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TMI Blog2020 (9) TMI 429X X X X Extracts X X X X X X X X Extracts X X X X ..... Assessment Year 2011-12. The present Assessment Year being the year in which agreement was entered into i.e. dated 20.06.2008, it is considered fit to remit this issue of determining resultant amount of goodwill on which depreciation is allowable in the hands of the assessee. Disallowance of marked to market foreign exchange loss - HELD THAT:- As decided in own case [2020 (8) TMI 50 - ITAT DELHI] reverse the orders of Assessing Officer in this regard and direct the Assessing Officer to delete the disallowance made on account of mark to market foreign exchange loss. - ITA No. 6101/DEL/2017 - - - Dated:- 28-8-2020 - SHRI N.K. BILLAIYA, ACCOUNTANT MEMBER AND SHRI KULDIP SINGH, JUDICIAL MEMBER For the Appellant : Shri Nageshwa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f depreciation on Goodwill claimed by the assessee pursuant to the Business Transfer Agreement. The assessee had made no claim of depreciation of goodwill in its return of income and the claim was made for the first time during the course of assessment proceedings. The Assessing Officer placing ITA No. 1761/Del/2015 Assessment Year: 2010-11 8 reliance on the decision of Hon ble Supreme Court in Goetze (India) Ltd. [2006] 284 ITR 323 (SC) rejected the claim of the assessee. The said claim was also rejected on merits by the Assessing Officer. The Assessing Officer proposed the addition in the hands of the assessee against which objections were filed before the DRP, who did not adjudicate the issue. The Assessing Officer passed final assessmen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r the Revenue took us through various convenants of the Business Transfer Agreement and pointed out that no depreciation was claimed in any of the assessment years i.e Assessment Year 2009-10 to 2011- 12. He further pointed that payment of goodwill is not defined anywhere in the agreement. Further, no valuation report of any competent person was available; so, no depreciation is to be allowed on goodwill. 16. We have heard the rival contentions and perused the record. The first issue is whether the claim which has not been made in the Return of income, can the same be allowed in the hands of the assessee, if subsequently raised during the assessment proceedings. The Hon ble Delhi High Court in CIT vs Jai Parabolic Springs Ltd. 306 ITR 42 (D ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ement was entered into i.e. dated 20.06.2008, it is considered fit to remit this issue of determining resultant amount of goodwill on which depreciation is allowable in the hands of the assessee, consequent to the terms and conditions of the Business Transfer Agreement, back to the file of Assessing Officer. The Assessing Officer is directed to verify the claim of the assessee after allowing reasonable opportunity of hearing. The assessee is also directed to produce all the facts before the Assessing Officer, who shall decide the same in accordance with law . 7. On finding parity in the facts, respectfully following the decision of the co-ordinate bench Ground no. 1 with its sub grounds is dismissed. 8. In so far as the issue relating ..... X X X X Extracts X X X X X X X X Extracts X X X X
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