How many judgments cite Anarkali Sarabhai v. CIT?

22 judgments on BharatTax cite Anarkali Sarabhai v. CIT (224 ITR 422), spanning 2016 to 2025.

Anarkali Sarabhai v. CIT

224 ITR 422Supreme Court of India1997#5357 most cited

What is Anarkali Sarabhai v. CIT authority for?

Redemption of preference shares by a company constitutes a 'transfer' under Section 2(47) of the Income Tax Act, making it subject to capital gains tax under Section 45 for the shareholder.

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2016 to 2025.

Also referred to as

Anarkali Sarabhai · Section 2(47) · Section 45 · redemption of preference shares · transfer of asset · capital gains tax · relinquishment of asset · sale of asset · extinguishment of rights · shareholder

Also reported as

90 Taxmann 509

Issues it is cited on

extinguishment of rights section 2(47)right to receive section 55 section 48 short term capital gains section 45 section 54f short term capital gain section 50 associated enterprises disallowance u/s 14a

Judgments citing Anarkali Sarabhai v. CIT

PRINCIPAL COMMISSIONER INCOME TAX 4 BENGALURU 2 vs. M/S JUPITER CAPITAL PRIVATE LIMITED

SLP(C) No.-000063-000063 - 2025Supreme Court02 Jan 2025

Bench: HON'BLE MR. JUSTICE J.B. PARDIWALA

Section 2(47)

…High Court had followed the judgment under appeal in the present case. 14. The aforesaid decision of the Gujarat High Court in Anarkali case [(1982) 138 ITR 437 (Guj)] was challenged and this Court in Anarkali Sarabhai v. CIT [(1997) 3 SCC 238 : (1997) 224 ITR 422] upheld the High Court's decision. It had been contended in Anarkali case [(1997) 3 SCC 238 : (1997) 224 ITR 422] on behalf of the assessee that reduction of preference shares was not a sale or relinquishment of asset and, therefore, no capital gains tax was payable. Repelling 9 this contention, this Court considered the definition of t…

RAOUL THACKERSEY,MUMBAI vs. DCIT 12(1), MUMBAI

Appeal is partly allowed in above terms

ITA 1262/MUM/2017[2011-12]Status: DisposedITAT Mumbai22 Jul 2024AY 2011-12

Bench: Shri Satbeer Singh Godara & Shri Girish Agrawal

For Appellant: Shri K. GopalFor Respondent: Smt. Mahita Nair, Sr. DR

Section 143(3)Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI “D” BENCH : MUMBAI BEFORE SHRI SATBEER SINGH GODARA, JUDICIAL MEMBER AND SHRI GIRISH AGRAWAL, ACCOUNTANT MEMBER ITA.No.1262/Mum./2017 Assessment Year 2011-2012 Roaul Thackersey Sir Vithaldas Chambers The DCIT, Circle-12(1), 16-Mumbai Samachar Room No.117, Aayakar Marg, Fort, Mumbai vs. Bhavan, M.K. Road, PIN - 400 001. Mumbai – 400 020. Maharashtra. Maharashtra. PAN ACLPT5869D (Appellant) (Respondent) For Assessee : Shri K. Gopal For Revenue : Smt. Mahita Nair, Sr. DR Date of Hearing : 11.07.2024 Date of Pronouncement : 22.07.2024 ORDER PER SATBEER SINGH GODARA, J.M.…

KHUSHAAL C. THACKERSEY,MUMBAI vs. ASST CIT 12(1), MUMBAI

In the result, the appeal filed by the assessee is partly allowed

ITA 3679/MUM/2015[2010-11]Status: DisposedITAT Mumbai15 Apr 2024AY 2010-11

Bench: Justice (Rtd.) C.V. Bhadang () & Shri B.R. Baskaran (Am)

