2023 (6) TMI 383

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....depreciation on the Goodwill when the transaction of sale of slump sale to subsidiary company is not regarded as transfer within the meaning of section 47(iv) of the I.T. Act, 1961 and the Discount Cash Flow Method to value the Goodwill was found by the Assessing Officer to be erroneous? 2. The appellant crave leave to add, amend, modify, vary, omit or substitute any of the aforesaid grounds of appeal at any time before or at the time of hearing of the appeal." 2. Ld. Counsel for the assessee at the outset submits that identical issue has been decided by the Tribunal for the AY 2012-13 in ITA No.4317/Del/2017 dated 29.03.2023 following the decision of the Hon'ble Supreme Court in the case of Smifs Securities Ltd. (348 ITR 302) and the Ho....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....onal High Court in the case of Triune Energy Services Pvt Ltd 237 ITR 230, came to the conclusion that depreciation is an inherent claim under the Act and claim of deprecation by the assessee on goodwill is based on relevant provision of law and in due deference to the decision of the Hon'ble Supreme Court as well as the Hon'ble Jurisdictional High Court and, accordingly, deleted the disallowance of depreciation on goodwill of Rs. 1,62,87,624/. 14. Before us, the Id. DR strongly supported the findings of the Assessing Officer and read the operative part of the assessment order. 15. Per contra, the Id. counsel for the assessee reiterated what has been stated before the lower authorities. 16. We have carefully perused the orders of the ....