CIT and Cadell Weaving Mill Co. P. Ltd. v. CIT

249 ITR 265High Court2001#3259 most cited

What is CIT and Cadell Weaving Mill Co. P. Ltd. v. CIT authority for?

Capital receipts can be subjected to tax as income. The nature of receipts is determined by the purpose of payment.

36

judgments rely on this decision, according to BharatTax’s citation analysis of 366,369 Indian tax judgments — from 2015 to 2024.

Also referred to as

Cadell Weaving Mill Co. v. CIT · capital receipts · income receipts · taxability of capital receipts · nature of receipts · purpose of payment

Issues it is cited on

indiatotal incomebusiness

Judgments citing CIT and Cadell Weaving Mill Co. P. Ltd. v. CIT

M/S. the Hindustan Sewing & Weaving Mills Ltd., Mumbai vs. DCIT Cir. 2(1), Mumbai

The appeal of the assessee is allowed on this account

ITA 3822/MUM/2003[1996-1997]Status: DisposedITAT Mumbai30 Jun 2016AY 1996-1997

Bench: Shri G.S. Pannu & Shri Sanjay Garg

For Appellant: Shri K. K. Ved, A.RFor Respondent: Shri S. Senthil Kumar, D.R
Section 10(3)Section 143(3)Section 246Section 45Section 55

…c amendment to Section 55 w.e.f. 01.04.1995, the sums received for surrender of tenancy rights have been made taxable as income from capital gains. Further, relying upon the judgment of Bombay High Court in the case of ‘Cadell Weaving and Spinning Mills Ltd.’ 249 ITR 265, CIT(A) came to a conclusion that such receipts are not taxable as casual and non recurring receipts u/s 10(3) and accordingly directed the same to be taxed under the head Capital Gains. The Department, thus, has come in appeal before us on this issue. 5. A copy of the relevant agreement has been furnished to us. The DR supported the order of AO…

DCIT Cir. 2(1), Mumbai vs. M/S. Hindustan Spinning & Weaving Mill Ltd., Mumbai

The appeal of the assessee is allowed on this account

ITA 3622/MUM/2003[1996-1997]Status: DisposedITAT Mumbai30 Jun 2016AY 1996-1997

Bench: Shri G.S. Pannu & Shri Sanjay Garg

For Appellant: Shri K. K. Ved, A.RFor Respondent: Shri S. Senthil Kumar, D.R
Section 10(3)Section 143(3)Section 246Section 45Section 55

…c amendment to Section 55 w.e.f. 01.04.1995, the sums received for surrender of tenancy rights have been made taxable as income from capital gains. Further, relying upon the judgment of Bombay High Court in the case of ‘Cadell Weaving and Spinning Mills Ltd.’ 249 ITR 265, CIT(A) came to a conclusion that such receipts are not taxable as casual and non recurring receipts u/s 10(3) and accordingly directed the same to be taxed under the head Capital Gains. The Department, thus, has come in appeal before us on this issue. 5. A copy of the relevant agreement has been furnished to us. The DR supported the order of AO…

ACIT 17(2), Mumbai vs. Damania & Sons, Mumbai

Appeal of the assessee is allowed and the ld

ITA 5120/MUM/2014[2008-09]Status: DisposedITAT Mumbai14 Jun 2016AY 2008-09

Bench: Shri Joginder Singh & Shri Ashwani Tanejaassessment Year: 2008-09 Dcit-17(2), M/S Damania & Sons, R.No.217, 2Nd Floor, Jame Jamshed Road, बनाम/ Piramal Chambers, Matunga, Vs. Mumbai-400012 Mumbai-400019 (राज"व /Revenue) ("नधा"रती /Assessee) Pan. No.Aacfd0045J Shri Rakesh Ranjan Sr.Dr राज"व क" ओर से / Revenue By "नधा"रती क" ओर से / Assessee By Shri Milin Dattani

Section 271(1)(c)Section 50Section 55(2)(a)Section 55(2)(b)

