2022 (8) TMI 1589

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....1 passed in M.A.No.632/Mum/2019, recalled its above order for the limited purpose of adjudicating following additional grounds of appeal urged by the assessee:- "10. Ground 10 - Depreciation on actual cost of purchased Goodwill for AY 2009-10 10.1 On the facts and in the circumstances of the case and in law, the learned Deputy Commissioner of Income Tax ('DCIT') and Hon'ble Dispute Resolution Panel ('DRP') erred in not considering the actual cost (aggregating to Rs.74,94,11,161) of Goodwill purchased from Glaxosmithkline Pharmaceuticals Ltd., pursuant to slump sale, as the written down value for the purposes of section 43(6)(c)(ii) of the Income Tax Act, 1961 ('IT Act') and consequently, erred in not allowin....

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.... before the AO. The workings for the same is given as under:- PARTICULARS AMOUNT Value of Goodwill acquired in the course of acquisition from Glaxosmithkline Pharmaceuticals Ltd in AY 2008-09 74,94,11,161 Less:- Depreciation @ 25% for AY 2008-09 18,73,52,790 Written Down Value as on 01.04.2008 56,20,58,371 Add:- Value of Goodwill acquired in the course of acquisition from Chemito Technologies Private Limited in AY 2009-10 28,92,48,395 Total 85,13,06,766 Depreciation @ 25% for the current year 21,28,26,691 The assessee placed its reliance on the decision rendered by Hon'ble Supreme Court in the case of Smifs Securities Ltd(24 taxmann.com 222) in support of its claim for depreciation on the amount of Good will. The AO, howe....