2025 (9) TMI 1566

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....EMBER For the Appellant : Shri Narahari Nava Kanth, C.A For the Respondent: Ms. R. Anitha, Addl. CIT ORDER PER MANU KUMAR GIRI (Judicial Member): These two appeals by the assessee are directed against orders of even dated 07.05.2024 passed by the Ld. Commissioner of Income- tax (Appeals), NFAC Delhi [in short 'the Ld. CIT(A)'] for assessment years 2013-14 & 2014-15. 2. In....

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....ted loss was recomputed. Thereafter, the assessment was reopened by issuance of notice u/s 148 of the Act dated 27.03.2018, and reassessment u/s 143(3) r.w.s. 147 of the Act was completed on 14.12.2018 by the ACIT, Circle-1, Hosur, disallowing depreciation on goodwill amounting to Rs. 2,74,15,039/-. The reopening was initiated based on the interpretation of the proviso to section 32(1) of the Act ....

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....d that Ld.JAO's decision was correct, the ground of appeal is dismissed. Aggrieved, assessee preferred an appeal before us. 5. At the outset, the learned Counsel for the assessee submitted that the disallowance of depreciation on goodwill, arising out of amalgamation, by invoking the provisions of the fifth proviso to section 32(1) of the Act, is unsustainable. In support of this contention,....

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.... and post amalgamation financials, Goodwill calculation etc. The assessee also did not dispute these facts as discernible from Sr. No. 32 of the statement of facts filed before us. Therefore, we set aside the issue relating to 'depreciation on goodwill arising from amalgamation' to the file of the ld.CIT(A) who will proceed with aforesaid issue a fresh after calling requisite details/documents fro....