Bengal & Assam Investors Ltd. v. CIT

59 ITR 547Supreme Court of India#18169 most cited
5

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2015 to 2021.

Judgments citing Bengal & Assam Investors Ltd. v. CIT

DABUR INVEST CORP,NEW DELHI vs. JCIT, RANGE-46, NEW DELHI

In the result, appeal of the assessee is partly allowed

ITA 8058/DEL/2018[2015-16]Status: DisposedITAT Delhi11 Feb 2021AY 2015-16

Bench: Shri Sudhanshu Srivastava & Shri Prashant Maharishi(Partially Through Video Conferencing) Dabur Invest Corp, The Joint Commissioner Of Vs. 4Th Floor, Punjabi Bhawan, 10, Income Tax , Rouse Avenue, New Delhi Range-46, Pan: Aaadfd2529G New Delhi (Appellant) (Respondent)

For Appellant: Shri M. P. Rastogi, AdvFor Respondent: Shri G. C. Srivastava, Adv
Section 143Section 4

…en it is a capital account. In the instant case, Dabur had made the investment for acquisition of controlling stakes to the extent of 74% in the insurance company, i.e. Aviva Life Insurance Co. 10.2.2 In the case of Bengal & Assam Investors Ltd. vs. CIT in 59 ITR 547, the Hon‟ble Supreme Court held that the mere fact that a company is incorporated to carry on investment does not show that it is carrying on business unless it deals in stock and shares. Page 92 of 155 In the instant case, the dealing in shares of Aviva Life Insurance Co. is not the business of Dabur because the shares of Aviva Life Insurance C…

M/S. BRIGGS TRADING COMPANY PVT. LTD,MUMBAI vs. THE DCIT CIR 6(1), MUMBAI

In the result, the appeals filed by the assessee are treated as partly allowed and the appeal of the revenue is treated as allowed

ITA 4683/MUM/2007[2003-2004]Status: DisposedITAT Mumbai03 Feb 2016AY 2003-2004

Bench: S/Shri B.R.Baskaran, Am & Pawan Singh, Jm आमकय अऩीर सं./I.T.A. No.3723/Mum/2005 (ननधधायण वषा / Assessment Year: 2001-02) बनाम/ Dy.Commissioner Of Income Tax Briggs Trading Co.Pvt.Ltd., 135, Continental Bldg, -6(1), Vs. Dr.Annie Besant Road, Aayakar Bhavan, Worli, M.K.Road, Mumbai-400018 Mumbai-400020 (अऩीरधथी /Appellant) (प्रत्मथी / Respondent) .. आमकय अऩीर सं./I.T.A. No.3121/Mum/2006 (ननधधायण वषा / Assessment Year: 2002-03) Briggs Trading Co.Pvt.Ltd., बनाम/ Asstt.Commissioner Of Income 135, Continental Bldg, Tax -6(1), Vs. Dr.Annie Besant Road, Aayakar Bhavan, Worli, M.K.Road, Mumbai-400018 Mumbai-400020 (अऩीरधथी /Appellant) (प्रत्मथी / Respondent) .. आमकय अऩीर सं./I.T.A. No.4683/Mum/2007 (ननधधायण वषा / Assessment Year: 2003-04) Briggs Trading Co.Pvt.Ltd., बनाम/ Dy.Commissioner Of Income Tax 135, Continental Bldg, -6(1), Vs. Dr.Annie Besant Road, Aayakar Bhavan, Worli, M.K.Road, Mumbai-400018 Mumbai-400020 (अऩीरधथी /Appellant) (प्रत्मथी / Respondent) .. आमकय अऩीर सं./I.T.A. No.4681/Mum/2007 (ननधधायण वषा / Assessment Year: 2003-04) बनाम/ Asstt.Commissioner Of Income Briggs Trading Co.Pvt.Ltd., 135, Continental Bldg, Tax -6(1), Vs. Dr.Annie Besant Road, Room No.506, 5Th Floor, Worli, Aayakar Bhavan, M.K.Road, Mumbai-400018 Mumbai-400020 (अऩीरधथी /Appellant) (प्रत्मथी / Respondent) ..