…e same at that price. It was therefore submitted that the amount paid by the purchaser was on account of the land cost. 8. The learned CIT(A) examined the issue and observed that the Hon'ble Bombay High Court, in the case of D.K. Sandhu Bros. Chembur P. Ltd. 249 ITR 265 had considered identical issue wherein it was held that the tenancy right was a capital right and its transfer would attract capital gains. In the instant case the assessee acquired the leasehold rights for an amount of Rs.44,772/- and this should be treated as cost of acquisition. 9. As regards computation of capital gains the learned CIT(A) no…

Udaysingh P Bobade (HUF), Mumbai vs. ITO 19(1)(2), Mumbai

In the result , the appeal in ITA No

ITA 7491/MUM/2012[2009-10]Status: DisposedITAT Mumbai24 Feb 2016AY 2009-10

Bench: Shri Saktijit Dey & Shri Ramit Kocharआयकर अपील सं./I.T.A. No. 7490/Mum/2012 ("नधा"रण वष" / Assessment Year : 2009-10) Sujaysingh P. Bobade (Huf) बनाम/ I.T.O. 19(1)(2), A-101, Amrit Chs Ltd. Piramal Chambers, V. 15 Carter Road, Parel, Mumbai - 400012 Khar (W), Mumbai-400052 "थायी लेखा सं./Pan : Aaphs9015L .. (अपीलाथ" /Appellant) (""यथ" / Respondent)

For Respondent: Shri Manjunatha Swamy
Section 143(3)Section 263Section 54E

…that tenancy rights is a capital asset as held by the Hon’ble Supreme Court in the case of CIT v. D P Sandu Bros. Chembur Private Limited (2005) 273 ITR 1(SC) and Hon’ble Bombay High Court in the case of Cadell Weaving Mills Co. Private Limited v. CIT (2001) 249 ITR 265 (Bom. HC). The assessee-HUF also submitted that in the case of third co-owner Mr. Dushyant P Babode(HUF) with respect to the same transaction being 1/3 co- owner, the CIT(A) has held the transfer of tenancy right as transfer of long ITA 7490/Mum/12 & 10 ITA 7491/Mum/2012 term capital asset and brought the same to tax as Income from Capital ga…

Sujaysingh P Bobade (HUF), Mumbai vs. ITO 19(1)(2), Mumbai

In the result , the appeal in ITA No

ITA 7490/MUM/2012[2009-10]Status: DisposedITAT Mumbai24 Feb 2016AY 2009-10

Bench: Shri Saktijit Dey & Shri Ramit Kocharआयकर अपील सं./I.T.A. No. 7490/Mum/2012 ("नधा"रण वष" / Assessment Year : 2009-10) Sujaysingh P. Bobade (Huf) बनाम/ I.T.O. 19(1)(2), A-101, Amrit Chs Ltd. Piramal Chambers, V. 15 Carter Road, Parel, Mumbai - 400012 Khar (W), Mumbai-400052 "थायी लेखा सं./Pan : Aaphs9015L .. (अपीलाथ" /Appellant) (""यथ" / Respondent)

For Respondent: Shri Manjunatha Swamy
Section 143(3)Section 263Section 54E

…that tenancy rights is a capital asset as held by the Hon’ble Supreme Court in the case of CIT v. D P Sandu Bros. Chembur Private Limited (2005) 273 ITR 1(SC) and Hon’ble Bombay High Court in the case of Cadell Weaving Mills Co. Private Limited v. CIT (2001) 249 ITR 265 (Bom. HC). The assessee-HUF also submitted that in the case of third co-owner Mr. Dushyant P Babode(HUF) with respect to the same transaction being 1/3 co- owner, the CIT(A) has held the transfer of tenancy right as transfer of long ITA 7490/Mum/12 & 10 ITA 7491/Mum/2012 term capital asset and brought the same to tax as Income from Capital ga…

Topsgrup Electronics Systems Ltd, Mumbai vs. ITO WD 8(3)(3), Mumbai

In the result, the assessee’s appeal for assessment year 2009-10 is allowed as indicated above

ITA 2115/MUM/2015[2009-10]Status: DisposedITAT Mumbai15 Feb 2016AY 2009-10

Bench: Shri Jason P. Boaz & Shri Amit Shuklam/S. Topsgrup Electronic Systems Income Tax Officer-8(3)(3) Ltd. (Previsously Tops Sequipment Ltd.) Àayakar Bhavan, M.K. Road 5, Royal Palms Golf & Country Club Vs. Mumbai 400020 Aarey Milk Colony, Goregaon (E) Mumbai 400065 Pan - Aaact3291K Appellant Respondent

