Bharat Hari Singhania v. CWT

207 ITR 1Supreme Court of India1994#4728 most cited

What is Bharat Hari Singhania v. CWT authority for?

When a statute prescribes a specific method for exercising a power, that power must be exercised only in the manner prescribed.

25

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2016 to 2026.

Also referred to as

Bharat Hari Singhania · section 154 · section 143(3) · assessment procedure · rules of Income Tax rules 1962 · Assessing Officer · statutory power · prescribed manner

Also reported as

73 Taxmann 3

Sections most often in play

Section 90Section 11UASection 128Section 139(1)Section 143(1)Section 143(3)Section 14ASection 154

Issues it is cited on

section 55(2)section 139(9)section 49valuation of sharesfresh tangible materialsection 55full value of considerationgoing concernindexed cost of acquisitiontransfer of capital assetfair market valuecolourable device

Judgments citing Bharat Hari Singhania v. CWT

Assistant Commissioner of Income Tax, Circle-4(1), Visakhapatnam vs. Sri Y Venkana Choudary, Visakhapatnam

In the result, appeal filed by the Revenue as well as the cross objection filed by the assessee are partly allowed

ITA 272/VIZ/2018[2014-2015]Status: DisposedITAT Visakhapatnam26 Sept 2019AY 2014-2015

Bench: Shri V. Durga Rao, Hon’Ble & Shri D.S. Sunder Singh, Hon’Bleacit, Circle-4(1), Vs. Y. Venkanna Choudary, Visakhapatnam. D.No. 1-1-2, C/O Anuradha Auto Centre, Sheela Nagar, Nh-5, Visakhapatnam. Pan No. Aanpy 3003 G (Appellant) (Respondent) C.O.No. 108/Viz/2019 (Arising Out Of Ita No. 272/Viz/2018) (Asst. Year : 2014-15) Y. Venkanna Choudary, Vs. Acit, Circle-4(1), D.No. 1-1-2, C/O Anuradha Visakhapatnam. Auto Centre, Sheela Nagar, Nh-5, Visakhapatnam. Pan No. Aanpy 3003 G (Appellant) (Respondent)

For Appellant: Shri G.V.N. Hari – AdvocateFor Respondent: Shri D.K. Sonawal – CIT DR
Section 56(2)(vii)

…IN THE INCOME TAX APPELLATE TRIBUNAL VISAKHAPATNAM BENCH, VISAKHAPATNAM BEFORE SHRI V. DURGA RAO, HON’BLE JUDICIAL MEMBER & SHRI D.S. SUNDER SINGH, HON’BLE ACCOUNTANT MEMBER ACIT, Circle-4(1), vs. Y. Venkanna Choudary, Visakhapatnam. D.No. 1-1-2, C/o Anuradha Auto Centre, Sheela Nagar, NH-5, Visakhapatnam. PAN No. AANPY 3003 G (Appellant) (Respondent) C.O.No. 108/VIZ/2019 (Arising out of ITA No. 272/VIZ/2018) (Asst. Year : 2014-15) Y. Venkanna Choudary, vs. ACIT, Circle-4(1), D.No. 1-1-2, C/o Anuradha Visakhapatnam. Auto Centre, Sheela Nagar, NH-5, Visakhapatnam. PAN No. AANPY 3003 G (Appellant) (Respondent) As…

Stryton Exim India P.Ltd, New Delhi vs. ITO, Ward-24(2), New Delhi

In the result appeal filed by the assessee is allowed for statistical purposes

ITA 5982/DEL/2018[2014-15]Status: DisposedITAT Delhi23 Oct 2018AY 2014-15

Bench: Shri Kuldip Singh & Shri Prashant Maharishisa No. 665/Del/2018 (In Ita No. 5982/Del/2018) (Assessment Year: 2014-15) Stryton Exim India Pvt Ltd, Vs. Ito, C/O. R Khare & Associates, Ward-24(2), 7/6, Sarvapriya Vihar, New Delhi New Delhi Pan: Aaics0797B (Appellant) (Respondent) Stryton Exim India Pvt Ltd, Vs. Ito, C/O. R Khare & Associates, Ward-24(2), 7/6, Sarvapriya Vihar, New Delhi New Delhi Pan: Aaics0797B (Appellant) (Respondent)

For Appellant: Shri Rahul Khare, AdvFor Respondent: Shri K Tewari, Sr. DR
Section 56(2)(viib)Section 68