…ture relating to shares held as stock in trade is not required. 10. The Ld D.R, on the contrary, submitted that the dividend income cannot be assessed as business income as held by the Hon’ble Supreme Court in the case of Bengal and Assam Investors Ltd (1966)(59 ITR 547) and hence the disallowance u/s 14A is required to be made even if the shares are held as stock in trade. He further submitted that the interest paid to purchase shares is required to be disallowed as per the decision of Hon’ble Bombay High Court rendered in the case of CIT Vs. Smt. Amirtaben R Shah (1999) (238 ITR 777). 11. In the rejoinder, the…

THE ACIT CIR 6(1), MUMBAI vs. M/S. BRIGGS TRADING CO. P. LTD, MUMBAI

In the result, the appeals filed by the assessee are treated as partly allowed and the appeal of the revenue is treated as allowed

ITA 4681/MUM/2007[2003-2004]Status: DisposedITAT Mumbai03 Feb 2016AY 2003-2004

Bench: S/Shri B.R.Baskaran, Am & Pawan Singh, Jm आमकय अऩीर सं./I.T.A. No.3723/Mum/2005 (ननधधायण वषा / Assessment Year: 2001-02) बनाम/ Dy.Commissioner Of Income Tax Briggs Trading Co.Pvt.Ltd., 135, Continental Bldg, -6(1), Vs. Dr.Annie Besant Road, Aayakar Bhavan, Worli, M.K.Road, Mumbai-400018 Mumbai-400020 (अऩीरधथी /Appellant) (प्रत्मथी / Respondent) .. आमकय अऩीर सं./I.T.A. No.3121/Mum/2006 (ननधधायण वषा / Assessment Year: 2002-03) Briggs Trading Co.Pvt.Ltd., बनाम/ Asstt.Commissioner Of Income 135, Continental Bldg, Tax -6(1), Vs. Dr.Annie Besant Road, Aayakar Bhavan, Worli, M.K.Road, Mumbai-400018 Mumbai-400020 (अऩीरधथी /Appellant) (प्रत्मथी / Respondent) .. आमकय अऩीर सं./I.T.A. No.4683/Mum/2007 (ननधधायण वषा / Assessment Year: 2003-04) Briggs Trading Co.Pvt.Ltd., बनाम/ Dy.Commissioner Of Income Tax 135, Continental Bldg, -6(1), Vs. Dr.Annie Besant Road, Aayakar Bhavan, Worli, M.K.Road, Mumbai-400018 Mumbai-400020 (अऩीरधथी /Appellant) (प्रत्मथी / Respondent) .. आमकय अऩीर सं./I.T.A. No.4681/Mum/2007 (ननधधायण वषा / Assessment Year: 2003-04) बनाम/ Asstt.Commissioner Of Income Briggs Trading Co.Pvt.Ltd., 135, Continental Bldg, Tax -6(1), Vs. Dr.Annie Besant Road, Room No.506, 5Th Floor, Worli, Aayakar Bhavan, M.K.Road, Mumbai-400018 Mumbai-400020 (अऩीरधथी /Appellant) (प्रत्मथी / Respondent) ..

…ture relating to shares held as stock in trade is not required. 10. The Ld D.R, on the contrary, submitted that the dividend income cannot be assessed as business income as held by the Hon’ble Supreme Court in the case of Bengal and Assam Investors Ltd (1966)(59 ITR 547) and hence the disallowance u/s 14A is required to be made even if the shares are held as stock in trade. He further submitted that the interest paid to purchase shares is required to be disallowed as per the decision of Hon’ble Bombay High Court rendered in the case of CIT Vs. Smt. Amirtaben R Shah (1999) (238 ITR 777). 11. In the rejoinder, the…

M/S. BRIGGS TRADING CO. P. LTD.,MUMBAI vs. DCIT CIR. - 6(1), MUMBAI

In the result, the appeals filed by the assessee are treated as partly allowed and the appeal of the revenue is treated as allowed

