TaxTMI 
TaxTMI 
2013 (8) TMI 1128
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....ee filed its return of income for the assessment year 2008-09 on 30-09-2008 declaring loss of ₹ 80,89,561/-. The case was selected for scrutiny and thereafter the assessment was framed u/s 143(3) of the Act vide order dated 15-03-2010 and the total loss was determined at ₹ 12,67,420/-. Aggrieved by the order of the learned AO, the assessee carried the matter before the learned CIT(A). The learned CIT(A) vide order dated 09-06-2010 granted substantial relief to the assessee. Aggrieved by the aforesaid order of the learned CIT(A), the assessee is now in appeal before us and has raised the following effective ground:- "(1). The Ld. Commissioner of Income tax (A)-XI, Ahmedabad has erred in law and on facts in deleting disallowanc....
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....we find that ITAT Ahmedabad "B" Bench has recently decided similar issue in favour of the assessee and against the revenue while adjudicating revenue's appeal in ITA No.1186/Ahd/2011 etc. in the case of Net 4 Nut Ltd. dated 21-09-2012 . The relevant portion of the above order of the Tribunal is extracted herein under for reference: "5. We have heard both the parties, perused the orders of the authorities below and considered the material on record. The learned CIT(A) has given categorical findings that the assessee had incurred expenditure of ₹ 1,87,81,830/- on development of "AVTAAR" and the said software was registered as trade mark under the Trade-mark Act,1999 in the name of the assessee and the same was utilized by the assesse....
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....ances of the issue as deliberated upon in the fore-going paragraphs and also in conformity with the ruling of various judiciaries, chiefly, the ruling of the Hon'ble High Court of Kerala referred supra, we are of the considered view that the CIT (A) was justified in holding that the assessee was eligible for depreciation on intangible assets acquired by it. It is ordered accordingly. We make it very clear that we have arrived at this above conclusion from the facts of this case as the valuation report submitted by the appellant has not been successfully challenged by the Revenue to establish the transaction to be sham. Therefore, we consider the payment made on account of goodwill is genuine and reasonable since it is arrived based on a rea....