ACIT v. Bright Star Investments (P) Ltd.

120 TTJ 498Income Tax Appellate Tribunal2008#22198 most cited
3

judgments rely on this decision, according to BharatTax’s citation analysis of 348,631 Indian tax judgments — from 2018 to 2019.

Judgments citing ACIT v. Bright Star Investments (P) Ltd.

M/S. Pratham Developers, Vadodara vs. The Dy. Commissioner of Income Tax, Central Circle-1(2), Baroda

In the result, Ground No.4 of the assessee’s appeal is allowed in part

ITA 3087/AHD/2016[2013-14]Status: DisposedITAT Ahmedabad29 Jan 2019AY 2013-14

Bench: Shri Pradip Kumar Kedia & Shri Mahavir Prasad, Judicial Memebr आयकर अपील सं./I.T.A. Nos. 742/Ahd/2015, 3078 & 3077/Ahd/2016 With Cross Objection No. 76/Ahd/2015 & 9/Ahd/2017 & I.T.A. No. 3087/Ahd/2016 (In I.T.A. Nos. 742/Ahd/2015, 3078 & 3077/Ahd/2016) & ("नधा"रण वष" / Assessment Years : 2010-11, 2012-13 & 2013-14)

For Respondent: Shri Mudit Nagpal, Sr. D.R

…s squarely covered in favour of the assessee by the decision of the Hon’ble Gujarat High Court in the case of Aditya Medisales Ltd. vs. DCIT [2016] 73 taxmann.com 197 (Guj) and the decision of the co-ordinate bench in ACIT vs. Bright Star Investments (P) Ltd. 120 TTJ 498 (Mum). The CIT(A) has taken cognizance of the aforesaid decisions and adjudicated the issue in favour of the assessee as under: “3.2.1. In appeal the learned Authorized Representative submitted that- "Conversion of shares from Stock in trade to Investment: 1. Vide Ground nos. 1, 2 and 3, the Appellant has challenged the action of the AO in holdi…

The DCIT, Circle-1(2), Baroda vs. M/S. Pratham Investments, Baroda

ITA 742/AHD/2015[2010-11]Status: DisposedITAT Ahmedabad29 Jan 2019AY 2010-11

Bench: Shri Pradip Kumar Kedia & Shri Mahavir Prasad, Judicial Memebr आयकर अपील सं./I.T.A. Nos. 742/Ahd/2015, 3078 & 3077/Ahd/2016 With Cross Objection No. 76/Ahd/2015 & 9/Ahd/2017 & I.T.A. No. 3087/Ahd/2016 (In I.T.A. Nos. 742/Ahd/2015, 3078 & 3077/Ahd/2016) & ("नधा"रण वष" / Assessment Years : 2010-11, 2012-13 & 2013-14)

For Respondent: Shri Mudit Nagpal, Sr. D.R

…s squarely covered in favour of the assessee by the decision of the Hon’ble Gujarat High Court in the case of Aditya Medisales Ltd. vs. DCIT [2016] 73 taxmann.com 197 (Guj) and the decision of the co-ordinate bench in ACIT vs. Bright Star Investments (P) Ltd. 120 TTJ 498 (Mum). The CIT(A) has taken cognizance of the aforesaid decisions and adjudicated the issue in favour of the assessee as under: “3.2.1. In appeal the learned Authorized Representative submitted that- "Conversion of shares from Stock in trade to Investment: 1. Vide Ground nos. 1, 2 and 3, the Appellant has challenged the action of the AO in holdi…

Ramesh G Porwal, Pune vs. Assistant Commissioner of Income-Tax

In the result, the appeal of the assessee is partly allowed

ITA 1727/PUN/2014[2005-06]Status: DisposedITAT Pune16 Mar 2018AY 2005-06

Bench: Ms. Sushma Chowla, Jm & Shri Anil Chaturvedi, Am

For Appellant: Shri R.G. NaharFor Respondent: Shri Dr. Vivek Aggarwal
Section 143(3)Section 14A

…nds and a very heavy onus was cast upon him to show that the intention behind the conversion of stock in trade into investment was bona-fide. he appellant has relied upon the decision of the Mumbai ITAT in the case of CIT vs. Bright Star Investment Pvt. Ltd. (120 TTJ 498) for the proposition that in the absence of specific provision in section 45(2) to deal with a situation where stock in trade is converted into investment and later on such investment were sold at a profit, the formula which is favourable to the assessee should be accepted. However this decision was rendered for A.Ys 2000-01 & 2001-02 wherein the…

ACIT v. Bright Star Investments (P) Ltd. (120 TTJ 498) — Cited in 3 Judgments | BharatTax