Section 54ESection 54F

…IN THE INCOME TAX APPELLATE TRIBUNAL Mumbai “D” Bench, Mumbai. Before Justice (Rtd.) C.V. Bhadang (President) & Shri B.R. Baskaran (AM) I.T.A. No. 3679/Mum/2015 (A.Y. 2010-11) Vs. ACIT-12(1) Khushaal C. Thackersey Sir Vithaldas Chambers Room No. 263 3rd Floor, 16 Mumbai Aayakar Bhavan Samachar Marg, Fort M.K. Road Mumbai-400 001. Mumbai-400 020. PAN : AFHPT2561H (Appellant) (Respondent) Assessee by Shri K. Gopal & Ms. Neha Paranjpe Department by Smt. Mahita Nair Date of Hearing 16.01.2024 Date of Pronouncement 15.04.2024 O R D E R Per B.R.Baskaran (AM) :- The assessee has filed this appeal challenging th…

RAOUL S. THACKERSEY,MUMBAI vs. ASST CIT 12(1), MUMBAI

In the result, the appeal filed by the assessee is partly allowed

ITA 3678/MUM/2015[2010-11]Status: DisposedITAT Mumbai15 Apr 2024AY 2010-11

Bench: Justice (Rtd.) C.V. Bhadang () & Shri B.R. Baskaran (Am)

Section 54ESection 54F

…IN THE INCOME TAX APPELLATE TRIBUNAL Mumbai “D” Bench, Mumbai. Before Justice (Rtd.) C.V. Bhadang (President) & Shri B.R. Baskaran (AM) I.T.A. No. 3678/Mum/2015 (A.Y. 2010-11) Vs. ACIT-12(1) Raoul S. Thackersey Sir Vithaldas Chambers Room No. 263 3rd Floor, 16 Mumbai Aayakar Bhavan Samachar Marg, Fort M.K. Road Mumbai-400 001. Mumbai-400 020. PAN : ACLPT5869P (Appellant) (Respondent) Assessee by Shri K. Gopal & Ms. Neha Paranjpe Department by Smt. Mahita Nair Date of Hearing 16.01.2024 Date of Pronouncement 15.04.2024 O R D E R Per B.R.Baskaran (AM) :- The assessee has filed this appeal challenging the o…

COGNIZANT TECHNOLOGY SOLUTIONS INDIA PRIVATE LTD.,CHENNAI vs. ACIT, LARGE TAXPAYER UNIT-1, CHENNAI

ITA 269/CHNY/2022[2017-18]Status: DisposedITAT Chennai13 Sept 2023AY 2017-18

Bench: Shri Mahavir Singh, Hon’Ble & Shrimanjunatha.G, Hon’Bleआयकरअपीलसं./Ita No.269/Chny/2022 िनधा"रणवष"/Assessment Year: 2017-18 V. M/S.Cognizant Technology- The Asst. Commissioner- Solutions India Pvt. Ltd., Of Income Tax, 5/535, Okkiam, Thoriapakkam, Large Taxpayer Unit-1, Old Mahabalipuram Road, Chennai. Chennai-600 096. [Pan:Aaacd 3312 M] (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/ Appellant By : Shri Ajay Vohra, Sr.Counsel For Shri N.V. Balaji, Adv. ""यथ" क" ओर से /Respondent By : Shri R.Shankaranarayanan, Additional Solicitor – General Of India For Shri A.P.Srinivas, Sr. Standing Counsel : सुनवाईक"तारीख/Date Of Hearing 03.07.2023 घोषणाक"तारीख /Date Of Pronouncement : 13.09.2023

For Appellant: Shri Ajay Vohra, Sr.CounselFor Respondent: Shri R.Shankaranarayanan

Section 115Section 115QSection 2(22)Section 391Section 393Section 46ASection 77A

…आयकर अपीलीय अिधकरण, ’डी’ "यायपीठ, चे"ई। IN THE INCOME TAX APPELLATE TRIBUNAL ‘D’ BENCH: CHENNAI "ी महावीर िसंह, माननीय उपा"", एवं "ी मंजूनाथा. जी, माननीय लेखा सद" के सम" BEFORE SHRI MAHAVIR SINGH, HON’BLE VICE PRESIDENT AND SHRIMANJUNATHA.G, HON’BLE ACCOUNTANT MEMBER आयकरअपीलसं./ITA No.269/Chny/2022 िनधा"रणवष"/Assessment Year: 2017-18 v. M/s.Cognizant Technology- The Asst. Commissioner- Solutions India Pvt. Ltd., of Income Tax, 5/535, Okkiam, Thoriapakkam, Large Taxpayer Unit-1, Old Mahabalipuram Road, Chennai. Chennai-600 096. [PAN:AAACD 3312 M] (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/ Appellan…

