SIDDHARTH MRIDUL, J.

1. The three appeals under Section 260A of the Income Tax Act, 1961(hereinafter referred to as „the Act?) raise a common issue of law and are being disposed of by this common order.

2. ITA No.315/2010 was admitted vide order dated 27th January, 2011 with the following substantial question of law:-

“Whether on the facts and in the circumstances of the case, the Tribunal erred in law in holding that know-how, business contacts, business information, etc. acquired as part of the slump sale described as „goodwill ?were not entitled for depreciation under Section 32(1)(ii) of the Income Tax Act?”

3. To appreciate the question of law involved in the present appeal the relevant facts necessary for disposal of ITA No.315/2010 are enumerated as below:-

(i) The assessee Company is presently engaged in transmission and distribution business of power. The business involves, inter alia, designing, manufacturing, supplying, installation, testing, commissioning and servicing transmission and distribution system of power on turnkey basis.

(ii) The assessee Company earlier was a subsidiary of an Indian Company viz. ALSTOM Projects India Ltd. (hereinafter referred to as t