CIT v. Assam Petroleum Industries Pvt. Ltd.

262 ITR 587High Court2003#3051 most cited

What is CIT v. Assam Petroleum Industries Pvt. Ltd. authority for?

The fiction created by Section 50(1) and (2) of the Income Tax Act, 1961, applies only to the computation of capital gains under Sections 48 and 49, and not to other provisions. Section 54E is available for exemption irrespective of whether the asset is depreciable or not.

39

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2011 to 2025.

Also referred to as

CIT v. Assam Petroleum Industries Pvt. Ltd. · Section 50(1) · Section 50(2) · Section 48 · Section 49 · Section 54E · capital gains computation · depreciable assets · non-depreciable assets

Sections most often in play

Section 115JBSection 115USection 14ASection 244ASection 271(1)(c)Section 36(1)(vii)Section 36(1)(viia)Section 36(1)(viii)

Issues it is cited on

section 50(1)section 80absection 54esection 70(2)section 10(15)section 80msection 10(33)section 14a(1)section 54eclong-term capital assetsection 36(1)(viii)section 111a

Judgments citing CIT v. Assam Petroleum Industries Pvt. Ltd.

ACIT-2(3)(1), MUMBAI vs. HDFC BANK LTD ( MERGED ENTITY HDFC INVESTMENTS LIMITED ), MUMBAI

ITA 2980/MUM/2024[2014-15]Status: DisposedITAT Mumbai28 Jan 2025AY 2014-15

Bench: Shri Anikesh Banerjee & Shri Girish Agrawal

For Appellant: Shri Nitesh Joshi, Advocate a

…366/- u/s.54EC as claimed by the assessee by following the decision of Hon'ble Jurisdictional High Court of Bombay in the case of CIT vs. Ace Builders (P) Ltd., [2005] 281 ITR 210 (Bom) and in the case of CIT vs. Assam Petroleum Industries Pvt. Ltd. [2003] 262 ITR 587 (Gau) of Hon'ble High Court of Guwahati. The essence of the aforesaid decisions is that fiction created in section 50(1) and (2) is restricted only to the mode of computation of capital gains contained in Section 48 and 49 and does not apply to other provisions, since fiction created by the legislature has to be confined to the purpose to wh…

HDFC BANK LIMITED (AS SUCCESSOR TO HDFC LTD),MUMBAI vs. DCIT 2(3)(1), MUMBAI

ITA 2665/MUM/2024[2015-16]Status: DisposedITAT Mumbai28 Jan 2025AY 2015-16

Bench: Shri Anikesh Banerjee & Shri Girish Agrawal

Section 143(3)

…366/- u/s.54EC as claimed by the assessee by following the decision of Hon'ble Jurisdictional High Court of Bombay in the case of CIT vs. Ace Builders (P) Ltd., [2005] 281 ITR 210 (Bom) and in the case of CIT vs. Assam Petroleum Industries Pvt. Ltd. [2003] 262 ITR 587 (Gau) of Hon'ble High Court of Guwahati. The essence of the aforesaid decisions is that fiction created in section 50(1) and (2) is restricted only to the mode of computation of capital gains contained in Section 48 and 49 and does not apply to other provisions, since fiction created by the legislature has to be confined to the purpose to wh…

ACIT-2(3)(1), MUMBAI vs. HDFC BANK LIMITED (MERGED ENTITY HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED), MUMBAI

In the result, appeals of both, assessee and revenue are decided \nas per the table below:\n\nSr

ITA 2597/MUM/2024[2020-21]Status: DisposedITAT Mumbai28 Jan 2025AY 2020-21

…/- u/s.54EC as claimed by the assessee by following \nthe decision of Hon'ble Jurisdictional High Court of Bombay in the case \nof CIT vs. Ace Builders (P) Ltd., [2005] 281 ITR 210 (Bom) and in the \ncase of CIT vs. Assam Petroleum Industries Pvt. Ltd. [2003] 262 ITR 587 \n(Gau) of Hon'ble High Court of Guwahati. The essence of the aforesaid \ndecisions is that fiction created in section 50(1) and (2) is restricted only \nto the mode of computation of capital gains contained in Section 48 and \n49 and does not apply to other provisions, since fiction created by the \nlegislature has to be confined to the purpose…

