Case Laws Analysis
Followed on Tech Pacific India Ltd. v. Dy. CIT 2021 TaxPub(DT) 3339 (Mum-Trib)
Followed on Coventya India (P) Ltd. v. ITO 2021 TaxPub(DT) 2390 (Pune-Trib)
Followed on CIT v. Hewlett Packard India Sales (P) Ltd. 2020 TaxPub(DT) 5540 (Karn-HC)
Followed on American Express Services India (P) Ltd. v. DCIT 2020 TaxPub(DT) 4575 (Del-Trib)
Relied on DCIT v. GI Lbarco Veeder Root India (P) Ltd. 2020 TaxPub(DT) 4139 (Mum-Trib)
Relied on Geodis Overseas (P) Ltd. v. Dy. CIT 2020 TaxPub(DT) 3410 (Del-Trib)
Followed on Classic Stripes (P) Ltd. v. DCIT 2020 TaxPub(DT) 3354 (Mum-Trib)
Relied on GBT India (P.) Ltd. v. ACIT 2020 TaxPub(DT) 0767 (Del-Trib)
Relied on Asstt. CIT v. Dorma India (P) Ltd. 2019 TaxPub(DT) 7625 (Chen-Trib)
Relied on Aricent Technologies (Holdings) Ltd. v. DCIT 2019 TaxPub(DT) 4951 (Del-Trib)
Supported by on Cyber India Online Ltd. v. Asstt. CIT 2019 TaxPub(DT) 4706 (Del-Trib)
Followed on Volvo India (P) Ltd. v. Asstt. CIT 2019 TaxPub(DT) 3149 (Bang-Trib)
Relied on DCIT v. Landmark Cars (East) Pvt. Ltd. 2019 TaxPub(DT) 2716 (Ahd-Trib)
Followed on Apna Incable Broad Band Services (P) Ltd. v. DCIT 2019 TaxPub(DT) 1685 (Hyd-Trib)
Relied on DCIT v. Gea Process Engineering India (P) Ltd. 2019 TaxPub(DT) 0823 (Mum-Trib)
Followed on Lakme Lever (P) Ltd. v. CIT 2018 TaxPub(DT) 7877 (Mum-Trib)
Followed on CLC & Sons Pvt. Ltd. v. ACIT 2018 TaxPub(DT) 4595 (Del-Trib)
Followed on CLC & Sons (P.) Ltd. v. Asstt. CIT 2018 TaxPub(DT) 4446 (Del-Trib)
Followed on India Medtronic (P.) Ltd. v. Dy. CIT 2018 TaxPub(DT) 2415 (Mum-Trib)
Relied on on KPIT Cummins Global Business Solutions Ltd. v. Asstt. CIT 2018 TaxPub(DT) 2207 (Pune-Trib)
Relied on KPIT Cummins Global Business Solutions Ltd. v. Asstt. CIT 2018 TaxPub(DT) 2207 (Pune-Trib)
Referred on DCIT v. EAC Industrial Ingredients India (P) Ltd. 2018 TaxPub(DT) 0590 (Del-Trib)
Followed on Johnson Matthey Chemicals India (P) Ltd. v. Dy. CIT 2017 TaxPub(DT) 5608 (Pune-Trib)
Relied on Idea Cellular Ltd. v. Pr. CIT 2017 TaxPub(DT) 5349 (Mum-Trib)
Referred on Pr. CIT v. Zydus Wellness Ltd. 2017 TaxPub(DT) 4884 (Guj-HC)
Relied on Dy. CIT v. Serum Institute of India Ltd. 2016 TaxPub(DT) 3832 (Pune-Trib)
Relied on Grindwell Norton Ltd. v. Addl. CIT 2016 TaxPub(DT) 3595 (Mum-Trib)
Relied on Vimalachal Print & Pack Pvt. Ltd. v. Dy. CIT 2016 TaxPub(DT) 3326 (Guj-HC)
Followed on Hinduja Foundries Ltd. v. Asstt. CIT 2016 TaxPub(DT) 2528 (Chen-Trib)
Relied on Triune Energy Services (P) Ltd. v. Dy. CIT 2016 TaxPub(DT) 0628 (Del-HC)
Relied on Idea Cellular Ltd. v. CIT 2016 TaxPub(DT) 0576 (Pune-Trib)
Applied on Asstt. CIT v. Koch Chemical Technology Group (India) Ltd. 2015 TaxPub(DT) 5517 (Mum-Trib)
Relied on St. Angelos Computers Ltd. v. ITO 2015 TaxPub(DT) 5057 (Mum-Trib)
Relied on Sunij Pharma (P) Ltd. & Ors. v. DCIT & Ors. 2015 TaxPub(DT) 4874 (Ahd-Trib)
Followed on PPG Asian Paints P. Ltd. v. Asstt. CIT 2015 TaxPub(DT) 4340 (Mum-Trib)
Applied on National Agricultural Cooperative Marketing Federation of India Ltd. v. Jt. CIT 2015 TaxPub(DT) 4310 (Del-Trib)
Followed on Swastik Industries v. ITO 2015 TaxPub(DT) 2958 (Ahd-Trib)
Followed on Brembo Brake India (P) Ltd. v. Dy. DIT 2015 TaxPub(DT) 1003 (Pune-Trib)
Held on D.B. Corporation Ltd. v. ITO 2015 TaxPub(DT) 0824 (Ahd-Trib)
Followed on Asst. CIT v. Bharti Teletech Ltd. 2014 TaxPub(DT) 3535 (Del-Trib)
Followed on Saipem Triune Engineering (P) Ltd. v. Dy. CIT 2014 TaxPub(DT) 3079 (Del-Trib)
Applied on Dy. CIT v. Worldwide Media P. Ltd. 2014 TaxPub(DT) 2125 (Mum-Trib)
Relied on SKS Micro Finance Ltd. v. Dy. CIT 2013 TaxPub(DT) 2759 (Hyd-Trib)
Followed on CIT v. Manipal Universal Learning (P.) Ltd. 2013 TaxPub(DT) 2023 (Karn-HC)
Followed on Indian Research Manifestation Labs (P.) Ltd. v. Asstt. CIT 2013 TaxPub(DT) 1802 (Ahd-Trib)
Followed on CIT v. Swastik Industries 1994 TaxPub(DT) 1073 (Pat-HC)
 
