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TMI Blog2020 (12) TMI 672X X X X Extracts X X X X X X X X Extracts X X X X ..... he appeal pertains to the Assessment year 2000-01. The appeal was admitted by a bench of this Court vide order dated 30.01.2012 on the following substantial question of law: (i) Whether the Tribunal was correct in holding that assessee is entitled to claim depreciation under Section 32(1)(ii) of the Act in respect of intangible assets of Rs. 9,07,25,000/- when the same is not identical, and is based on adhoc estimate basis and not on actual cost as per Section 43(1) of the Act? 2. Facts leading to filing of this appeal briefly stated are that the assessee is in the business of trading in computer systems and components. The assessee filed the return of income for the Assessment Year 2000 01, in which a total income of Rs. 6,12,69,280/- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ue approached the Income Tax Appellate Tribunal (hereinafter referred to as 'the tribunal' for short). The tribunal by an order dated 25.02.2011 dismissed the appeal preferred by the revenue. In the aforesaid factual background, the revenue is in appeal before us. 4. Learned counsel for the revenue submitted that the Commissioner of Income Tax (Appeals) as well as the tribunal ought to have appreciated that the assessee had not furnished the particulars of intangible assets. It is also urged that the assessee initially considered unallocable consideration as goodwill. However, subsequently, under the guise of revaluation part of the unallocable consideration claimed the goodwill as intangible assets without specifying the intangibl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... urt of Delhi in COMMISSIONER OF INCOME-TAX-IV VS. HINDUSTAN COCA COLA BEVERAGES (P.) LTD., (2011) 198 TAXMAN 104 (DELHI). 6. We have considered the submissions made by learned counsel for the parties and have perused the record. Section 32 deals with depreciation. The relevant extract of Section 32(1) of the Act, reads as under: 32(1) In respect of depreciation of - (i) buildings, machinery, plant or furniture, being intangible assets; (ii) know-how, patents, copyrights, trade marks, licences, franchises or any other business or commercial right of similar nature, being intangible assets acquired on or after the 1st day of April, 1998, owned, wholly or partly, by the assessee and used for the purposes of the business or profession, t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t of consideration has been allotted to intangibles. 8. Thus, from perusal of the order passed by the Assessing Officer itself it is axiomatic that he has found that the goodwill has been calculated and has been allotted to intangibles. For yet another reason, the order passed by the tribunal has to be upheld. It is pertinent to note that the order passed by the tribunal is based on the decision of the Delhi Bench of Tribunal which has been upheld by High Court of Delhi in Hindustan Coca Cola Beverages (p) Ltd. In view of preceding analysis, the substantial question of law framed by a bench of this court is answered against the revenue and in favour of the assessee. In the result, we do not find any merit in this appeal, the same ..... X X X X Extracts X X X X X X X X Extracts X X X X
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