TaxTMI 
TaxTMI 
2026 (6) TMI 779
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....business of providing tooth replacement solutions including dental implants, prosthetics and regenerative products. The Designated partner of appellant LLP, as per audited financial statement placed before us at pages 1-46 of Paper Book, on record are Mr. Andreas Leo Meler Gadient and Dr. Shavir Noorezdan. The appellant has furnished Return of Income on 29.10.2017 declaring a total loss of Rs. 14,41,78,354/. The appellant has claimed to have entered into a Business Transfer Agreement on 23.08.2016 i.e. date before conversion from Private Limited Company into LLP with M/s Equinox Sales India (hereinafter referred to as ESI), a sole proprietorship of Dr. Shavir S Nooryezdan. A copy of said agreement is annexed at pages 61-102 of Paper Book filed by appellant. 3. M/s ESI was engaged in the business of marketing, promotion, distribution and sales of dental implants. All the assets and liabilities recorded in the Books of ESI has been transferred and vested in the appellant w.e.f. 23.08.2016. The Learned AR has filed written submission, wherein it has been stated that "The business was acquired for an aggregate amount of Rs. 134,51,65,738/- out of which consideration of tangible asse....
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....1) and Explanation 3 thereof; read with section 43(1) and Explanation (7) thereof; read with Section 43(6) and Explanation -2 thereof. 5. The appellant challenged the aforesaid order of assessment before the Learned First Appellate Authority, however, remained unsuccessful, and therefore, has challenged the orders of lower authorities before us. 6 We have heard the rival submissions made by the respective parties and have also perused the material placed on record, including the orders of the lower authorities, written submission, paper books and additional grounds of appeal filed by appellant. 7. The appellant has filed application for admission of additional grounds of appeal, which reads as under: 7.1 However at the time of hearing, the Learned Counsel appearing for the appellant has submitted that he will not press the additional ground and, therefore, the same is dismissed as not pressed. 8 Now the original grounds of appeal as raised by appellant are reproduced hereunder: "1. That having regard to the facts and circumstances of the case, Ld. CIT(A) has erred in law and on facts in confirming the action of Ld. AO in making disallowance of Rs. 16,16,02,3....
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....greement, i.e., pgs. 60, 61, 62, 100, 101 and 102 of the paper book are reproduced hereinbelow:- 11.4 The other documents filed by the assessee before us are only the three paper books contents whereof are as follows:- 12. None of the paper books contained any other agreement dated 23.08.2006 entered into by the assessee with ESI filed before us to justify that the agreement is a registered one or duly signed by the parties. 13. Having regard to aforesaid, we are of the considered view that in view of the fact that the aforesaid Business Transfer Agreement dated 23.08.2016, which is admittedly unregistered and unsigned, is just a piece of paper in the eyes of law having no legal sanctity. Our view is fortified with the judgment passed by the Hon'ble Jurisdictional High Court of Punjab and Haryana in case of The Principal Commissioner of Income Tax, Gurgaon vs. Prahalad Singh in ITA No. 91 of 2019, wherein Hon'ble Court has been pleased to hoeld as under: "[2] Brief facts of the case are that the assessee had offered some income for tax. The assessment was complete under Section 143(1) of the Act but subsequently notice under section 148 was given. What weighed wit....
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....mes anonymous piece of paper to which no credence can be given. The action under Section 147 of the Act is quasi-judicial action and if it is permitted that such action can be done as anonymously, it would have very serious consequences in other cases also. If the Court accepts such pieces of paper who can tomorrow stop an assessee from substituting a signed paper with another unsigned paper? [6] Moreover the reasons are undated, hence do not establish that they were recorded prior to issuance of notice. [7] In the circumstances, the appeal is dismissed. [8] Since the appeal is dismissed, the pending application, if any, stands disposed of." 13.1 Further, this agreement is unregistered one and therefore, the adjudication of Hon'ble Supreme Court in the case of CIT vs. Balbir Singh Maini, reported in 398 ITR 531 (SC) would apply, wherein court was of the view that after the commencement of Amendment Act, 2001, an unregistered agreement would have no effect in law, in other words, there would be no agreement in the eyes of law which could be enforced. 13.2 Apart thereof in the case before us, the Business Transfer Agreement entered into a date prior t....
