. The Assessment order was passed on 18.12.2008 determining total loss of the assessee at Rs. 4767780/-. The assessee preferred appeal before the ld CIT(A), who allowed the claim of the assessee and therefore, revenue is in appeal before us. 4. The ld Departmental ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... elhi High Court referred to by the ld Departmental Representative of Sharp Business Systems, he submitted the decision Hon'ble Karnataka High Court in case of CIT Vs. Ingersoll Rand International Ind. Ltd. ITA No. 452/2013 dated 30.06.2014, where above decision was considered. 6. We have carefully considered the rival contentions and also perused the orders of the lower authorities. Assessee is w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e adverting ground No. 4 has held that by the amendment to the income tax act by the Finance Act 1998 w.e.f. AY 1999-2000, the intangible asset are eligible for depreciation. According to him, any right which is obtained for carrying on the business will fall in the definition of intangible asset. Hence, he deleted the addition. However, this issue squarely is covered against the assessee in view ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s us. Further, reliance on the decision of Hon'ble Supreme Court in case of Cit Vs. Smif Securities Ltd 13 SCC 488 dated 22.08.2012 the issue was not with respect to non compete fees but "goodwill" and "Stock Exchange Membership Card". In the present case though goodwill of 57.30 million was paid but that is not the issue in dispute. In view of the decision of the Hon'ble Jurisdictional High C ..... X X X X Extracts X X X X X X X X Extracts X X X X
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