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TMI Blog2016 (7) TMI 1558X X X X Extracts X X X X X X X X Extracts X X X X ..... Respondent by: None ORDER RAJESH KUMAR, J. This is an appeal filed by the revenue and is directed against the order of the Ld. CIT(A)-16, Mumbai dt.31.12.2014 pertaining to A.Y. 2009-10. Despite of service of notice, none appeared on behalf of the assessee, therefore, we proceed to decide the appeal ex-parte without presence of assessee on the basis of material available before us and after hearing the ld.DR. 2. Only issue raised in all the grounds of appeal is against the direction by the ld. CIT(A) relying on the decision of the Apex Court in the case of CIT V/s Smifs Securities Ltd reported in 348 ITR 302 (SC) by ignoring the fact that the facts of the said case are distingui ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... imed depreciation on the said WDV at the rate of 25% amounting to ₹ 29,81,43,750/- as per the provisions of section 32 (1)(iii) of the Act by filing revised return on 30.3.2011. In defence of his submissions, the assessee relied on the series of decisions as incorporated in para 4.2 of the assessment order. The AO ultimately rejected the submissions of the assessee and disallowed the depreciation of ₹ 29,81,43,750/- on goodwill and added the same to the total income of the assessee and framed the assessment at ₹ 63,71,94,610/- under the normal provisions of Act and ₹ 42,00,26,450/- under section 115JB of the Act, vide order dated 13.3.2013 passed under section 143(3) r.w.s. 92CA(4) of the Act. Aggrieved by the order ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sment proceedings. Further the direction of the ld.CIT(A) to AO was against the spirit of CBDT circular mentioned above. 6. We find from the record that the assessee has rightly claimed depreciation on goodwill being intangible assets. We also find from the record that similar issue was raised by the assessee in the assessment year 2008-09, which was decided in favour of the assessee vide order dated 23.8.2013 in Appeal No. CIT(A)-16/ Addl.CIT-8(1)/IT-190/2011-12 and thus, the issue is squarely covered in favour of the assessee by its own case in the earlier years. After considering the relevant records, orders of authorities below, we find that the similar issue has been decided by the FAA for the assessment year 2008-09 in fa ..... X X X X Extracts X X X X X X X X Extracts X X X X
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