Taj Sats Air Catering Limitedversus v. The Commissioner Of Income Tax

IN THE HIGH COURT OF JUDICATURE AT BOMBAYORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL (LODGING) NO. 1096 OF 2012 Taj Sats Air Catering Limitedversus versus ..Appellant The Commissioner of Income Tax..Respondent -------- Mr. Prakash Shah alongwith Mr. Jas Sanghavi i/b PDS Legal for the Appellant. Mr. P.C. Chhotaray for the Respondent. ............. CORAM : S.J.VAZIFDAR & M.S.SANKLECHA, JJ. DATE : 03[rd] September, 2012 P.C. : 1 This is an appeal under Section 260A of the Income Tax Act, 1961 against the order of the Income Tax Appellate Tribunal dated 28.05.2009, in ITA No. 2844/Mum/2007 pertaining to the assessment year 2003-2004. 2 The appeal is admitted on the following substantial question of law. “Whether on the facts and in the circumstance of the case the Appellate Tribunal was justified in holding that depreciation is not allowed on goodwill?” 3It is stated by both the Advocates for the appellant and respondent that the question of law sought to be raised is covered in favour of the appellant-assessee by the Judgment of the Supreme Court dated 22.08.2012 in CIT v. Smifs Securities Ltd. in Civil Appeal No. 5961 of 2012. 4 The appeal is accordingly allowed by answering the question in the negative and in favour of the appellant-assessee. No order as to costs. (M.S. SANKLECHA, J.) (S.J.VAZIFDAR, J.)