For Appellant: Shri S.M. LalaFor Respondent: Shri Mukesh Kumar Shah
Section 143(3)Section 92C

…not received on application of ALP. Therefore absent express legislation, no amount received, accrued or arising on capital account transaction can be subjected to tax as Income. This is settled by the decision of this Court in Cadell Weaving Mill Co. vs. CIT 249 ITR 265 was upheld by the Apex Court in CIT vs. D.P. Sandu Bros, Chember (P) Ltd. 273 ITR 1. .......... 42. .......... As pointed out above, the issue of shares at a premium is on Capital Account and gives rise to no income. The submission on behalf the revenue that the shortfall in ALP as computed for the purposes of Chapter X of the Act gives rise to i…

ITO 4(2)(4), Mumbai vs. Marudhar Mudra P.Ltd, Mumbai

The appeal of the Revenue is dismissed

ITA 3166/MUM/2012[2007-08]Status: DisposedITAT Mumbai20 Nov 2015AY 2007-08

Bench: Shri Joginder Singh & Shri Rajesh Kumarassessment Year 2007-08 Ito-4(2)(4), M/S Marudhar Mudra Pvt. Room No.647, 6Th Floor, Ltd. बनाम/ M.K. Road, 101-102, Chartered House, Vs. Aayakar Bhavan, 293-297, Dr. C.H.Street, Mumbai-400020 Marine Lines, Mumbai-400002 (राज"व /Revenue) ("नधा"रती /Assessee) Pan. No.Aabcm5764F

Section 73

…g lease hold rights. Burden lies on the revenue to show that the right was liable to tax. Nomenclature of receipt was irrelevant and that such receipt was of capital nature. Hon’ble Bombay High Court in the case of Cadell Weaving Mill Co.(P) Ltd vs CIT (2001) 249 ITR 265 (Born) held that consideration for surrendering tenancy right is a capital receipt accruing on transfer of capital asset. 5.5 Similar views have been also given by various courts and such decisions may be cited as under:- " CIT vs Smt T P Sidhwa (1982) 133 ITR 840 (Boni) " CIT vs Bombay Burma Trading Corporation (1987) 161 ITR 386(5C) " CIT vs M…

DCIT 7(2), Mumbai vs. Solvay Specialities India P. Ltd, Mumbai

In the result, appeal of the Revenue is dismissed

ITA 1702/MUM/2014[2009-10]Status: DisposedITAT Mumbai04 Nov 2015AY 2009-10

Bench: Shri D. Karunakara Rao & Shri Lalit Kumar

For Appellant: Shri M.P. Lohia & Shri HemanFor Respondent: Shri N.K. Chand – CIT, DR

…ot received on application of ALP. Therefore, absent express legislation, no amount received, accrued or arising on capital account transaction can be subjected to tax as Income. This is settled by the decision of this Court in Cadell Weaving Mill Co. vs. CIT 249 ITR 265 was upheld by the Apex Court in CIT vs. D.P. Sandu Bros. Chember (P) Ltd. 273 ITR 1. This Court has in Cadell Weaving Mills Co. (supra) inter alia, observed as under:- " It is well settled that all receipts are not taxable under the Income tax Act. Section 2(24) defines "income". It is no doubt an inclusive definition. However, a capital receipt…

Cox & Kings Ltd, Mumbai vs. Addl CIT RG 1(1), Mumbai

In the result, both the appeals of the assessee are partly allowed for statistical purposes

ITA 1354/MUM/2014[2009-10]Status: DisposedITAT Mumbai04 Nov 2015AY 2009-10

Bench: Shri D. Karunakara Rao & Shri Pawan Singh

For Appellant: Shri R.R. VoraFor Respondent: Shri G.M. Doss, DR and Shri
Section 143(3)Section 14ASection 92A(3)

