ITA No. 2727/M/2024

Parties Involved

Facts Summary

The assessee, Franklin Templeton Asset Management (I) Pvt. Ltd., is an asset management company engaged in managing schemes of Franklin Templeton mutual fund. The assessee filed its return of income on 27/11/2015 declaring total income of Rs. 185,03,68,510/–. The assessment was passed under section 143 (3) by the learned assessing officer computing the total income of the assessee at Rs. 1,946,294,080. The assessing officer disallowed the claim of depreciation on goodwill and launch expenses amounting to Rs. 19,607,917/– and Rs. 76,317,661/– respectively. On appeal before the learned CIT – A, both the above deductions were allowed to the assessee. The learned assessing officer is aggrieved and is in appeal.…

Legal Issues

• 1. Depreciation on goodwill amounting to Rs. 19,607,917/–
• 2. Launch expenses amounting to Rs. 76,317,661/–

Judgment Outcome

Decided in favour of Revenue.

Precedents Relied Upon

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