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INCOME TAX APPELLATE TRIBUNAL (MUMBAI BENCH)
Sandeep Gosain, Judicial Member, Prabhash Shankar, Accountant Member
ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE 14(1)(2) MUMBAI – Appellant
Versus
LIGHTHOUSE LEARNING PRIVATE LIMITED MUMBAI – Respondent
| Table of Content |
|---|
| 1. revenue appeals cit(a) deletion of goodwill depreciation and 14a disallowance; delay condoned. (Para 10) |
| 2. goodwill from amalgamation eligible for depreciation on actual cost u/s 32. (Para 11 , 12 , 13 , 14 , 15) |
| 3. no 14a disallowance absent exempt income earned. (Para 16 , 17 , 18 , 19 , 20 , 21) |
| 4. revenue appeal dismissed upholding cit(a). (Para 22) |
ORDER
Per: SHRI. SANDEEP GOSAIN, J.M.:
The present appeal has been filed by the revenue challenging the impugned order dt. 16.08.2024 passed under section 250 of the Income Tax Act, 1961 (‘the Act’), by the National Faceless Appeal Centre (NFAC) / CIT(A) for the assessment year 2020-21. The revenue has raised the following grounds of appeal:
1. Whether on the facts and in the circumstances of the case, the Ld. CIT(A) erred in holding that the assessee was entitled to depreciation claim of Rs. 209,42,61,048/- on goodwill whose valuation was done at Rs. 834,77,96,858/- by placing reliance on the decision of the Hon'ble Supreme Court in the case of CIT v. Smifs Securities Ltd. (2012) 348 ITR 302(SC)?
2. Whether on the facts and in the circumstances of the case, the Ld. CIT(A) was correct in placing reliance on the decisio
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