The Tax Publishers2012 TaxPub(DT) 2430 (SC) : (2012) 047 (I) ITCL 0078 : (2012) 348 ITR 0302 : (2012) 252 CTR 0233 : (2012) 210 TAXMAN 0428 : (2012) 075 DTR 0417

INCOME TAX ACT, 1961

--Depreciation--Assets eligible for depreciaton Stock encharge membership card--Stock Exchange Membership Cards are assets eligible for depreciation under section 32 of the Income Tax Act, 1961.

Income Tax Act, 1961 Section 32

INCOME TAX ACT, 1961

--Depreciation--Assets eligible for depreciation Goodwill--In accordance with Scheme of Amalgamation of Y with assessee duly sanctioned by Hon'ble High Courts of Bombay and Calcutta) with retrospective effect from 1-4-1998, assets and liabilities of Y were transferred to and vest in the company. In the process goodwill has arisen in the books of the company. It was further explained that excess consideration paid by the assessee over the value of net assets acquired of Y should be considered as goodwill arising on amalgamation. It was claimed that the extra consideration was paid towards the reputation which the Amalgamating Company was enjoying in order to retain its existing clientele. AO held that goodwill was not an asset falling under Explanation 3 to section 32(1). Held: Explanation 3 to section 32 states that the expression 'asset' shall mean an intangible asset, being know-how, patents, copyrights, trademarks, licences, franchises or any other business or commercial rights of similar nature. A reading the words 'any other business or commercial rights of similar nature' in clause (b) of Explanation 3 indicates that goodwill would fall under the expression 'any other business or commercial right of a similar nature'. The principle of ejusdem generis would strictly apply while interpreting the said expression which finds place in Explanation 3(b). In the circumstances, 'Goodwill' is an asset under Explanation 3(b) to section 32(1) of the Act.

Income Tax Act, 1961 Section 32

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