263 ITR 227 (Bom.) and (ii) Hela Holdings (P.) Ltd. v. CIT

263 ITR 129High Court2003#20195 most cited

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2020 to 2024.

Sections most often in play

Section 1961 Section 135 of Companies Act Section 143(3) of Income-tax Act Section 145 Section 145 of Income-tax Act Section 14A Section 14A of Income-tax Act Section 158A(1)

Judgments citing 263 ITR 227 (Bom.) and (ii) Hela Holdings (P.) Ltd. v. CIT

DCIT, New Delhi vs. M/S Hudco Ltd., New Delhi

In the result, the appeal of the revenue in ITA No

ITA 3904/DEL/2015[2010-11]Status: DisposedITAT Delhi04 Nov 2024AY 2010-11

Bench: Shri M. Balaganesh & Shri Yogesh Kumar U.S.

For Appellant: Shri Gagan Kumar, AdvFor Respondent: Shri Waseem Arshad, CIT DR &

Section 143(3)

…fy us that due to the change of accounting method adopted by the respondent/assessee, which is permissible in law as per the ratio laid down in 1) CIT v. Matchwell Electricals (I.) Ltd. [2003]. 263 ITR 227 (Bom.) and (ii) Hela Holdings (P.) Ltd. v. CIT [2003/ 263 ITR 129 (Cal.), the Revenue suffered any loss or such a change of methodology attracts tax evasion. Concededly, there is no finding to that effect in the assessment order ITA No. 3262/Del/2015 (AY: 2011-12) ITA Nos. 3904 &3905/Del/2015 HUDCO or in the order of the Commissioner of Income-tax (Appeals). The change of method of accounting of overdue charge…

M/S. Housing & Urban Development Corporation Ltd. (Hudco), New Delhi vs. Addl. CIT, New Delhi

In the result, the appeal of the revenue in ITA No

ITA 3261/DEL/2015[2010-11]Status: DisposedITAT Delhi04 Nov 2024AY 2010-11

Bench: Shri M. Balaganesh & Shri Yogesh Kumar U.S.

For Appellant: Shri Gagan Kumar, AdvFor Respondent: Shri Waseem Arshad, CIT DR &

Section 143(3)

Essar Investments Ltd, Mumbai vs. ACIT 6(2)(2), Mumbai

In the result, additional ground No

ITA 1942/MUM/2015[2010-11]Status: DisposedITAT Mumbai08 Jan 2021AY 2010-11

Bench: Shri Rajesh Kumar & Shri Ram Lal Negiassessment Year: 2010-11

For Appellant: Shri Nishant Thakkar, A.RFor Respondent: Shri Sunil Deshpande, D.R

Section 143(3)Section 144C(13)Section 43BSection 92BSection 92C(2)

…td v GEC Distribution Transformers Ltd, (1992) 74 Comp Cas 543 (Mad) (vi) U.K. Mehra v Union of India, (1997) 88 Comp Cas 213 (vii) CITv Dalmia L N. 207 ITR 89 (Cal) (viii) Nayantara G Agarwal v CIT, 207 ITR 639 (Bom) (ix) Hela Holdings Private Limited v CIT, 263 ITR 129 (Cal) etc. 4.34 Accordingly in view of the above discussion, we hold that the transaction of subscription of 500000 shares in February 2010 and its sale in March 2010 is a sham transaction. Hence, the entire Short term capital Loss of Rs. Rs.1,83,06,38,227/- is directed to be disallowed. Conclusion: 4.35 In view of the discussions above, bench…

Housing and Urban Development Corporation Ltd Through Its Authorized Signatory vs. Additional Commissioner of Income Tax Range 12 New Delhi

The appeal is allowed

ITA/541/2019HC Delhi06 Feb 2020

Bench: HON'BLE MR. JUSTICE VIPIN SANGHI,HON'BLE MR. JUSTICE SANJEEV NARULA

Section 143(3)Section 260ASection 263

…us that due to the change of accounting method adopted by the respondent/assessee, which is permissible in law as per the ratio laid down in (i) CIT v. Matchwell Electricals (I.) Ltd.[2003] 263 ITR 227 (Bom.) and (ii) Hela Holdings (P.) Ltd. v. CIT[2003] 263 ITR 129 (Cal.),the Revenue suffered any loss or such a change of methodology attracts tax evasion. Concededly, there is no finding to that effect in the assessment order or in the order of the Commissioner of Income-tax (Appeals). The change of method of accounting of overdue charges from the mercantile basis to cash system, method of accounting,…