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Case Law Details

Case Name : PIEM Hotels Ltd Vs. DCIT (ITAT Mumbai)
Appeal Number : ITA No. 523/Mum/2009
Date of Judgement/Order : 13/08/2010
Related Assessment Year : 2004- 05
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Brief : In the light of the above decisions, it can now be concluded that orders of CIT which set aside assessment orders on the ground that they are erroneous (due to non application of mind, etc) without recording any finding to show as to how the said assessment order is erroneous or prejudicial to the interest of revenue (without rejecting the claim of the taxpayer) are bad in law and liable to be quashed.

Citation : PIEM Hotels Ltd Vs. DCIT (ITA No. 523/Mum/2009) (Mum)

Court : ITAT Mumbai

Recently, in the case of PIEM Hotels Ltd Vs. DCIT (ITA No. 523/Mum/2009) (Mum) Mumbai bench of the Income-tax Appellate Tribunal (the tribunal) held that licenses, approvals, registrations, etc. qualify as intangible assets even though they are recorded as “goodwill” in books of accounts and therefore, entitled to depreciation under Section 32(1)(ii) of the Income-tax Act, 1961 (the Act).

Merely because the AO has not examined license, approvals, registrations, etc and had not applied his mind regarding allow ability of depreciation of asset claimed as intangible asset does not mean that the order passed by AO is erroneous and prejudicial to the interest of revenue.

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0 Comments

  1. harsh agrawal says:

    while considering the section 40a(3)in PGBP if we purchased a capital assets then this section will not attract, so my question is that whether depriciation regarding the pruchased assets is allowed for deduction in the same and following years or not.

  2. ANUP BORKAR says:

    Sir,

    My father , aged 70 yrs has invested in Senior Citizen Monthlyy Income Scheme. Will he be able to claim deduction U/s. 80-C.?

  3. Sunil Pillai says:

    In the reply to Qn. 26 it is mentioned that corpus donations to unregistrered trusts are taxable since benefit of Section 11 will not be available to an unregistered trust. How ever by virtue os section 12(1) contributions towards the corpus of the trust are not treated as income from trust(not only registered trust) property and hence exempt.There are also case laws which support this point.

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