…ot received on application of ALP. Therefore, absent express legislation, no amount received, accrued or arising on capital account transaction can be subjected to tax as Income. This is settled by the decision of this Court in Cadell Weaving Mill Co. vs. CIT 249 ITR 265 was upheld by the Apex Court in CIT vs. D.P. Sandu Bros. Chember (P) Ltd. 273 ITR 1. This Court has in Cadell Weaving Mills Co. (supra) inter alia, observed as under:- " It is well settled that all receipts are not taxable under the Income tax Act. Section 2(24) defines "income". It is no doubt an inclusive definition. However, a capital receipt…

ITO 14(1)3, Mumbai vs. Ashokkumar M Parikh, Mumbai

In the result, appeals of the assessee are allowed, whereas appeals of the Revenue are dismissed

ITA 4986/MUM/2014[2010-11]Status: DisposedITAT Mumbai21 Oct 2015AY 2010-11

Bench: Shri R.C. Sharma & Shri Sandeep Gosainआमकय अऩीर सं./I.T.A. No.3708/Mum/2014 (नििाारण वषा / Assessment Year : 2010-2011 आमकय अऩीर सं./I.T.A. No.1250/Mum/2013 (नििाारण वषा / Assessment Year : 2010-2011 बिाम/ Shri Bharatkumar Maneklal The Ito 14(1)(3), Parikh, Mumbai. Vs. Arunodaya, 10 Th Floor, Flat No. 1002 & 1003, Opp. New India Colony, C.D. Bariwala Marg, Andheri (W), Mumbai – 400 058. स्थामी रेखा सं./ Pan : Aacpp7754L (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. आमकय अऩीर सं./I.T.A. No.4985/Mum/2014 (नििाारण वषा / Assessment Year : 2010-2011 आमकय अऩीर सं./I.T.A. No.4986/Mum/2014 (नििाारण वषा / Assessment Year : 2010-2011 बिाम/ The Ito 14(1)(3), Shri Bharatkumar Mumbai. Maneklal Parikh, Vs. Arunodaya, 10 Th Floor, Flat No. 1002 & 1003, Opp. New India Colony, C.D. Bariwala Marg, Andheri (W), Mumbai – 400 058. स्थामी रेखा सं./ Pan : Aacpp7754L (अऩीराथी /Appellant) (प्रत्मथी / Respondent) ..

For Respondent: Shri Aarsi Prasad (D.R)
Section 143(1)Section 143(3)Section 45Section 55(2)(a)

…d rights, tenancy and tenancy rights are legal terms and if they have been used differently in different sections of Income-tax Act, it follows that the 2 carry different meanings. 1.5 (a) There is no cost of acquisition of leasehold rights - Cadell Weaving - 249 ITR 265 (Born) at page 270 - under the heading "Facts" and 273 ITR 1 (SC) (b) Section 55(2)(a) only refers to "tenancy rights" , cost of acquisition of which is deemed to be 'nil' and does not refer to leasehold rights (c) Leasehold rights not mentioned in the said section (d) Basis of claim - refer letter to AO dated 8.8.2011 - page nos 62 to 66 of pape…

ITO 14(1)3, Mumbai vs. Bharatkumar M Parikh, Mumbai

In the result, appeals of the assessee are allowed, whereas appeals of the Revenue are dismissed

ITA 4985/MUM/2014[2010-11]Status: DisposedITAT Mumbai21 Oct 2015AY 2010-11

Bench: Shri R.C. Sharma & Shri Sandeep Gosainआमकय अऩीर सं./I.T.A. No.3708/Mum/2014 (नििाारण वषा / Assessment Year : 2010-2011 आमकय अऩीर सं./I.T.A. No.1250/Mum/2013 (नििाारण वषा / Assessment Year : 2010-2011 बिाम/ Shri Bharatkumar Maneklal The Ito 14(1)(3), Parikh, Mumbai. Vs. Arunodaya, 10 Th Floor, Flat No. 1002 & 1003, Opp. New India Colony, C.D. Bariwala Marg, Andheri (W), Mumbai – 400 058. स्थामी रेखा सं./ Pan : Aacpp7754L (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. आमकय अऩीर सं./I.T.A. No.4985/Mum/2014 (नििाारण वषा / Assessment Year : 2010-2011 आमकय अऩीर सं./I.T.A. No.4986/Mum/2014 (नििाारण वषा / Assessment Year : 2010-2011 बिाम/ The Ito 14(1)(3), Shri Bharatkumar Mumbai. Maneklal Parikh, Vs. Arunodaya, 10 Th Floor, Flat No. 1002 & 1003, Opp. New India Colony, C.D. Bariwala Marg, Andheri (W), Mumbai – 400 058. स्थामी रेखा सं./ Pan : Aacpp7754L (अऩीराथी /Appellant) (प्रत्मथी / Respondent) ..

