CCE v. Favourite Industries

7 SCC 153Reported decision2012#12926 most cited

judgments rely on this decision, according to BharatTax’s citation analysis of 348,254 Indian tax judgments — from 2013 to 2025.

Sections most often in play

Section 54 Section 54F

Issues it is cited on

section 54f section 54 transfer india document interest

Judgments citing CCE v. Favourite Industries

Giriraj Prasad, Kota vs. Income Tax Officer, Bundi

In the result, the appeal of the assessee is allowed

ITA 603/JPR/2025[2015-16]Status: DisposedITAT Jaipur08 Sept 2025AY 2015-16

For Appellant: Shri Vinok Kumar Gupta, C.AFor Respondent: Mrs. Alka Gautam, CIT

Section 142(1)Section 147Section 148wSection 263Section 54F

…replaced by a new capital asset in the form of a residential house. Once an assessee falls within the ambit of a beneficial provision, then the said provision should be liberally interpreted. The Supreme Court in the case of CCE v. Favourite Industries, [2012]7 SCC 153, has succinctly observed thus : 42. So far as the question no.1 is concerned, the same is answered in favour of the assessee and against the Revenue.” Hon'ble ITAT Mumbai in the case of ACIT 25(2) v. Shri Keyur Hemant Shah, ITA No. 6710/Mum/2017, held as under: "...5.3 The only surviving issue is assessee's eligibility to claim deduction u/s 54F. T…

Sanjay Gulabchand Gupta, Nagpur vs. Assistant Commissioner of Income Tax, Circle-4, Nagpur

In the result, appeal by the assessee stands dismissed

ITA 210/NAG/2023[2017-18]Status: DisposedITAT Nagpur14 Feb 2025AY 2017-18

Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant, Member

For Appellant: Smt. Veena AgrawalFor Respondent: Shri Abhay Y. Marathe

Section 143(2)Section 54Section 54F

…ential house. Once an assessee falls within the ambit of a beneficial provision, then the said provision should be liberally interpreted. Madras High Court has made this observations. Following decisions of Supreme Court in CCE VS Favourite Industries, (2012) 7 SCC 153 and GP Ceramics (P) Ltd. VS Dy. Commissioner, Trade Tax (2009) 2 SCC 90). ii) Significant amount of construction expenses were already incurred in the construction (13645593/-). The Assessee himself stated that in AY 2014-15 & 15-16, entire Capital amount was utilised mostly in giving advance for various goods and services for residential house and…

Maheswari Mining & Energy Private Limited, Hyderabad vs. Asst. Commissioner of Income Tax, Circle-16(2), Hyderabad

In the result, appeal of the assessee is allowed

ITA 1220/HYD/2019[2016-17]Status: DisposedITAT Hyderabad01 Apr 2024AY 2016-17

Bench: Shri Laxmi Prasad Sahu & Shri K. Narasimha Charyassessment Years: 2016-17 Maheswari Mining & Vs. Asst. Commissioner Of Energy Pvt. Ltd., Income-Tax, Hyderabad. Circle – 16(2), Hyderabad. Pan – Aagcm0805N (Appellant) (Respondent) Assessee By: S/Shri Y. Ratnamkar& B. Satyanarayana Murthy Revenue By: Shri Y.V.S.T. Sai Date Of Hearing: 21/04/2022 Date Of Pronouncement: /04/2022

For Appellant: S/Shri Y. Ratnamkar&For Respondent: Shri Y.V.S.T. Sai

Section 143(1)Section 143(2)Section 143(3)Section 32A

…IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD BENCHES “A”: HYDERABAD (THROUGH VIRTUAL CONFERENCE) BEFORE SHRI LAXMI PRASAD SAHU, ACCOUNTANT MEMBER AND SHRI K. NARASIMHA CHARY, JUDICIAL MEMBER Assessment Years: 2016-17 Maheswari Mining & Vs. Asst. Commissioner of Energy Pvt. Ltd., Income-tax, Hyderabad. Circle – 16(2), Hyderabad. PAN – AAGCM0805N (Appellant) (Respondent) Assessee by: S/Shri Y. Ratnamkar& B. Satyanarayana Murthy Revenue by: Shri Y.V.S.T. Sai Date of hearing: 21/04/2022 Date of pronouncement: /04/2022 O R D E R PER L.P. SAHU, A.M.: This appeal filed by the assessee is directed against CIT(A) – 4,…

The Commissioner of Income Tax -International Taxation-1 vs. Reema Chawla

Appeals are dismissed

ITA/168/2024HC Delhi11 Mar 2024

Bench: HON'BLE MR. JUSTICE PURUSHAINDRA KUMAR KAURAV,HON'BLE MR. JUSTICE YASHWANT VARMA

Section 54

…sset is replaced by a new capital asset in the form of a residential house. Once an assessee falls within the ambit of a beneficial provision, then the said provision should be liberally interpreted. The Supreme Court in CCE v. Favourite Industries (2012) 7 SCC 153 has succinctly observed:— '21. Furthermore, this court in Associated Cement Companies Ltd. v. State of Bihar (2004) 7 SCC 642, while This is a digitally signed order. The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above. The Order is downloaded from the DHC Server on 18/03/2024…