MALCO ENERGY LTD.,MUMBAI vs. ASST CIT CIRCLE-10(2)(2), MUMBAI

ITA 7314/MUM/2019[2015-16]Status: DisposedITAT Mumbai13 Sept 2023AY 2015-16

Bench: Shri Prashant Maharishi, Am & Shri Kuldip Singh, Jm Asst. Commissioner Of Income-Tax Malco Energy Limited Circle 10(2)(2), Vedanta House, Room No.209, 75, Nehru Road, Ville- 2Nd Floor, Parle, Vs. Mumbai-400 099 Aaykar Bhavan Maharashtra, India Maharishi Karve Road, Mumbai-400 020 (Appellant) (Respondent) Pan No. Aahcs6896A Assessee By : Ms. Fereshte Sethna, Shri Mrunal Parekh, Ars Revenue By : Shri Manoj Kumar, Cit Dr

For Appellant: Ms. Fereshte SethnaFor Respondent: Shri Manoj Kumar, CIT DR

Section 115J

…IN THE INCOME TAX APPELLATE TRIBUNAL “J” BENCH, MUMBAI BEFORE SHRI PRASHANT MAHARISHI, AM AND SHRI KULDIP SINGH, JM Asst. Commissioner of Income-tax Malco Energy Limited Circle 10(2)(2), Vedanta House, Room No.209, 75, Nehru Road, Ville- 2nd Floor, Parle, Vs. Mumbai-400 099 Aaykar Bhavan Maharashtra, India Maharishi Karve Road, Mumbai-400 020 (Appellant) (Respondent) PAN No. AAHCS6896A Assessee by : Ms. Fereshte Sethna, Shri Mrunal Parekh, ARs Revenue by : Shri Manoj Kumar, CIT DR Date of hearing: 16.06.2023 Date of pronouncement : 13.09.2023 R D E R PER PRASHANT MAHARISHI, AM: 1. This appeal is filed by Malc…

PRAVINA NAVIN DEDHIA,MUMBAI vs. CIT (A) NFAC, MUMBAI

In the result the appeal of the assessee is allowed

ITA 1701/MUM/2021[2012-13]Status: DisposedITAT Mumbai30 May 2023AY 2012-13

For Appellant: Shri Maulik ChoksiFor Respondent: Shri Anil Gupta

Section 147Section 68Section 69C

…IN THE INCOME TAX APPELLATE TRIBUNAL “SMC” BENCH, MUMBAI BEFORE SHRI ABY T. VARKEY, JM आयकर अपील सं/ I.T.A. No.1701/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2012-13) Pravina Navin Dedhia बिधम/ CIT(A)/NFAC 501, Chandak Heritage, Delhi. Vs. Goraswadi, Malad (W), Mumbai-400064. स्थधयी लेखध सं./जीआइआर सं./PAN/GIR No. : ADOPD9490J (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee by: Shri Maulik Choksi Revenue by: Shri Anil Gupta सुनवाई की तारीख / Date of Hearing: 01/03/2023 घोषणा की तारीख /Date of Pronouncement: 30/05/2023 आदेश / O R D E R PER ABY T. VARKEY, JM: This is an appeal preferred by the asse…

ALLAM ADAVAIAH ,HYDERABAD vs. ASST. COMMISSIONER OF INCOME TAX, CIRCLE-15(1), HYDERABAD

In the result, the appeal of the assessee is dismissed

ITA 788/HYD/2019[2004-05]Status: DisposedITAT Hyderabad06 Mar 2023AY 2004-05

Bench: Shri Rama Kanta Panda & Shri Laliet Kumar

For Appellant: Shri A. Srinivas, C.AFor Respondent: Shri K.P.R.R.Murthy, Sr.AR

Section 143(2)Section 143(3)Section 147Section 148Section 2

…papers (sale deed) to enable the legal title to pass and that too after clearing the litigation on the lands 43. The Assessees pray to place reliance on the decision of the Hon'ble Supreme Court in the case of Anarkali Sarabhai v. Commissioner of Income Tax, 224 ITR 422 (SC) wherein the Hon'ble Apex Court commented as under: Clause (47) of section 2 gives an inclusive definition to 'transfer'. This is not an exhaustive definition. Sub-clause (i) of clause (47) of section 2 speaks of 'sale, exchange or relinquishment of the asset'. This implies parting with any capital asset for gain which will be taxable under s…

