{"id":1866,"date":"2018-07-28T09:33:29","date_gmt":"2018-07-28T09:33:29","guid":{"rendered":"http:\/\/itatonline.org\/digest\/clc-sons-pvt-ltd-v-acit-sb-delhitrib-www-itatonline-org\/"},"modified":"2018-10-28T07:51:40","modified_gmt":"2018-10-28T07:51:40","slug":"clc-sons-pvt-ltd-v-acit-sb-delhitrib-www-itatonline-org","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/clc-sons-pvt-ltd-v-acit-sb-delhitrib-www-itatonline-org\/","title":{"rendered":"CLC &#038; Sons Pvt. Ltd.  v. ACIT (2018) 168 DTR 157 \/ 171 ITD 139\/ 194 TTJ 700 (SB)  (Delhi)(Trib) www.itatonline.org"},"content":{"rendered":"<p><strong>Special bench of the ITAT held that ,g<\/strong>oodwill will fall under the expression \u2018or any other business or commercial rights of similar nature&#8217; hence\u00a0 depreciation is available on genuine goodwill. Followed\u00a0 CIT v. Smifs Securities Ltd. (2012) 348 ITR 302 (SC) .However the question whether when a firm has been succeeded by a company and net assets of the firm have vested in the company, there is any transfer of goodwill in the real sense and whether the valuation of goodwill done by the assessee is erroneous has to be decided by the Division Bench. Accordingly the matter is sent back to division Bench for disposing off the appeal in above terms.( ITA No.1976\/Del\/2006, dt. 19.07.2018)(AY , 2001-02)<\/p>\n<p><strong>[Click here to download PDF file]<\/strong><a href=\"http:\/\/itatonline.org\/archives\/wp-content\/uploads\/CLC-Goodwill-Depreciation.pdf\">http:\/\/itatonline.org\/archives\/wp-content\/uploads\/CLC-Goodwill-Depreciation.pdf<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 32 : Depreciation &#8211;\tGoodwill- Intangible asset-Goodwill will fall under the expression \u2018or any other business or commercial rights of similar nature&#8217; hence  depreciation is available on genuine goodwill. Whether there is transfer of goodwill and  valuation done by the assessee is erroneous has to be decided by division Bench , accordingly the matter is sent back to division Bench .<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1866","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-u6","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/1866","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=1866"}],"version-history":[{"count":3,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/1866\/revisions"}],"predecessor-version":[{"id":2730,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/1866\/revisions\/2730"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=1866"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=1866"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=1866"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}