Anik Industries Ltd, Mumbai vs. DCIT CC 40, Mumbai
The appeal stands allowed
ITA 7189/MUM/2014[2010-11]Status: DisposedITAT Mumbai19 Mar 2020AY 2010-11
Bench: Shri Saktijit Dey, Jm & Shri Manoj Kumar Aggarwal, Am आयकरअपील सं./ I.T.A. No.7189/Mum/2014 (िनधा"रण वष" / Assessment Year:2010-11) M/S. Anik Industries Ltd. Dcit-Central Circle -40 बनाम/ 610, Tulsiani Chambers Mumbai. Vs. Nariman Point, Mumbai. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaacm-2696-K (अपीलाथ"/Appellant) : (""थ" / Respondent) & आयकरअपील सं./ I.T.A. No.5234/Mum/2016 (िनधा"रण वष" / Assessment Year:2012-13) M/S. Anik Industries Ltd. Dcit-Central Circle -40 बनाम/ 610, Tulsiani Chambers Mumbai. Vs. Nariman Point, Mumbai. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaacm-2696-K (अपीलाथ"/Appellant) : (""थ" / Respondent) अपीलाथ"कीओरसे/ Appellant By : Shri Bhupendra Shah-Ld. Ar ""थ"कीओरसे/Respondent By : Shri Manoj Kumar-Ld. Dr सुनवाईकीतारीख/ : 17/01/2020 Date Of Hearing घोषणाकीतारीख / : 19/03/2020 Date Of Pronouncement
For Appellant: Shri Bhupendra Shah-Ld. ARFor Respondent: Shri Manoj Kumar-Ld. DR
Section 143(3)
…profits or gains arising from the transfer of a capital asset effected in the previous year shall be chargeable to Capital Gains Tax. We find that the answer to aforesaid question lies in the decision of Hon’ble Karnataka High Court in CIT V/s P.N.Panjawani (356 ITR 676) wherein this question was elaborately examined by the Hon’ble High Court in the light of various judicial precedents. The relevant discussion was as under: - 5. These appeals were admitted to consider the following substantial question of law "Whether the appellate authorities were right in holding that the admission of the new partners and assi…