ACIT - 15(1)(1), MUMBAI vs. PRIVI SPECIALITY CHEMICALS LTD. (EARSWHILE PRIVI ORGANICS LTD.), MUMBAI

In the result, the appeal by the Revenue is dismissed

ITA 7356/MUM/2019[2011-12]Status: DisposedITAT Mumbai24 Jan 2023AY 2011-12

Bench: Shri G.S. Pannu & Shri Sandeep Singh Karhail

For Appellant: Shri Sanjay ParikhFor Respondent: Shri K.C. Salvamani

Section 143(3)Section 250

…nt. As far as the conversion of preference shares into equity shares is concerned, it is considered as transfer as per the decision of Hon'ble M/s. Privi Speciality Chemicals Ltd. (Erstwhile Privi Organics Ltd.) Supreme Court in the case of Anarkali Sarabhai, 224 ITR 422. In fact, the AO has also cited this decision while supporting his preposition. However, it needs to be noted that the transfer in respect of the preference shares is in the hand of shareholder that is M/s. Satguru Constructions. Even if, the conversion is considered as buyback of shares by the appellant, the buyback was not taxable in the hands…

DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-2(1)(2), BANGALORE vs. M/S. ENZEN GLOBAL SOLUTIONS PRIVATE LIMITED, BANGALORE

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

ITA 2550/BANG/2019[2016-17]Status: DisposedITAT Bangalore19 Sept 2022AY 2016-17

Bench: Shri N.V. Vasudevan & Ms. Padmavathy Sappeal Nos. & Appellant Respondent Assessment Year

For Appellant: Shri V. Chandrashekar, AdvocateFor Respondent: Shri Manjunath Karkihalli, CIT(DR)(ITAT), Bengaluru

Section 45

…ins tax on it or can claim if there is any capital loss after computing indexed cost of acquisition. The CIT(A) also distinguished the two decisions of Hon’ble Supreme Court in the cases of Anarkali ITA Nos.2332, 2550/Bang/2019 Page 11 of 31 Sarabhai Vs CIT 224 ITR 422 and Karthikeya Sarabhai Vs CIT 228 ITR 163 and the decision of ITAT Mumbai in the case of M/s Parley Biscuits Pvt Ltd Vs ACIT in support of its argument by observing that all these case laws address the issue of whether redemption of preference shares would amount to transfer within the meaning of Section 2(47) of the Income-tax Act. In these cas…

M/S. ENZEN GLOBAL SOLUTIONS PRIVATE LIMITED,BENGALURU vs. INCOME TAX OFFICER, WARD- 2(1)(4), BANGLAOORE

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

ITA 2332/BANG/2019[2016-17]Status: DisposedITAT Bangalore19 Sept 2022AY 2016-17

Bench: Shri N.V. Vasudevan & Ms. Padmavathy Sappeal Nos. & Appellant Respondent Assessment Year

For Appellant: Shri V. Chandrashekar, AdvocateFor Respondent: Shri Manjunath Karkihalli, CIT(DR)(ITAT), Bengaluru

Section 45

DCIT, NEW DELHI vs. M/S. ACQUIRE SERVICES PVT. LTD., NEW DELHI

In the result, appeal of the Revenue is dismissed

ITA 3192/DEL/2015[2011-12]Status: DisposedITAT Delhi11 Nov 2021AY 2011-12

Bench: Sh. Anil Chaturvedi & Sh. Sanjay Garg(Through Video Conferencing) Dcit Vs. M/S. Acquire Services Pvt. Circle – 1(2), Ltd., New Delhi Ground Floor, Central Wing, 124, Janpath Thapar House, Janpath Pan No. Aaacg 3351 K New Delhi-110 001 (Appellant) (Respondent) Assessee By Shri Piyush Kaushik, Adv. Revenue By Shri Nidhi Srivastava, Cit-D.R. Date Of Hearing: 06.10.2021 Date Of Pronouncement: 11.11.2021 Order Per Anil Chaturvedi, Am: This Appeal Filed By The Revenue Is Directed Against The Order Dated 27.01.2015 Of The Commissioner Of Income Tax (Appeals) – 4, New Delhi Relating To Assessment Year 2011-12. 2. The Relevant Facts As Culled From The Material On Records Are As Under :

