Toyo Engineering India Ltd v. The Addl. Commissioner Of Income Tax

IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL LODG. NO.129 OF 2013 WITH INCOME TAX APPEAL LODG. NO.128 OF 2013 IN INCOME TAX APPEAL LODG. NO.125 OF 2013 Toyo Engineering India Ltd. ..Appellant. v. The Addl. Commissioner of Income Tax. ..Respondent. Mr. Prakash Shah with Mr. Jas Sanghavi i/by PDS Legal for the Appellant.Mr. Arvind Pinto for the Respondent. CORAM : J.P. DEVADHAR AND M.S. SANKLECHA, JJ. DATE : 20TH FEBRUARY, 2013 PC: The appeals are not on board today. Mentioned. By consent of the parties are taken on board for hearing. 2)In this appeal, following questions of law have been framed for our consideration. a)Whether in the facts and circumstances of the case and in law the Appellate Tribunal is right in holding that the Appellant failed to prove the purchase of goodwill? b)Whether in the facts and circumstances of the case and in law the Appellate Tribunal is right in disallowing the depreciation on goodwill under Section 32(1)(ii) of the Act? 3)Counsel for the parties state that the appellant assessee had filed an appeal being Income Tax Appeal (L) No.1330 of 2012 in this Court raising identical questions. By our order dated 30/10/2012 in Income Tax Appeal Lodging No.1330 of 2012, we set aside the order of the Tribunal and restored the matter to the file of the Income Tax Appellate Tribunal for fresh decision on merits and in accordance with law. This was in view of the decision of the Apex Court in the matter of Commissioner of Income Tax v. Smifs Securities Limited reported in 348 ITR 302 (SC).had filed an appeal being Income Tax Appeal (L) No.1330 of 2012 in this Court raising identical questions. By our order dated 30/10/2012 in Income Tax Appeal Lodging No.1330 of 2012, we set aside the order of the Tribunal and restored the matter to the file of the Income Tax Appellate Tribunal for fresh decision on merits and in accordance with law. This was in view of the decision of the Apex Court in the matter of Commissioner of Income Tax v. Smifs Securities Limited reported in 348 ITR 302 (SC). 4)For the aforesaid reasons, we set aside the impugned orders and restore the matters to the Tribunal for fresh decisions on merits. The Tribunal will decide the matters keeping in view the orders and restore the matters to the Tribunal for fresh decisions on merits. The Tribunal will decide the matters keeping in view the decision of the Apex Court in the matter of Smifs Securities Limited (supra).Limited (supra). 5)Accordingly, the appeals are disposed of in the above terms with no order as to costs.terms with no order as to costs. (M.S.SANKLECHA, J.) (J.P. DEVADHAR, J.)