9911796707
TMI Blog2018 (5) TMI 1097X X X X Extracts X X X X X X X X Extracts X X X X ..... Assessing Officer to decide it again in light of the said judgment. No question of law in this respect arises Allowability of claim of depreciation on goodwill - Held that:- Referring to Explanation 3 to subsection (1) of section 32 which contains two clauses (a) and (b) explaining the expression 'asset' and 'block of asset'. Tribunal was of the view that goodwill would be included as an asset under Explanation3( b) to subsection (1) of section 32 of the Act and also held that in the present case, the difference was paid for acquisition of such goodwill. The Tribunal referred to the judgment of the Supreme Court in case of Smifs Securities Ltd. (2012 (8) TMI 713 - SUPREME COURT) and held the issue in favour of the assessee. The Tribun ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 55 (Guj) [FB]. 3. The judgment of full bench was not available when the issue was decided by the Assessing Officer and Commissioner of Income Tax (Appeals). We see no error in the order of the Tribunal and therefore, there is no question of asking the Assessing Officer to decide it again in light of the said judgment. Even the Revenue's representative before the Tribunal had raised no objection to this modality. No question of law in this respect arises. 4. The second issue pertains to the assessee's claim of depreciation at a prescribed rate on a sum of ₹ 6.24 crores (rounded off) after filing the return of income. In the return of income, the assessee had not raised such a claim. During the course of assessment proc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of section 32 which contains two clauses (a) and (b) explaining the expression 'asset' and 'block of asset'. The Tribunal was of the view that goodwill would be included as an asset under Explanation3( b) to subsection (1) of section 32 of the Act and also held that in the present case, the difference was paid for acquisition of such goodwill. The Tribunal referred to the judgment of the Supreme Court in case of Smifs Securities Ltd. (supra) and held the issue in favour of the assessee. 8. It can, thus, be seen that the Tribunal had come to the conclusion that excess payment was towards goodwill and that by settled law, goodwill would also be a depreciable asset. 9. No question of law arises. Tax Appeal is dismisse ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