Section 115JSection 143(3)Section 14ASection 14A(2)

…was the case of destruction of fixed assets on account of fire and receipt of compensation from insurance company which stood on entirely different factual position. He thereafter submitted that the Hon’ble Apex Court in the case of Anarkali Sarabhai vs. CIT 224 ITR 422 SC after noting and distinguishing the decision in the case of Vania Silk Mills (supra) has held that redemption of preference shares will fall within the phrase “sale, exchange or relinquishment of asset” by shareholder and accordingly the same is to be subject to tax under the head capital gains. He further submitted that Hon’ble Bombay High Co…

THE DCIT CIR 7(1), MUMBAI vs. M/S. PIRAMAL ENTERPRISES LTD., MUMBAI

In the result, appeal of the assessee in ITA

ITA 4345/MUM/2007[2003-2004]Status: DisposedITAT Mumbai05 Oct 2021AY 2003-2004

Bench: Known As Nicholas Piramal Mumbai - 400020 India Ltd.,) Piramal Tower, Ganpatrao Kadam Marg Lower Parel, Mumbai-400013 Pan/Gir No.Aaacn4538P (Appellant) .. (Respondent) Dcit. Circle 7(1), Vs. M/S. Piramal Enterprises Ltd. Aayakar Bhavan (Formerly Known As Piramal Healthcare Mumbai - 400020 Ltd.,) (Before Known As Nicholas Piramal India Ltd.,) Piramal Tower, Ganpatrao Kadam Marg Lower Parel, Mumbai-400013 Pan/Gir No.Aaacn4538P (Appellant) .. (Respondent) M/S. Piramal Enterprises Ltd. Vs. Deputy Commissioner Of Income (Formerly Known As Piramal Tax Healthcare Ltd.,) Range 7(3)(2), (Before Known As Nicholas Piramal Mumbai - 400020 India Ltd.,) Piramal Tower, Ganpatrao Kadam Marg Lower Parel, Mumbai-400013 Pan/Gir No.Aaacn4538P (Appellant) .. (Respondent) M/S. Piramal Enterprises Limited

Section 143(3)

…IN THE INCOME TAX APPELLATE TRIBUNAL, ‘B‘ BENCH MUMBAI BEFORE: SHRI VIKAS AWASTHY, JUDICIAL MEMBER & SHRI M.BALAGANESH, ACCOUNTANT MEMBER M/s. Piramal Enterprises Ltd. Vs. Addl. Commissioner of Income (Formerly known as Piramal Tax Healthcare Ltd.,) Circle 7(1), Aayakar Bhavan (Before known as Nicholas Piramal Mumbai - 400020 India Ltd.,) Piramal Tower, Ganpatrao Kadam Marg Lower Parel, Mumbai-400013 PAN/GIR No.AAACN4538P (Appellant) .. (Respondent) DCIT. Circle 7(1), Vs. M/s. Piramal Enterprises Ltd. Aayakar Bhavan (Formerly known as Piramal Healthcare Mumbai - 400020 Ltd.,) (Before known as Nicholas Piramal…

TATA MOTORS LTD,MUMBAI vs. DCIT LTU 2, MUMBAI

In the result, appeal of the assessee is allowed

ITA 3425/MUM/2019[2012-13]Status: DisposedITAT Mumbai05 Mar 2021AY 2012-13

Section 115BSection 143(3)Section 2(47)Section 263Section 71

…IN THE INCOME TAX APPELLATE TRIBUNAL,‘E‘ BENCH MUMBAI BEFORE: SHRI C.N. PRASAD, JUDICIAL MEMBER & SHRI M.BALAGANESH, ACCOUNTANT MEMBER M/s. Tata Motors Ltd., Vs. Dy. Commissioner of Bombay House, 24 Income Tax (LTU)-2 29th Floor, Centre 1 Homi Mody Street Hutatma Chowk World Trade Centre Mumbai – 400 001 Cuffe Parade, Mumbai – 400 005 PAN/GIR No. AAACT2727Q (Appellant) .. (Respondent) Assessee by Shri Rajan Vora Revenue by Shri Deepkant Prasad Date of Hearing 07/12/2020 Date of Pronouncement 05/03/2021 आदेश / O R D E R PER M. BALAGANESH (A.M): This appeal in ITA No.3425/Mum/2019 preferred by the order aga…