ACIT-1(1)(1), MUMBAI vs. M/S. HOUSING DEVELOPMENT FINANCE CORPORATION LTD., DELHI

ITA 2049/MUM/2023[2016-17]Status: DisposedITAT Mumbai28 Jan 2025AY 2016-17

Bench: Shri Anikesh Banerjee & Shri Girish Agrawal

…21,366/- u/s.54EC as claimed by the assessee by following the decision of Hon'ble Jurisdictional High Court of Bombay in the case of CIT vs. Ace Builders (P) Ltd., [2005] 281 ITR 210 (Bom) and in the case of CIT vs. Assam Petroleum Industries Pvt. Ltd. [2003] 262 ITR 587 (Gau) of Hon'ble High Court of Guwahati. The essence of the aforesaid decisions is that fiction created in section 50(1) and (2) is restricted only to the mode of computation of capital gains contained in Section 48 and 49 and does not apply to other provisions, since fiction created by the legislature has to be confined to the purpose to which i…

ACIT-1(1)(1), MUMBAI vs. M/S. HOUSING DEVELOPMENT FINANCE CORPORATION LTD., DELHI

ITA 2047/MUM/2023[2018-19]Status: DisposedITAT Mumbai28 Jan 2025AY 2018-19

…/- u/s.54EC as claimed by the assessee by following \nthe decision of Hon'ble Jurisdictional High Court of Bombay in the case \nof CIT vs. Ace Builders (P) Ltd., [2005] 281 ITR 210 (Bom) and in the \ncase of CIT vs. Assam Petroleum Industries Pvt. Ltd. [2003] 262 ITR 587 \n(Gau) of Hon'ble High Court of Guwahati. The essence of the aforesaid \ndecisions is that fiction created in section 50(1) and (2) is restricted only \nto the mode of computation of capital gains contained in Section 48 and \n49 and does not apply to other provisions, since fiction created by the \nlegislature has to be confined to the purpose…

ACIT-1(1)(1), MUMBAI vs. M/S HOUSING DEVELOPMENT FINANCE CORPORATION LTD, MUMBAI

ITA 2046/MUM/2023[2017-2018]Status: DisposedITAT Mumbai28 Jan 2025AY 2017-2018

Bench: Shri Anikesh Banerjee & Shri Girish Agrawal

For Appellant: Shri Nitesh Joshi, Advocate and

…366/- u/s.54EC as claimed by the assessee by following the decision of Hon'ble Jurisdictional High Court of Bombay in the case of CIT vs. Ace Builders (P) Ltd., [2005] 281 ITR 210 (Bom) and in the case of CIT vs. Assam Petroleum Industries Pvt. Ltd. [2003] 262 ITR 587 (Gau) of Hon'ble High Court of Guwahati. The essence of the aforesaid decisions is that fiction created in section 50(1) and (2) is restricted only to the mode of computation of capital gains contained in Section 48 and 49 and does not apply to other provisions, since fiction created by the legislature has to be confined to the purpose to wh…

HDFC BANK LIMITED (AS SUCCESSOR TO HOUSING DEVELOPMENT FINANCE CORPORATION LTD.),MUMBAI vs. DCIT, RANGE-1(1)(2), MUMBAI

ITA 1890/MUM/2023[2016-17]Status: DisposedITAT Mumbai28 Jan 2025AY 2016-17

Bench: Shri Anikesh Banerjee & Shri Girish Agrawal

For Appellant: Shri Nitesh Joshi

…366/- u/s.54EC as claimed by the assessee by following the decision of Hon'ble Jurisdictional High Court of Bombay in the case of CIT vs. Ace Builders (P) Ltd., [2005] 281 ITR 210 (Bom) and in the case of CIT vs. Assam Petroleum Industries Pvt. Ltd. [2003] 262 ITR 587 (Gau) of Hon'ble High Court of Guwahati. The essence of the aforesaid decisions is that fiction created in section 50(1) and (2) is restricted only to the mode of computation of capital gains contained in Section 48 and 49 and does not apply to other provisions, since fiction created by the legislature has to be confined to the purpose to wh…