ITA 3723/MUM/2005[2001-2002]Status: DisposedITAT Mumbai03 Feb 2016AY 2001-2002

Bench: S/Shri B.R.Baskaran, Am & Pawan Singh, Jm आमकय अऩीर सं./I.T.A. No.3723/Mum/2005 (ननधधायण वषा / Assessment Year: 2001-02) बनाम/ Dy.Commissioner Of Income Tax Briggs Trading Co.Pvt.Ltd., 135, Continental Bldg, -6(1), Vs. Dr.Annie Besant Road, Aayakar Bhavan, Worli, M.K.Road, Mumbai-400018 Mumbai-400020 (अऩीरधथी /Appellant) (प्रत्मथी / Respondent) .. आमकय अऩीर सं./I.T.A. No.3121/Mum/2006 (ननधधायण वषा / Assessment Year: 2002-03) Briggs Trading Co.Pvt.Ltd., बनाम/ Asstt.Commissioner Of Income 135, Continental Bldg, Tax -6(1), Vs. Dr.Annie Besant Road, Aayakar Bhavan, Worli, M.K.Road, Mumbai-400018 Mumbai-400020 (अऩीरधथी /Appellant) (प्रत्मथी / Respondent) .. आमकय अऩीर सं./I.T.A. No.4683/Mum/2007 (ननधधायण वषा / Assessment Year: 2003-04) Briggs Trading Co.Pvt.Ltd., बनाम/ Dy.Commissioner Of Income Tax 135, Continental Bldg, -6(1), Vs. Dr.Annie Besant Road, Aayakar Bhavan, Worli, M.K.Road, Mumbai-400018 Mumbai-400020 (अऩीरधथी /Appellant) (प्रत्मथी / Respondent) .. आमकय अऩीर सं./I.T.A. No.4681/Mum/2007 (ननधधायण वषा / Assessment Year: 2003-04) बनाम/ Asstt.Commissioner Of Income Briggs Trading Co.Pvt.Ltd., 135, Continental Bldg, Tax -6(1), Vs. Dr.Annie Besant Road, Room No.506, 5Th Floor, Worli, Aayakar Bhavan, M.K.Road, Mumbai-400018 Mumbai-400020 (अऩीरधथी /Appellant) (प्रत्मथी / Respondent) ..

…ture relating to shares held as stock in trade is not required. 10. The Ld D.R, on the contrary, submitted that the dividend income cannot be assessed as business income as held by the Hon’ble Supreme Court in the case of Bengal and Assam Investors Ltd (1966)(59 ITR 547) and hence the disallowance u/s 14A is required to be made even if the shares are held as stock in trade. He further submitted that the interest paid to purchase shares is required to be disallowed as per the decision of Hon’ble Bombay High Court rendered in the case of CIT Vs. Smt. Amirtaben R Shah (1999) (238 ITR 777). 11. In the rejoinder, the…

ASST CIT 16(3), MUMBAI vs. JOGANI & DIALANI LAND DEVELOPERS & BUILDERS, MUMBAI

In the result appeal of the Revenue is dismissed

ITA 337/MUM/2014[2009-10]Status: DisposedITAT Mumbai16 Dec 2015AY 2009-10

Bench: Shri R.C. Sharma & Shri Sandeep Gosain

Section 112Section 143(3)

…builder to hold a land as an investment and any gain arising on the sale of such land held as investment has to be brought to tax as capital gains. Reliance was also placed on the decision of Hon'ble Supreme Court in the case of Bengal & Assam Investors Ltd., 59 ITR 547 (SC) and Dalhousie Investment Trust Co. Ltd. 66 ITR 473 (SC) in respect of the fact that an assessee has a right to treat any part of its assets as an investment even after it was carrying business activity in respect of certain other assets. Ld AR has also relied on a host of other decisions in support of his claim that the appellant could both b…

Bengal & Assam Investors Ltd. v. CIT (59 ITR 547) — Cited in 5 Judgments | BharatTax