DCIT, CIRCLE-II(I) vs. I.F.C.I. LTD.,,

In the result ITA number 2205/Del/2005 filed by the learned assessing officer is dismissed

ITA 2205/DEL/2005[2001-2002]Status: DisposedITAT Delhi31 Aug 2020AY 2001-2002

Bench: Ms Suchitra Kamble & Shri Prashant Maharishi

Section 139Section 142Section 143

…INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “C ”: NEW DELHI BEFORE MS SUCHITRA KAMBLE, JUDICIAL MEMBER AND SHRI PRASHANT MAHARISHI, ACCOUNTANT MEMBER ITA No Assessment Year 2120/Del/2005 2001-02 IFCI LIMITED The Deputy Commissioner of Vs. IFCI Towers Income Tax 61 Nehru Place Circle – 11(1) New Delhi C R Building PAN: AAACT0668G I P Estate New Delhi (Appellant) (Respondent) ITA No Assessment Year 2205/Del/2005 2001-2 The Deputy Commissioner of Income IFCI LIMITED Vs. Tax IFCI Towers Circle – 11(1) 61 Nehru Place C R Building New Delhi I P Estate PAN: AAACT0668G New Delhi (Appellant) (Respondent) For As…

IFCI LTD. vs. ADDL. CIT, CIRCLE-11(1),,

In the result ITA number 2205/Del/2005 filed by the learned assessing officer is dismissed

ITA 2120/DEL/2005[2001-2002]Status: DisposedITAT Delhi31 Aug 2020AY 2001-2002

Bench: Ms Suchitra Kamble & Shri Prashant Maharishi

Section 139Section 142Section 143

MAHINDRA & MAHINDRA LTD,MUMBAI vs. ACIT CIR 2(2)2, MUMBAI

In the result, all the appeals of the assessee are partly allowed for statistical purposes and appeal of the revenue is dismissed

ITA 1449/MUM/2016[2011-12]Status: DisposedITAT Mumbai19 Jun 2020AY 2011-12

Bench: Shri Mahavir Singh, Vp & Shri M.Balaganesh, Am & Sa No.462/Mum/2019 (Arising Out Of Ita No.1449/Mum/2016) (Assessment Year : 2011-12) Mahindra & Mahindra Vs. Dy. Commissioner Of Limited, Income-Tax Corporation Taxation, Circle-2(2)(2) P.K. Kurne Chowk, Aayakar Bhavan, Worli, Mumbai – 400020 M.K.Road, Mumbai-400020 Pan/Gir No.Aaacm3025E (Appellant) .. (Respondent) & Sa No.461/Mum/2019 (Arising Out Of Ita No.7382/Mum/2017) (Assessment Year : 2013-14) Mahindra & Mahindra Vs. Dy. Commissioner Of Limited, Income-Tax Corporation Taxation, Circle-2(2)(2) P.K. Kurne Chowk, Aayakar Bhavan, Worli, Mumbai – 400020 M.K.Road, Mumbai-400020 Pan/Gir No.Aaacm3025E (Appellant) .. (Respondent) Dy. Commissioner Of Vs. Mahindra & Mahindra Limited, Income-Tax Corporation Taxation, Circle-2(2)(2) P.K. Kurne Chowk, Aayakar Bhavan, Worli, Mumbai – 400020 M.K.Road, Mumbai- 400020 Pan/Gir No.Aaacm3025E (Appellant) .. (Respondent) Mahindra & Mahindra Vs. Asst. Commissioner Of Limited, Income-Tax Corporation Taxation, Circle-2(2)(2) P.K. Kurne Chowk, Aayakar Bhavan, Worli, Mumbai – 400020 M.K.Road, Mumbai-400020 Pan/Gir No.Aaacm3025E (Appellant) .. (Respondent)