DCIT RANGE-1(1)(2), MUMBAI vs. HOUSING DEVELOPMENT FINANCE CORPORATION LTD, MUMBAI

ITA 5110/MUM/2017[2013-14]Status: DisposedITAT Mumbai28 Jan 2025AY 2013-14

…/- u/s.54EC as claimed by the assessee by following \nthe decision of Hon'ble Jurisdictional High Court of Bombay in the case \nof CIT vs. Ace Builders (P) Ltd., [2005] 281 ITR 210 (Bom) and in the \ncase of CIT vs. Assam Petroleum Industries Pvt. Ltd. [2003] 262 ITR 587 \n(Gau) of Hon'ble High Court of Guwahati. The essence of the aforesaid \ndecisions is that fiction created in section 50(1) and (2) is restricted only \nto the mode of computation of capital gains contained in Section 48 and \n49 and does not apply to other provisions, since fiction created by the \nlegislature has to be confined to the purpose…

HDFC BANK LIMITED (AS SUCCESSOR TO HOUSING DEVELOPMENT FINANCE CORPORATION LTD),MUMBAI vs. DCIT RANGE-1(1)(2), MUMBAI

ITA 4983/MUM/2017[2013-14]Status: DisposedITAT Mumbai28 Jan 2025AY 2013-14

…366/- u/s.54EC as claimed by the assessee by following\nthe decision of Hon'ble Jurisdictional High Court of Bombay in the case\nof CIT vs. Ace Builders (P) Ltd., [2005] 281 ITR 210 (Bom) and in the\ncase of CIT vs. Assam Petroleum Industries Pvt. Ltd. [2003] 262 ITR 587\n(Gau) of Hon'ble High Court of Guwahati. The essence of the aforesaid\ndecisions is that fiction created in section 50(1) and (2) is restricted only\nto the mode of computation of capital gains contained in Section 48 and\n49 and does not apply to other provisions, since fiction created by the\nlegislature has to be confined to the purpose to wh…

DCIT - 1(1)(2), MUMBAI vs. HOUSING DEVELOPMENT FINANCE CORPORARTION LTD., MUMBAI

In the result, appeals of both, assessee and revenue are decided \nas per the table below: \n\nSr

ITA 2861/MUM/2017[2011-12]Status: DisposedITAT Mumbai28 Jan 2025AY 2011-12

…/- u/s.54EC as claimed by the assessee by following \nthe decision of Hon'ble Jurisdictional High Court of Bombay in the case \nof CIT vs. Ace Builders (P) Ltd., [2005] 281 ITR 210 (Bom) and in the \ncase of CIT vs. Assam Petroleum Industries Pvt. Ltd. [2003] 262 ITR 587 \n(Gau) of Hon'ble High Court of Guwahati. The essence of the aforesaid \ndecisions is that fiction created in section 50(1) and (2) is restricted only \nto the mode of computation of capital gains contained in Section 48 and \n49 and does not apply to other provisions, since fiction created by the \nlegislature has to be confined to the purpose…

HDFC BANK LIMITED (AS SUCCESSOR TO HOUSING DEVELOPMENT FINANCE CORPORATION LTD),MUMBAI vs. DCIT RG 1(1), MUMBAI

In the result, appeals of both, assessee and revenue are decided \nas per the table below: \n\nSr

ITA 2609/MUM/2017[2011-12]Status: DisposedITAT Mumbai28 Jan 2025AY 2011-12

…/- u/s.54EC as claimed by the assessee by following \nthe decision of Hon'ble Jurisdictional High Court of Bombay in the case \nof CIT vs. Ace Builders (P) Ltd., [2005] 281 ITR 210 (Bom) and in the \ncase of CIT vs. Assam Petroleum Industries Pvt. Ltd. [2003] 262 ITR 587 \n(Gau) of Hon'ble High Court of Guwahati. The essence of the aforesaid \ndecisions is that fiction created in section 50(1) and (2) is restricted only \nto the mode of computation of capital gains contained in Section 48 and \n49 and does not apply to other provisions, since fiction created by the \nlegislature has to be confined to the purpose…