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....vestigated and goes to the root of the matter. It is prayed that this ground may be admitted in view of the Hon'ble Supreme Court's decision in the case of NTPC Limited 229 ITR 383. Thanking you, Yours Faithfully, For M/s Straumann Dental India LLP BBopres (Auth. Signatory) MANN DENTAL U DEN? MUMBAI Straumann Dental India LLP Registered Office: # 501, 5th Floor, Alpha Building, Hiranandani Business Park, Powai, Mumbai - 400 076, Maharashtra, INDIA - CIN - AAH-7013 T. +91 (22) 6808 1111 F. +91 [22] 68D8 1122 www.straumann.com email: [email protected] Document 2amount in INR unless otherwiseesas at. March 31, 2017 Note No. As at March 31, 2017 Amount in Rs. A CONTRIBUTION AND LIABILITIES 3 1.273.138,674 410,000,000 5 2,634,326 412.634.328 1) total outstanding dues of creditors other than micro and small enterprises micro enterprises and small enterprises 22,127,495 > 2,127.495 Total Capital & Liabilites 8 2,857,811 ,711,387,412 9.A 1.249.724,651 11 1,753,100 „538.492,310 3,285,812 55,814,711 too short-les ers and 15 advances Ses accompanying notes forming ....
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.... in the provisions of the Limited Liability Partnership Act, 2008. b) Use of Estimates: The preparation of statement of accounts in conformity with Indian GAAP requires the management to make judgments, estimates and assumptions that affect the reported amount of revenues, expenses, assets and liabilities and the disclosure of contingent liabilities, at the end of the reporting year: Although these esummates are based on the management's bes could result in the outcomes requiring a material adjustment in the partyprontaestimates ceuta Test de or liabilities in the future periods. c) Inventories Inventory of traded goods, components and spares are valued at the lower of cost or net realizable value. Cost includes all expenses incurred to bring the inventory to its present location and condition. Cost is determined on a weighted average basis at lower of cost and net realizable value. Cost comprises of muchase price and any attributable cost of bringing the inventories to its working condition for its intended use. Net realizable value is the estimated sellingbase in the rain course of business, less estimated costs of completion and estimated costs necessary to m....
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.... reporting is not applicable As Per our report of even date For S R.B C & CO LLP Ar Accountants ICAI Firm Registration Number: 324982E/E300003 6 G & CO LL MUMBAI Per Vinayak Pujaret Partner Membership Number: 101143 Place: Mumbai Date: September 30, 2017 For and on behalf of the Partners of Straumann Dental India L.L.P. (ELPIN AAH-7013) Andreas Leo Meier Gadient Designated Partner Place: Basel Date: September 30, 2017 Shahvir, Nooryezdan Designated Partner Place: Mumbai Date: September 30, 2017 For and on behalf of the Partners of Straumann Dental india LLF (LEPIN AAH-7013) MUMBAI W Shahr Noorezdan Place: Mumbai- Date/ September 30, 2017 Basel Date: September 30, 2017 Document 3 A BRIEF SYNOPSIS IN THE CASE OF M/s STRAUMANN DENTAL INDIA LLP (PAN: ADERSKAU BEFORE HON'BLE INCOME TAX APPELLATE TRIBUNAL, DELHI GAINSOUT OF ORDER U/S 143(3)) IN ITA NO. 8894/DEL/2025 FOR AY 2017-18 1721 Solitary issue is regarding depreciation on goodwill. Appellant is in the business of providing tooth replacement solutions including dental implants, prosthetics & regenerative products. Appellant acquired the running business on slump s....