Section 143(3)Section 144C(5)

…to this conclusion, the Gujarat High Court had followed the judgment under appeal in the present case. 13. The aforesaid decision of the Gujarat High Court in Anarkali Sarabhai's case (supra) was challenged and this Court in the Anarkali Sarabhaiv. CIT [1997] 224 ITR 422 upheld the High Court's decision. It had been contended in Anarkali Sarabhai's case (supra) on behalf of the assessee that reduction of preference share was not a sale or relinquishment of asset and, therefore, no capital gains tax was payable. Repelling this contention, this Court considered the definition of word 'transfer' occurring in section…

CARESTREAM HEALTH INC,MUMBAI vs. DCIT (IT) 2(1)(1), MUMBAI

In the result, the appeal of assessee is allowed

ITA 826/MUM/2016[2011-12]Status: DisposedITAT Mumbai06 Feb 2020AY 2011-12

Bench: Shri M.Balaganesh, Am & Shri Amarjit Singh, Jm M/S. Carestream Health Inc Vs. Dy. Commissioner Of C/O. Carestream Health Income Tax, Range-2(1)(1) India Private Limited Scindia House, M.M.Road Sunteck Centre Ballard Pier 1St Floor, Subhash Road Mumbai – 400 028 Vile Parle (E) Mumbai – 400 057 Pan/Gir No. Aaecc6050H (Appellant) .. (Respondent)

Section 10(34)Section 115Section 144C(13)Section 144C(5)Section 2(22)(d)Section 2(47)Section 45Section 48

M/S JUPITER CAPITAL PVT LTD ,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-11(5), BANGALORE

In the result, the appeal filed by the assessee is allowed

ITA 445/BANG/2018[2014-15]Status: DisposedITAT Bangalore29 Nov 2018AY 2014-15

Bench: Shri Sunil Kumar Yadav & Shri Arun Kumar Garodiaassessment Year : 2014-15

For Appellant: Shri S. Parthasarathi, AdvocateFor Respondent: Shri D. Sudhakara Rao, CIT (DR)

Section 2(47)

…licable to the assessee to conclude that even a nil consideration on capital reduction cannot defeat the computation mechanism u/s 48. We also draw your attention to the following judgments: CIT v G. Narasimhan & other 236 ITR 327 (SC) Anarkali Sarabhai v CIT 224 ITR 422 Shishir Kumar R Mehta v CIT 154 CTR 70 We also draw your attention to the decision of the Hon'ble Supreme Court in the case of CIT v Grace Collis & others 248 ITR 323 and Vania Silk Mills P Ltd v CIT 191 ITR 647. The Hon'ble bench has observed that the definition of transfer clearly contemplates extinguishment of rights in a capital asset distinc…

SOHANRAJ UTTAMCHAND ,CHENNAI vs. DCIT NON CORPORATE CIRCLE 2 , CHENNAI

In the result the appeal of the assessee is allowed

ITA 1787/CHNY/2017[2014-15]Status: DisposedITAT Chennai28 Feb 2018AY 2014-15

Bench: Shri A.Mohan Alankamony & Shri Duvvuru Rl Reddyआयकरअपीलसं./I.T.A.No.1787/Chny/2017 (िनधा"रणवष" / Assessment Year: 2014-15) Vs The Dcit, Shri Sohanraj Uttamchand, Non-Corporate Circle – 2, 24/12. Raghaviah Road, Chennai T. Nagar, Chennai – 600 017. Pan: Aaapu7932P (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Appellant: Shri G.M. Dass, CITFor Respondent: 21.12.2017

Section 10(38)Section 133ASection 143(2)Section 250(6)

…d on many surmises and conjectures reliance cannot be placed. 8.9 Similar ratio was laid down by the Hon’ble Apex Court in the case Lalchand Bhagat Ambica Ram vs. CIT reported in 37 ITR 288. 8.10 In the case CIT vs. Carbo Industrial Holdings Ltd., reported in 224 ITR 422, the Hon’ble Calcutta High Court has held that when purchase and sale of shares are effected through share brokers, their particulars are furnished and the payment is made by account payee cheque the transaction cannot be doubted just because the brokers fail to appear before the Revenue even after issue of summons. Similar view was upheld by the…

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