…of the act in any other manner than that has been prescribed. ITA No 5982 Del 2018 AY 2014 15 Strton Exim P Ltd Alongwith stay 665 Del 2018 44 In support of this contention, the assessee has relied upon various decisions as follows: 1. Bharat Hari Singhania 207 ITR 1, SC: In this case, the Hon'ble Supreme Court of India was dealing with the validity of rule ID of Wealth Tax Rules which prescribed break up method for valuation of unquoted equity shares for the purposes of valuing the net wealth of the assets of the assessee therein and the Hon'ble Supreme Court laid down the following principles which are releva…

DCIT 1(2)-2, Mumbai vs. Ozoneland Agro P.Ltd, Mumbai

ITA 4854/MUM/2016[2013-14]Status: DisposedITAT Mumbai02 May 2018AY 2013-14
For Appellant: Dr. K. Sivaram and Shri Rahul K. HakaniFor Respondent: Shri T.A. Khan-DR
Section 143Section 56

…r method,that in the earlier year also shares were issued on premium to the same party,that the AO had accepted the valuation,that the rule of consistency demanded that he should have followed the same method..He relied upon the cases of Bharat Hari Singhania(207 ITR 1),Medplus Health Services P.Ltd.(158 ITD 105). 5.We have heard the rival submissions.We find that the assessee had issued 1941 equity shares to SPL at premium of Rs.25,749/- per share,that face value of the share was Rs.10/- M/s. Ozoneland Agro Pvt. Ltd. ,that the assessee had received total share premium of Rs.4.99 crores from an unrelated party…

M/S. Soex in vs. T & Fin. Pvt.Ltd.(Now Known As Sopariwala Exports P.Ltd.), Mumbai

Accordingly, the cross objection raised by the assessee is allowed

ITA 6415/MUM/2008[2003-2004]Status: DisposedITAT Mumbai27 Sept 2017AY 2003-2004

Bench: Shri Mahavir Singh () & Shri N.K. Pradhan () Assessment Year: 2003-04

For Appellant: Mr. Pankaj R. Toprani, ARFor Respondent: Mr. V. Justin, DR
Section 119Section 143(3)Section 73Section 73(4)

…lued the cost of shares @ 10% because it was expected that price determined for book building issue would be around the valuation as per accounts. The assessee also cited the decision in the case of Ayesha Ashok Sony 287 ITR 50 (Bom) and Bharat Hari Singhania 207 ITR 1 where it has been held that the valuation of shares of unquoted companies should be done by following the breakup method as per Rule 1D of the Wealth Tax Rules. The assessee submitted before the Ld. CIT(A) that it had carried out valuation as per the said method and the value of shares determined as a result of it was much less then the value adopt…

Agile Electric Sub Assembly (P) Ltd., Chennai vs. DCIT, Chennai

In the result, the assessee’s appeal is disposed of in the aforesaid terms

ITA 2497/CHNY/2016[2011-12]Status: DisposedITAT Chennai29 Dec 2016AY 2011-12

Bench: Shri Sanjay Arora & Shri G. Pavan Kumarआयकर अपील सं./Ita No.2497/Mds/2016 "नधा"रण वष" / Assessment Year : 2011-12

For Appellant: Shri T.Banusekar, CAFor Respondent: Shri Pathlavath Peerya, CIT
Section 143(3)Section 79

…आयकर अपील"य अ"धकरण, ‘ए’ "यायपीठ, चे"नई IN THE INCOME TAX APPELLATE TRIBUNAL BENCH ‘A’, CHENNAI "ी संजय अरोड़ा, लेखा सद"य एवं "ी जी. पवन कुमार, "या"यक सद"य के सम" BEFORE SHRI SANJAY ARORA, ACCOUNTANT MEMBER AND SHRI G. PAVAN KUMAR, JUDICIAL MEMBER आयकर अपील सं./ITA No.2497/Mds/2016 "नधा"रण वष" / Assessment Year : 2011-12 Agile Electric Sub Assembly Deputy Commissioner of Income (P.) Ltd., A-33, A-34 & A-36, Vs. Tax, Phase-1, MEPZ-SEZ, Company Circle(1), Tambaram, Chennai. Chennai – 600 045. [PAN: AABCI 3929C] (अपीलाथ"/Appellant) (""यथ"/Respondent अपीलाथ" क" ओर से/Appellant by : Shri T.Banusekar, CA ""यथ" क" ओ…