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....s will not entitle the In reply, reliance is placed on Triune Energy Services (P.) Ltd. v. DCIT (supra), wherein it has been categorically held (Para No. 17, 19) that excess consideration depreciable asset under the Act. 5th Proviso to Section 32(1), contending that depreciation on any tangible or intangible assets allowable to the successor shall not exceed the deduction allowed to predecessor, further noting, that Equinox Sales India (predecessor) In reply, it may be noted that 5th Proviso is not applicable to the facts of the case, Ld. AO might be referring to 6th Proviso to Section 32(1). In this regard, it is submitted that the proviso specifically refers to modes of succession referred to the amalgamated/resulting company. In the present case, transaction under consideration was a slump sale / bus PB 61-102 is the copy of Business Transfer Agreement dated 23.08.2016 wherein sale basis. Consequentially, the 6th proviso to Section 32(1) shall be inapplicable in the given . Ld. AO has contended in second para at Page 5, that no goodwill appeared in such asset is a result of valuation or revaluation, without any separate or identifiable cost incurred for acqu....
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...., either directly, o perfectly through one or more Intermediate Persons, is Controlled by the Subjec Person or who is a Relative of such Subject Person or any Person Controlled by such Relative. 1.1.2. "Agreed Form' means a form of any document/agreement that is mutually or confirmed by e-mail, by or on behalf of each of them. evtlthe meshestransfer Agreement together with all its Schedules and Exhibits, as may be amended from time to time; comcorruption Laws" mean all Applicable Laws relating to anti-bribery or anti- 1850 (India): 1.1.5. "Applicable Law" means, with respect to any Person, any binding federal, state, national or local statute, law, ordinance, notification, rule, regulation, order, writ, njunction, directive, judgment or decree, of other requirement of an 1.1.6. "Approval" means any permission, approval, consent, license, order, decree authorization, authentication of, or registration. qualification, designation, declaration or filing with or notification, exemption or ruling to or from an "Business Day" means any day, other than a Saturday and Sunday, on w banks in Mumbai "Switzerland remain open for business "Buyer" has the meaning assign....
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....invalid and unenforceable provision. 1 Counterparts. This Agreement may be executed in one or more counterparts, each of which when so executed and delivered shall be deemed an original but all of which Agreement originals counterparts The agreement by signing any one or more of such onginals or counterparts. Th Announcements. The Parties shall not make, and shall cause their respective director's employees, officers, shareholders, professional advisors public announcement about the subled malesadvisors and Affiliates to not make an press release or otherwise, without first consulting with each other and obtaining the 0 Execution Copy other Parties' written consents, save as required to satisfy (a) any requirement (whether Party or an Affiliate or holding company of the disclosing Party are traded or (b) any requirement under Law or generally accepted accounting principles, applicable to the that such estosna Aflate or holding any of the disclosing Party. In the event disclosure is required, the other Parties shall be given a reasonable theme Exclusivity. From the Effective Date till the Completion Date, Seller agrees that it shal solicit encourage or....
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[email protected] PON DENT MANN DEN MUMB/ Bop straumanngroup E Copy of reply dated 23.12.2019 filed by assessee before Ld. AO in response to show cause notice dated 21.12.2019 along with following annexures: - 104 Copy of audited balance sheet and financial statements of M/s Equinox Sales India for AY 2016-17. 105-106 · Copy of report regarding value analysis of specifies assets acquired from Equinox Sales India and Equinox Precision Technologies Pvt. Ltd. 107-165 Copy of written submissions dated 20.03.2021 filed by assessee before Ld. CIT(A). 166-178 IL. Copy of C.B.D.T. Instruction F. No. 22/157/2017/ITA-II dated 23.06.2017. 179-183 Certified that item nos. 1 to 9 were before Ld. AO, item no. 10 was before Ld. CIT(A) and nem no. 11 is a matter of record. o ANN DENTAL (MUMBAI € (Appellant/Counsel) Straumann Dental India LLP T. +91 (22) 6808 1111 Demd = 501, 5th Floor, Alpha Building, Hiranandani Business Park, Powai, Mumbai - 400 076, Maharashtra, INDIA CIN - AAH-7013 email: [email protected] BEFORE HON'BLE INCOME TAX APPELLATE TRIBUNAL, DELHI "A" BENCH, FIXED FOR IN THE MATTER OF M/S STRAUMANN DENTAL INDIA LLP AINST THE ....