2022 (8) TMI 1589

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ribunal, vide its order dated 12-03-2021 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 (&#39....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....the assessee claimed depreciation on good will amounting to Rs.21,28,26,691/- 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 Lt....