2020 (10) TMI 880

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....cle 12 (1), New Delhi (hereinafter referred to as the 'Revenue') by filing the present appeals sought to set aside the impugned orders dated 27.02.2018, 15.03.2018, 16.03.2018 & 26.12.2018 for Assessment Years 2012-13, 2013-14, 2014-15 & 2015-16 respectively passed by the Commissioner of Income - tax (Appeals)-4, New Delhi on the identical grounds except the difference in amount of depreciation claimed by the assessee inter alia that :- "1. Whether on the facts and circumstances of the case, the Ld. CIT(A) has erred in holding that the Assessing Officer is wrong in disallowing depreciation u/s 32 claimed on self valued, unsubstantial intangibles declared as 'customers contract' & 'goodwill', whereas no such breakup was part of agreement w....

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....ets and framed the assessment accordingly. 5. Assessee carried the matter before the ld. CIT (A) by way of appeals who has deleted the disallowance of depreciation on goodwill and customer contract made by the AO by allowing the appeals. Feeling aggrieved, the Revenue has come up before the Tribunal by way of filing the aforesaid appeals. 6. We have heard the ld. Authorized Representatives of the parties to the appeals, gone through the documents relied upon and orders passed by the Revenue authorities below in the light of the facts and circumstances of the case. 7. Undisputedly, during the year under assessment, the assessee has acquired certain business interest from M/s. KPIT Cummins Infosystems Ltd. for a consideration of Rs. 19,02,....

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....ssessee has purchased the running business of M/s. KPIT Cummins Infosystems Ltd. for acquiring its banking and financial services business (BFSI) for a consideration of Rs. 19,02,00,000/- as per valuation report, available at pages 87 to 89 of the paper book. Valuation Report contains value of tangible and intangible assets separately as in the business of banking and financial software business, contracts and the people along with a marginal amount of assets is considered as the major component of the transfer. Furthermore, in the business transfer agreement, complete detail of specified BSFI business, target assets, target customers and name of the target customers are available at pages 46 & 47 of the paper book. 11. Hon'ble Supreme Cou....