ADDL CIT R G 7(1), MUMBAI vs. NOVARTIS INDIA LTD ( FORMERLY KNOWN AS HINDUSTAN CIBA GIEGY LTD. ), MUMBAI

ITA 6772/MUM/2010Status: DisposedITAT Mumbai20 March 2024AY 2002-03Bench: SHRI AMIT SHUKLA, HON'BLE (Judicial Member), SHRI S. RIFAUR RAHMAN, HON'BLE (Accountant Member)1 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the assessment order was passed without proper jurisdiction as the Additional Commissioner lacked the necessary authority. Consequently, the assessment order was quashed.

What were the facts?

The assessee challenged the assessment order passed by the Additional Commissioner of Income Tax on grounds of lack of jurisdiction. The assessee also disputed the fair market value adopted for calculating capital gains on the sale of land and development rights.

What were the issues?

Whether the Additional Commissioner had the valid jurisdiction to pass the assessment order and whether the fair market value adopted for capital gains calculation was correct.

Which sections of the Income-tax Act were involved?

Section 143(3),Section 120(4)(b),Section 127,Section 48,Section 55(2)(b)(i)

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IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “B”, MUMBAI BEFORE SHRI AMIT SHUKLA, HON'BLE JUDICIAL MEMBER AND SHRI S. RIFAUR RAHMAN, HON'BLE ACCOUNTANT MEMBER M/s. Novartis India Limited v. Asst. Commissioner of Income –Tax - 7(2)(2) {Earlier Addl. Commissioner of Income –Tax – 7(1)} 6th& 7th Floor 1st Floor, Aayakar Bhavan Inspire BKC M.K. Road, Mumbai - 400020 “G” Block, BKC Main Road Bandra Kurla Complex, Bandra (E) Mumbai – 400051 PAN: AAACH2914F (Appellant) (Respondent) Addl. Commissioner of Income –Tax – 7(1) v. M/s. Novartis India Limited Room No. 622, Aayakar Bhavan {Earlier Known as Hindustan Ciba Giegy Ltd.,} Sandoz House, Dr. A.B. Road M.K. Road, Mumbai - 400020 Worli, Mumbai – 400018 PAN: AAACH2914F (Appellant) (Respondent)

[ARISING OUT OF ITA NO.6772/MUM/2010 (A.Y. 2002-03)] M/s. Novartis India Limited v. Addl. Commissioner of Income –Tax – 7(1)} Room No. 622, Aayakar Bhavan {Earlier Known as Hindustan Ciba Giegy Ltd.,} Sandoz House, Dr. A.B. Road M.K. Road, Mumbai - 400020 Worli, Mumbai – 400018 PAN: AAACH2914F (Appellant) (Respondent)

ITA NO.6832 & 6772/MUM/2010 (A.Y. 2002-03)

M/s. Novartis India Limited Assessee Represente

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