The Commissioner of Income Tax -International Taxation-1 vs. Reema Chawla

Appeals are dismissed

ITA - 168 / 2024HC Delhi11 Mar 2024

Section 54

Kapil Kumar Agarwal, Gurgaon vs. DCIT, Gurgaon

Appeal of the assessee is allowed

ITA 2630/DEL/2015[2011-12]Status: DisposedITAT Delhi30 Apr 2019AY 2011-12

Bench: Shri Amit Shukla & Shri Prashant Maharishikapil Kumar Agarwal, Vs. Dcit, C/O. Ipsaa House Anm & Circle-1(1), Associates, J021A, Mayfiled Gurgaoon Gardens, Sector-51, Gurgaon Pan: Aacpa2412L (Appellant) (Respondent)

For Appellant: Shri Piyush Kaushik, AdvFor Respondent: Smt Sugandha Sharma, Sr. DR

Section 143Section 54Section 54F

…new capital asset in form of a residential house. Once an assessee falls within the ambit of a beneficial provision, then the said provision should be Kapil Kumar Agarwal Vs DCIT liberally interpreted. The Supreme Court in CCE v. Favourite Industries, [2012] 7 SCC 153 has succinctly observed:— '21. Furthermore, this Court in Associated Cement Companies Ltd. v. State of Bihar [(2004) 7 SCC 642], while explaining the nature of the exemption notification and also the manner in which it should be interpreted has held: (SCC p. 648, para 12) "12. Literally 'exemption' is freedom from liability, tax or duty. Fiscally i…

ACIT, Cir-32, Kolkata vs. Jitendra Seth, Kolkata

Appeal is dismissed

ITA 1420/KOL/2016[2012-13]Status: DisposedITAT Kolkata27 Jul 2018AY 2012-13

Bench: Shri J.Sudhakar Reddy & Shri S.S.Godaraassessment Year:2012-13 Acit, Circle-32, Jitendra Seth बनाम 10B, Middleton Row, 87, Karnani Estate, 209, / 2Nd Floor, Kolkata-71 V/S. A.J.C. Bose Road, Kolkata-700 017 [Pan No.Ajhs 9552 M] .. अपीलाथ" /Appellant ""यथ" /Respondent Shri Saurabh Kumar, Addl. Cit-Sr-Dr अपीलाथ" क" ओर से/By Appellant Shri Miraj D Shah, Ar ""यथ" क" ओर से/By Respondent 04-07-2018 सुनवाई क" तार"ख/Date Of Hearing 27-07-2018 घोषणा क" तार"ख/Date Of Pronouncement आदेश /O R D E R Per S.S.Godara:- This Revenue’S Appeal For Assessment Year 2012-13 Challenges Commissioner Of Income Tax (Appeals)-9, Kolkata’S Order Dated 31.03.2016 Passed In Case No. 749/Cit(A)-9/Cir-32/2014-15/Kol, Reversing Assessing Officer’S Action Disallowing Assessee’S Commission Paid Of ₹51,56,694/- As Well As Partly Restricting Section 54F Deduction Disallowance To ₹42,39,181/- Out Of ₹56,52,242/-; Respectively, Involving Proceedings U/S. 143(3) Of The Income Tax Act, 1961; In Short ‘The Act’ Heard Both The Parties. Case File Perused.

Section 133(6)Section 143(3)Section 44ASection 54F

…1969] 73 ITR 702 (SC); CIT v. Strawboard Manufacturing Co. Ltd. [1989] 177 ITR 431 (SC) at page 434 and CIT v. South Arcot District Co-operative Marketing Society Ltd. 176 ITR 117 (SC) at page 119]. The Supreme Court in CCE versus Favourite Industries, (2012) 7 SCC 153 has observed:- ’21 Furthermore, this Court in Associated Cement Companies Ltd. v. State of Bihar [(2004) 7 SCC 642], while explaining the nature of the exemption notification and also the manner in which it should be interpreted has held: SCC p. 648, para 12) “12. Literally, exemption⌂ is freedom from liability, tax or duty. Fiscally it may assume…

Commissioner of Income Tax - Xv vs. Bharti Mishra

ITA - 567 / 2013HC Delhi18 Dec 2013

Section 54Section 54F

…t is replaced by a new capital asset in form of a residential house. Once an assessee falls within the ambit of a beneficial provision, then the said provision should be liberally interpreted. The Supreme Court in CCE versus Favourite Industries, (2012) 7 SCC 153 has succinctly observed:- 2013:DHC:6526-DB ITA No. 567/2013 Page 12 of 13 “21. Furthermore, this Court in Associated Cement Companies Ltd. v. State of Bihar [(2004) 7 SCC 642] , while explaining the nature of the exemptio…