Case Law Details
(i) Whether Tribunal was right in allowing depreciation on goodwill as the assessee had not claimed it in subsequent years?
(a) The impugned order of the Tribunal allowed the respondent- assessee’s appeal on this issue of depreciation on goodwill by following the decision of the Apex Court in CIT v/s. Smifs Securities Ltd. 348 ITR 302.
(b) In the above view, question no.(i) as proposed does not give rise to any substantial question of law. Thus, not entertained.
(ii) Whether Tribunal was right in holding that the expenses incurred on buy pack of shares is revenue in nature?
(a) The impugned order of the Tribunal allowed the respondent- assessee’s appeal by holding that the expenses incurred on buy back of shares is revenue expenditure by following the decision of this Court in CIT v/s. M/s. Hindalco Industries Ltd. (Income Tax Appeal No.517 of 2009) decided on 9th August, 2012. No distinguishing features in the present facts have been pointed out, which would warrant taking a view different from this Court in M/s. Hindalco Industries Ltd. (supra).
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