CIT v. Ashokbhai Chimanbhai

227 ITR 43Supreme Court of India2017#11136 most cited
10

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2018 to 2020.

Judgments citing CIT v. Ashokbhai Chimanbhai

UNIVERSAL MEDICARE P.LTD,MUMBAI vs. DCIT CEN CIR 3(2), MUMBAI

In the result this ground of appeal is allowed for

ITA 4418/MUM/2016[2012-13]Status: DisposedITAT Mumbai06 Mar 2020AY 2012-13

Bench: Shri Pawan Singh & Shri S. Rifaur Rahmanuniversal Medicare Pvt. Ltd., Dcit, Central Cricle-3(2), Capsulation Premises, Mumbai (Erstwhile Asst. Sion Trombay Road, Deonar, Vs. Commissioner Of Income Mumbai-400088. Tax, Cc-20, Mumbai), Room No. 1923, 19Th Floor, Pan: Aaacu0717B Air India Building, Nariman Point, Mumbai-400021. Appellant Respondent C.O. No. 268/Mum/2017 (Assessment Year 2012-13) Dcit, Central Cricle-3(2), Universal Medicare Pvt. Ltd., Mumbai (Erstwhile Asst. Capsulation Premises, Commissioner Of Income Vs. Sion Trombay Road, Deonar, Tax, Cc-20, Mumbai), Room Mumbai-400088. No. 1923, 19Th Floor, Air Pan: Aaacu0717B India Building, Nariman Point, Mumbai-400021. Appellant Respondent Appellant By : Shri J.D. Mistry Senior Advocate With Shri Manish Shah Advocate Respondent By : Mrs. S. Padmaja (Cit-Dr)

For Appellant: Shri J.D. Mistry Senior Advocate with Shri Manish Shah AdvocateFor Respondent: Mrs. S. Padmaja (CIT-DR)
Section 143(3)Section 2Section 254(1)Section 50B

…iya vs. ACIT [2012] 24 taxman.com 276(Del.) dt. 16.07.2012.  E.D. Sasson & Co. Ltd. vs. CIT (267 ITR 27 (SC).  Morvi Industries Ltd. vs. CIT [1971] 82 ITR 835.  CIT vs. Ashokbhai Chimanbhai [1965] 56 ITR 42 (SC).  CIT vs. Equinox Solution (P.) Ltd. [2017] 393 ITR 566 (SC). ITA No. 4418 M 16 & C.O. 268 M 17-Universal Medicare Pvt. Ltd. 27. The ld. DR for the revenue also furnished her written submission running into 22 pages. The relevant part of her submission are extracted below : 1. Clearly the deduction claimed by the appellant on account of amount of Rs 89.45 cr placed in escrow are not allowable per…

SHRI BALAJI INDUSTRIES COMPLEX,BADAUN vs. CIT, MORADABAD

In the result, the appeal of the assessee stands allowed

ITA 2775/DEL/2015[2009-10]Status: DisposedITAT Delhi17 Sept 2018AY 2009-10

Bench: Shri N.K.Billaiya & Shri Sudhanshu Srivastavaassessment Year: 2009-10 Balaji Industries Complex, Cit, Ismailpur, Moradabad-244001 Vs Badaun. (Pan: Abefs3007Q) Appellant Respondent Assessee By: Mr. Abhinav Mehrotra, Adv. Department By: Smt. Meeta Singh C.I.T. Dr Date Of Hearing: 19.06.2018 Date Of Pronouncement: 17.09.2018

For Appellant: Mr. Abhinav Mehrotra, AdvFor Respondent: Smt. Meeta Singh C.I.T. DR
Section 143(3)Section 263Section 48Section 50C

…fficer, the Ld. Pr. Commissioner cannot set aside the order without recording a contrary finding. This will be contrary to Section 263 of the Act. 5.7 We also note that the Hon’ble Apex Court in the case of C.I.T. vs. Equinox Solutions (P) Ltd. reported in 393 ITR 566 (SC) has held that that when the entire business with assets and liabilities is sold by the assessee in one go, such sale cannot be considered as sale of short term capital assets and where the entire business is sold in one go, it will be a case of slump sale of a long term capital asset which would be covered by the provisions of section 50B o…

M.S. LAKSHMI BAI, HYDERABAD,HYDERABAD vs. CIT (EXEMPTIONS), HYDERABAD, HYDERABAD

In the result, this appeal is allowed for statistical purposes

ITA 1679/HYD/2016[2007-08]Status: DisposedITAT Hyderabad23 May 2018AY 2007-08

Bench: Smt. P. Madhavi Devi & Shri B. Ramakotaiah

For Appellant: Shri S. Rama Rao, ARFor Respondent: Shri D. Prasad Rao, DR
Section 143(3)Section 148