For Respondent: Shri Aarsi Prasad (D.R)
Section 143(1)Section 143(3)Section 45Section 55(2)(a)

…d rights, tenancy and tenancy rights are legal terms and if they have been used differently in different sections of Income-tax Act, it follows that the 2 carry different meanings. 1.5 (a) There is no cost of acquisition of leasehold rights - Cadell Weaving - 249 ITR 265 (Born) at page 270 - under the heading "Facts" and 273 ITR 1 (SC) (b) Section 55(2)(a) only refers to "tenancy rights" , cost of acquisition of which is deemed to be 'nil' and does not refer to leasehold rights (c) Leasehold rights not mentioned in the said section (d) Basis of claim - refer letter to AO dated 8.8.2011 - page nos 62 to 66 of pape…

Ashokkumar Maneklal Parikh, Mumbai vs. ITO 14(1)(3)

In the result, appeals of the assessee are allowed, whereas appeals of the Revenue are dismissed

ITA 3709/MUM/2014[2010-11]Status: DisposedITAT Mumbai21 Oct 2015AY 2010-11

Bench: Shri R.C. Sharma & Shri Sandeep Gosainआमकय अऩीर सं./I.T.A. No.3708/Mum/2014 (नििाारण वषा / Assessment Year : 2010-2011 आमकय अऩीर सं./I.T.A. No.1250/Mum/2013 (नििाारण वषा / Assessment Year : 2010-2011 बिाम/ Shri Bharatkumar Maneklal The Ito 14(1)(3), Parikh, Mumbai. Vs. Arunodaya, 10 Th Floor, Flat No. 1002 & 1003, Opp. New India Colony, C.D. Bariwala Marg, Andheri (W), Mumbai – 400 058. स्थामी रेखा सं./ Pan : Aacpp7754L (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. आमकय अऩीर सं./I.T.A. No.4985/Mum/2014 (नििाारण वषा / Assessment Year : 2010-2011 आमकय अऩीर सं./I.T.A. No.4986/Mum/2014 (नििाारण वषा / Assessment Year : 2010-2011 बिाम/ The Ito 14(1)(3), Shri Bharatkumar Mumbai. Maneklal Parikh, Vs. Arunodaya, 10 Th Floor, Flat No. 1002 & 1003, Opp. New India Colony, C.D. Bariwala Marg, Andheri (W), Mumbai – 400 058. स्थामी रेखा सं./ Pan : Aacpp7754L (अऩीराथी /Appellant) (प्रत्मथी / Respondent) ..

For Respondent: Shri Aarsi Prasad (D.R)
Section 143(1)Section 143(3)Section 45Section 55(2)(a)

…d rights, tenancy and tenancy rights are legal terms and if they have been used differently in different sections of Income-tax Act, it follows that the 2 carry different meanings. 1.5 (a) There is no cost of acquisition of leasehold rights - Cadell Weaving - 249 ITR 265 (Born) at page 270 - under the heading "Facts" and 273 ITR 1 (SC) (b) Section 55(2)(a) only refers to "tenancy rights" , cost of acquisition of which is deemed to be 'nil' and does not refer to leasehold rights (c) Leasehold rights not mentioned in the said section (d) Basis of claim - refer letter to AO dated 8.8.2011 - page nos 62 to 66 of pape…

Bhartkumar Maneklal Parikh, Mumbai vs. ITO 14(1)(3)

In the result, appeals of the assessee are allowed, whereas appeals of the Revenue are dismissed

