CHETAN H DAIYA,MUMBAI vs. ITO 16(1)(2), MUMBAI

ITA 4376/MUM/2014Status: DisposedITAT Mumbai18 April 2023AY 1998-994 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal upheld the CIT(A)'s decision, finding no infirmity in the assessment of money received on liquidation as capital gain under Section 46(2). The assessee's grounds of appeal were dismissed.

What were the facts?

The assessee, as a legal heir, received money on the liquidation of two private limited companies. The Assessing Officer assessed this as capital gain under Section 46(2) of the Income Tax Act, following a direction under Section 263. The CIT(A) dismissed the assessee's appeal.

What were the issues?

The primary issue was the taxability of money received by a shareholder on the liquidation of a company as capital gains under Section 46(2) of the Income Tax Act.

Which sections of the Income-tax Act were involved?

Section 46(2),Section 263,Section 143(3),Section 254

AI-generated summary — verify with the full judgment below

Cases cited in this judgment(2)Show list

Detected automatically from the text. Citations are also linked where they appear in the judgment. The count shows how many other judgments on BharatTax rely on the same authority.

  • CIT v. R. M. Amin
    106 ITR 68 · 1977 · SC
    8 citing
  • 139 ITR 410
    139 ITR 410 · HC
    4 citing

Income Tax Appellate Tribunal, MUMBAI BENCH “C”, MUMBAI

Before: SHRI ABY T VARKEY & OM PRAKASH KANT

Hearing: 05/04/2023Pronounced: 18/04/2023

Heard together (4 matters)

ITA No.4375 /Mum/2014
ITA No.4557/Mum/2010
ITA 4376/Mum/2014
I.T.A No.4556 /Mum/2010

Read from the judgment's own cause title. This page is filed under one of them.

PER : OM PRAKASH KANT

These appeals by the assessee are directed against the separate orders passed by the Ld.Commissioner of Income-tax (Appeals)-27, ITA 4376/Mum/2014 Shri Chetan H Daiya Mumbai [in short, the Ld.CIT(A)] for Assessment Years1993-94 & 1998- 99, respectively.

2.

Common issues are involved in these appeals, therefore, the same were heard together and disposed off by way of this consolidated order for convenience.

3.

At the outset, it is mentioned that

The order continues below.

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