…be brought to tax. He also relied on the following judgments: i. Amiantit International Holding Ltd., AAR [322 ITR 678]; ii. State Bank of Travancore Vs. CIT [158 ITR 102]; iii. CIT Vs. Ashokbhai Chimanbhai [56 ITR 42]; iv. Assam Roller Flour Mills Vs. CIT [227 ITR 43]; for various concepts. Lastly, Ld. Counsel relied on the recent amendment to the Finance Act, 2017 by which new provision of Sub-Section 5A u/s. 45 has been introduced to support the concept of real income. 5.2. With reference to cost of purchase which is also added as ‘unexplained investment’, it was the contention that assessee has furnished…

R. SUBBA LAXMI, HYDERABAD,HYDERABAD vs. ITO, WARD-11(5), HYDERABAD, HYDERABAD

In the result, this appeal is allowed for statistical purposes

ITA 1600/HYD/2016[2007-08]Status: DisposedITAT Hyderabad23 May 2018AY 2007-08

Bench: Smt. P. Madhavi Devi & Shri B. Ramakotaiah

For Appellant: Shri S. Rama Rao, ARFor Respondent: Shri D. Prasad Rao, DR
Section 143(3)Section 148

…be brought to tax. He also relied on the following judgments: i. Amiantit International Holding Ltd., AAR [322 ITR 678]; ii. State Bank of Travancore Vs. CIT [158 ITR 102]; iii. CIT Vs. Ashokbhai Chimanbhai [56 ITR 42]; iv. Assam Roller Flour Mills Vs. CIT [227 ITR 43]; for various concepts. Lastly, Ld. Counsel relied on the recent amendment to the Finance Act, 2017 by which new provision of Sub-Section 5A u/s. 45 has been introduced to support the concept of real income. 5.2. With reference to cost of purchase which is also added as ‘unexplained investment’, it was the contention that assessee has furnished…

VISWANATHA REDDY POTHAM, HYDERABAD,HYDERABAD vs. ITO, WARD-11(5), HYDERABAD, HYDERABAD

In the result, this appeal is allowed for statistical purposes

ITA 1599/HYD/2016[2007-08]Status: DisposedITAT Hyderabad23 May 2018AY 2007-08

Bench: Smt. P. Madhavi Devi & Shri B. Ramakotaiah

For Appellant: Shri S. Rama Rao, ARFor Respondent: Shri D. Prasad Rao, DR
Section 143(3)Section 148

…be brought to tax. He also relied on the following judgments: i. Amiantit International Holding Ltd., AAR [322 ITR 678]; ii. State Bank of Travancore Vs. CIT [158 ITR 102]; iii. CIT Vs. Ashokbhai Chimanbhai [56 ITR 42]; iv. Assam Roller Flour Mills Vs. CIT [227 ITR 43]; for various concepts. Lastly, Ld. Counsel relied on the recent amendment to the Finance Act, 2017 by which new provision of Sub-Section 5A u/s. 45 has been introduced to support the concept of real income. 5.2. With reference to cost of purchase which is also added as ‘unexplained investment’, it was the contention that assessee has furnished…

JILLELA DASARATHA REDDY, REP BY GPA HOLDER, J PEDDA VENKATA REDDY , HYDERABAD ,HYDERABAD vs. ITO, WARD-11(5), HYDERABAD, HYDERABAD

In the result, this appeal is allowed for statistical purposes

ITA 1598/HYD/2016[2007-08]Status: DisposedITAT Hyderabad23 May 2018AY 2007-08

Bench: Smt. P. Madhavi Devi & Shri B. Ramakotaiah

For Appellant: Shri S. Rama Rao, ARFor Respondent: Shri D. Prasad Rao, DR
Section 143(3)Section 148

…be brought to tax. He also relied on the following judgments: i. Amiantit International Holding Ltd., AAR [322 ITR 678]; ii. State Bank of Travancore Vs. CIT [158 ITR 102]; iii. CIT Vs. Ashokbhai Chimanbhai [56 ITR 42]; iv. Assam Roller Flour Mills Vs. CIT [227 ITR 43]; for various concepts. Lastly, Ld. Counsel relied on the recent amendment to the Finance Act, 2017 by which new provision of Sub-Section 5A u/s. 45 has been introduced to support the concept of real income. 5.2. With reference to cost of purchase which is also added as ‘unexplained investment’, it was the contention that assessee has furnished…

KHAMBHAMPATI JAYALAKSHMI, HYD,HYDERABAD vs. ITO, WARD-11(5), HYDERABAD, HYDERABAD

In the result, this appeal is allowed for statistical purposes

ITA 1587/HYD/2016[2007-08]Status: DisposedITAT Hyderabad23 May 2018AY 2007-08

Bench: Smt. P. Madhavi Devi & Shri B. Ramakotaiah

For Appellant: Shri S. Rama Rao, ARFor Respondent: Shri D. Prasad Rao, DR
Section 143(3)Section 148