ITA 3708/MUM/2014[2010-11]Status: DisposedITAT Mumbai21 Oct 2015AY 2010-11

Bench: Shri R.C. Sharma & Shri Sandeep Gosainआमकय अऩीर सं./I.T.A. No.3708/Mum/2014 (नििाारण वषा / Assessment Year : 2010-2011 आमकय अऩीर सं./I.T.A. No.1250/Mum/2013 (नििाारण वषा / Assessment Year : 2010-2011 बिाम/ Shri Bharatkumar Maneklal The Ito 14(1)(3), Parikh, Mumbai. Vs. Arunodaya, 10 Th Floor, Flat No. 1002 & 1003, Opp. New India Colony, C.D. Bariwala Marg, Andheri (W), Mumbai – 400 058. स्थामी रेखा सं./ Pan : Aacpp7754L (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. आमकय अऩीर सं./I.T.A. No.4985/Mum/2014 (नििाारण वषा / Assessment Year : 2010-2011 आमकय अऩीर सं./I.T.A. No.4986/Mum/2014 (नििाारण वषा / Assessment Year : 2010-2011 बिाम/ The Ito 14(1)(3), Shri Bharatkumar Mumbai. Maneklal Parikh, Vs. Arunodaya, 10 Th Floor, Flat No. 1002 & 1003, Opp. New India Colony, C.D. Bariwala Marg, Andheri (W), Mumbai – 400 058. स्थामी रेखा सं./ Pan : Aacpp7754L (अऩीराथी /Appellant) (प्रत्मथी / Respondent) ..

For Respondent: Shri Aarsi Prasad (D.R)
Section 143(1)Section 143(3)Section 45Section 55(2)(a)

…d rights, tenancy and tenancy rights are legal terms and if they have been used differently in different sections of Income-tax Act, it follows that the 2 carry different meanings. 1.5 (a) There is no cost of acquisition of leasehold rights - Cadell Weaving - 249 ITR 265 (Born) at page 270 - under the heading "Facts" and 273 ITR 1 (SC) (b) Section 55(2)(a) only refers to "tenancy rights" , cost of acquisition of which is deemed to be 'nil' and does not refer to leasehold rights (c) Leasehold rights not mentioned in the said section (d) Basis of claim - refer letter to AO dated 8.8.2011 - page nos 62 to 66 of pape…

Ashokkumar Maneklal Parikh, Mumbai vs. ITO 14(1)(3), Mumbai

In the result, appeals of the assessee are allowed, whereas appeals of the Revenue are dismissed

ITA 179/MUM/2013[2010-11]Status: DisposedITAT Mumbai21 Oct 2015AY 2010-11

Bench: Shri R.C. Sharma & Shri Sandeep Gosainआमकय अऩीर सं./I.T.A. No.3708/Mum/2014 (नििाारण वषा / Assessment Year : 2010-2011 आमकय अऩीर सं./I.T.A. No.1250/Mum/2013 (नििाारण वषा / Assessment Year : 2010-2011 बिाम/ Shri Bharatkumar Maneklal The Ito 14(1)(3), Parikh, Mumbai. Vs. Arunodaya, 10 Th Floor, Flat No. 1002 & 1003, Opp. New India Colony, C.D. Bariwala Marg, Andheri (W), Mumbai – 400 058. स्थामी रेखा सं./ Pan : Aacpp7754L (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. आमकय अऩीर सं./I.T.A. No.4985/Mum/2014 (नििाारण वषा / Assessment Year : 2010-2011 आमकय अऩीर सं./I.T.A. No.4986/Mum/2014 (नििाारण वषा / Assessment Year : 2010-2011 बिाम/ The Ito 14(1)(3), Shri Bharatkumar Mumbai. Maneklal Parikh, Vs. Arunodaya, 10 Th Floor, Flat No. 1002 & 1003, Opp. New India Colony, C.D. Bariwala Marg, Andheri (W), Mumbai – 400 058. स्थामी रेखा सं./ Pan : Aacpp7754L (अऩीराथी /Appellant) (प्रत्मथी / Respondent) ..

