TaxTMI 
TaxTMI 
2016 (2) TMI 407
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....e Appellate Tribunal is right in disallowing Appellant's claim for depreciation on intangible asset by way of 'Goodwill' representing business and/or commercial rights acquired in the course of amalgamation of a company duly approved by the High Court ? (2) Whether on the facts and in the circumstances of the case the Appellate Tribunal is right in dismissing the appeal based on incorrect appreciation of facts and law, which could be called perverse ? 3. The learned Counsel appearing for the Appellants, in support of the first substantial question of law, has pointed out that the question as to whether depreciation can be allowed on Goodwill in cases of amalgamation of Companies is no longer resintegra in view of the Judgme....
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.... stand as far as the present Appeal is concerned. Learned Counsel has also brought to our notice a Judgment of the Division Bench of this Court dated 30.10.2012 passed in Income Tax Appeal (L) No. 1330 of 2012, wherein relying upon the Judgment of the Apex Court in the case of Commissioner of Income Tax vs. Smifs Securities Limited (supra), this Court has remanded the matter to the learned Tribunal to decide the Appeal filed by the Assessee afresh. Learned Counsel, as such, pointed out that the matter may be remanded to the learned Tribunal to decide afresh in the light of the Judgments referred to herein above. 4. On the other hand, Ms. Asha Desai, learned Counsel appearing for the Respondents, has submitted that though the question of la....
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....of similar nature,. A reading the words 'any other business or commercial rights of similar nature' in clause (b) of Explanation 3 indicates that goodwill would fall under the expression 'any other business or commercial right of a similar nature'. The principle of ejusdem generis would strictly apply while interpreting the said expression which finds place in Explanation 3(b). 5. In the circumstances, we are of the view that 'Goodwill'[ is an asset under Explanation 3(b) to Section 32(1) of the Act." 6. Taking note of the observations of the Apex Court, we find that the first substantial question of law framed by this Court has to be answered in favour of the Appellant herein. The Apex Court has clearly come to....