…be brought to tax. He also relied on the following judgments: i. Amiantit International Holding Ltd., AAR [322 ITR 678]; ii. State Bank of Travancore Vs. CIT [158 ITR 102]; iii. CIT Vs. Ashokbhai Chimanbhai [56 ITR 42]; iv. Assam Roller Flour Mills Vs. CIT [227 ITR 43]; for various concepts. Lastly, Ld. Counsel relied on the recent amendment to the Finance Act, 2017 by which new provision of Sub-Section 5A u/s. 45 has been introduced to support the concept of real income. 5.2. With reference to cost of purchase which is also added as ‘unexplained investment’, it was the contention that assessee has furnished…

RAMA RAO GOTTUMUKKALA, HYD,HYDERABAD vs. ITO, WARD-11(3), HYD, HYDERABAD

ITA 1233/HYD/2016[2007-08]Status: DisposedITAT Hyderabad23 May 2018AY 2007-08

Bench: Smt. P. Madhavi Devi & Shri B. Ramakotaiah

For Appellant: Shri J. Suresh, ARFor Respondent: Shri D. Prasad Rao, DR
Section 147Section 148Section 2(47)Section 2(47)(v)Section 53A

…be brought to tax. He also relied on the following judgments: i. Amiantit International Holding Ltd., AAR [322 ITR 678]; ii. State Bank of Travancore Vs. CIT [158 ITR 102]; iii. CIT Vs. Ashokbhai Chimanbhai [56 ITR 42]; iv. Assam Roller Flour Mills Vs. CIT [227 ITR 43]; for various concepts. Lastly, Ld. Counsel relied on the recent amendment to the Finance Act, 2017 by which new provision of Sub-Section 5A u/s. 45 has been introduced to support the concept of real income. 11. Ld.DR, however, while accepting that the facts as stated by the Ld. Counsel were placed before the AO and CIT(A) that one agreement has…

KONDAL RAO KURMYAGARI, HYD,HYDERABAD vs. ITO, WARD-11(5), HYD, HYDERABAD

ITA 1232/HYD/2016[2007-08]Status: DisposedITAT Hyderabad23 May 2018AY 2007-08

Bench: Smt. P. Madhavi Devi & Shri B. Ramakotaiah

For Appellant: Shri J. Suresh, ARFor Respondent: Shri D. Prasad Rao, DR
Section 147Section 148Section 2(47)Section 2(47)(v)Section 53A

…be brought to tax. He also relied on the following judgments: i. Amiantit International Holding Ltd., AAR [322 ITR 678]; ii. State Bank of Travancore Vs. CIT [158 ITR 102]; iii. CIT Vs. Ashokbhai Chimanbhai [56 ITR 42]; iv. Assam Roller Flour Mills Vs. CIT [227 ITR 43]; for various concepts. Lastly, Ld. Counsel relied on the recent amendment to the Finance Act, 2017 by which new provision of Sub-Section 5A u/s. 45 has been introduced to support the concept of real income. 11. Ld.DR, however, while accepting that the facts as stated by the Ld. Counsel were placed before the AO and CIT(A) that one agreement has…

ORICON ENTERPRISES LTD,MUMBAI vs. ACIT CEN CIR 3(3), MUMBAI

ITA 2913/MUM/2015[2007-08]Status: DisposedITAT Mumbai16 May 2018AY 2007-08

Bench: S/Sh. Rajendra & Pawan Singh

For Appellant: Shri Arvind SondeFor Respondent: Shri Manjunath Swamy-CIT-DR
Section 14Section 148Section 254(1)Section 36(1)(v)Section 40A(7)Section 43Section 43B

…आयकर अपीलीय अिधकरण आयकर अपीलीय अिधकरण, , , , मुंबई आयकर अपीलीय अिधकरण आयकर अपीलीय अिधकरण मुंबई मुंबई “ई” ” ” ” खंडपीठ मुंबई खंडपीठ खंडपीठ खंडपीठ Income-tax Appellate Tribunal “E”Bench Mumbai सव"ी सव"ी राजे"" राजे"", लेखा लेखा सद"य सद"य एवं एवं पवन "सह पवन "सह,"याियक "याियक सद"य सद"य सव"ी सव"ी राजे"" राजे"" लेखा लेखा सद"य सद"य एवं एवं पवन "सह पवन "सह "याियक "याियक सद"य सद"य Before S/Sh. Rajendra,Accountant Member & Pawan Singh, Judicial Member आयकर अपील अपील संसंसंसं./I.T.A./2913/Mum/2015, िनधा"रण िनधा"रण वष" वष" /Assessment Year: 2007-08 आयकर आयकर आयकर अपील अपील िनधा"रण िनधा"रण वष" वष" M/s. Oricon Enterprises…