For Respondent: Shri Aarsi Prasad (D.R)
Section 143(1)Section 143(3)Section 45Section 55(2)(a)

…d rights, tenancy and tenancy rights are legal terms and if they have been used differently in different sections of Income-tax Act, it follows that the 2 carry different meanings. 1.5 (a) There is no cost of acquisition of leasehold rights - Cadell Weaving - 249 ITR 265 (Born) at page 270 - under the heading "Facts" and 273 ITR 1 (SC) (b) Section 55(2)(a) only refers to "tenancy rights" , cost of acquisition of which is deemed to be 'nil' and does not refer to leasehold rights (c) Leasehold rights not mentioned in the said section (d) Basis of claim - refer letter to AO dated 8.8.2011 - page nos 62 to 66 of pape…

Bharatkumar Maneklal Parikh, Mumbai vs. ITO 14(1)(3), Mumbai

In the result, appeals of the assessee are allowed, whereas appeals of the Revenue are dismissed

ITA 1250/MUM/2013[2010-11]Status: DisposedITAT Mumbai21 Oct 2015AY 2010-11

Bench: Shri R.C. Sharma & Shri Sandeep Gosainआमकय अऩीर सं./I.T.A. No.3708/Mum/2014 (नििाारण वषा / Assessment Year : 2010-2011 आमकय अऩीर सं./I.T.A. No.1250/Mum/2013 (नििाारण वषा / Assessment Year : 2010-2011 बिाम/ Shri Bharatkumar Maneklal The Ito 14(1)(3), Parikh, Mumbai. Vs. Arunodaya, 10 Th Floor, Flat No. 1002 & 1003, Opp. New India Colony, C.D. Bariwala Marg, Andheri (W), Mumbai – 400 058. स्थामी रेखा सं./ Pan : Aacpp7754L (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. आमकय अऩीर सं./I.T.A. No.4985/Mum/2014 (नििाारण वषा / Assessment Year : 2010-2011 आमकय अऩीर सं./I.T.A. No.4986/Mum/2014 (नििाारण वषा / Assessment Year : 2010-2011 बिाम/ The Ito 14(1)(3), Shri Bharatkumar Mumbai. Maneklal Parikh, Vs. Arunodaya, 10 Th Floor, Flat No. 1002 & 1003, Opp. New India Colony, C.D. Bariwala Marg, Andheri (W), Mumbai – 400 058. स्थामी रेखा सं./ Pan : Aacpp7754L (अऩीराथी /Appellant) (प्रत्मथी / Respondent) ..

For Respondent: Shri Aarsi Prasad (D.R)
Section 143(1)Section 143(3)Section 45Section 55(2)(a)

…d rights, tenancy and tenancy rights are legal terms and if they have been used differently in different sections of Income-tax Act, it follows that the 2 carry different meanings. 1.5 (a) There is no cost of acquisition of leasehold rights - Cadell Weaving - 249 ITR 265 (Born) at page 270 - under the heading "Facts" and 273 ITR 1 (SC) (b) Section 55(2)(a) only refers to "tenancy rights" , cost of acquisition of which is deemed to be 'nil' and does not refer to leasehold rights (c) Leasehold rights not mentioned in the said section (d) Basis of claim - refer letter to AO dated 8.8.2011 - page nos 62 to 66 of pape…

M/S. Abb Ltd., Bangalore vs. The Addl. CIT, Bangalore

In the result appeal by the Assessee is allowed

ITA 1281/BANG/2010[1997-98]Status: DisposedITAT Bangalore14 May 2015AY 1997-98

Bench: Shri N.V. Vasudevan & Shri Jason P. Boaz Assessment Year : 1997-98

For Appellant: Shri P.J. Pardiwalla, Sr. AdvocateFor Respondent: Shri K.V. Arvind, Sr. Counsel

…ess/undertaking”. It must therefore be held that it was not in the nature of income at all. 40. Further reliance was placed by him on the decision of the Hon’ble Bombay High Court in the case of CADELL WEAVING MILL CO. (P) LTD. vs. COMMISSIONER OF INCOME TAX 249 ITR 265 (Bom) wherein it was held that a capital receipt which is not chargeable to tax u/s.45 of the Act cannot be regarded as income of a casual or non-recurring nature and brought to tax. Further reference was also made to the decision of the Hon’ble Supreme Court in the case of COMMISSIONER OF INCOME TAX vs. D.P. SANDU BROS. CHEMBUR (P) LTD. 273 ITR…