DCIT 1(1)(2), MUMBAI vs. HOUSING DEVELOPMENT FINANCE CORPORATION LTD, MUMBAI

Accordingly, ground so raised for Assessment \nYear 2004-05 is dismissed as infructuous

ITA 2326/MUM/2017[2009-10]Status: DisposedITAT Mumbai28 Jan 2025AY 2009-10

…/- u/s.54EC as claimed by the assessee by following \nthe decision of Hon'ble Jurisdictional High Court of Bombay in the case \nof CIT vs. Ace Builders (P) Ltd., [2005] 281 ITR 210 (Bom) and in the \ncase of CIT vs. Assam Petroleum Industries Pvt. Ltd. [2003] 262 ITR 587 \n(Gau) of Hon'ble High Court of Guwahati. The essence of the aforesaid \ndecisions is that fiction created in section 50(1) and (2) is restricted only \nto the mode of computation of capital gains contained in Section 48 and \n49 and does not apply to other provisions, since fiction created by the \nlegislature has to be confined to the purpose…

HDFC BANK LIMITED (AS SUCCESSOR TO HOUSING DEVELOPMENT FINANCE CORPORATION LTD),MUMBAI vs. ADDL CIT RG 1(1), MUMBAI

In the result, appeals of both, assessee and revenue are decided \nas per the table below: \n\n| Sr

ITA 2093/MUM/2017[2009-10]Status: DisposedITAT Mumbai28 Jan 2025AY 2009-10

…/- u/s.54EC as claimed by the assessee by following \nthe decision of Hon'ble Jurisdictional High Court of Bombay in the case \nof CIT vs. Ace Builders (P) Ltd., [2005] 281 ITR 210 (Bom) and in the \ncase of CIT vs. Assam Petroleum Industries Pvt. Ltd. [2003] 262 ITR 587 \n(Gau) of Hon'ble High Court of Guwahati. The essence of the aforesaid \ndecisions is that fiction created in section 50(1) and (2) is restricted only \nto the mode of computation of capital gains contained in Section 48 and \n49 and does not apply to other provisions, since fiction created by the \nlegislature has to be confined to the purpose…

HDFC BANK LIMITED (AS SUCCESSOR TO HOUSING DEVELOPMENT FINANCE CORPORATION LTD),MUMBAI vs. DCIT 1(1), MUMBAI

ITA 2867/MUM/2012[2006-07]Status: DisposedITAT Mumbai28 Jan 2025AY 2006-07

Bench: Shri Anikesh Banerjee & Shri Girish Agrawal

For Appellant: Shri Nitesh Joshi, Advocate and Shri Ninad Patade, CAFor Respondent: Shri Biswanath Das, CIT DR
Section 1

…21,366/- u/s.54EC as claimed by the assessee by following the decision of Hon'ble Jurisdictional High Court of Bombay in the case of CIT vs. Ace Builders (P) Ltd., [2005] 281 ITR 210 (Bom) and in the case of CIT vs. Assam Petroleum Industries Pvt. Ltd. [2003] 262 ITR 587 (Gau) of Hon'ble High Court of Guwahati. The essence of the aforesaid decisions is that fiction created in section 50(1) and (2) is restricted only to the mode of computation of capital gains contained in Section 48 and 49 and does not apply to other provisions, since fiction created by the legislature has to be confined to the purpose to which i…

HDFC BANK LIMITED (AS SUCCESSOR TO HOUSING DEVELOPMENT FINANCE CORPORATION LTD),MUMBAI vs. ADDL CIT RG 1(1), MUMBAI

ITA 5033/MUM/2010[2006-07]Status: DisposedITAT Mumbai28 Jan 2025AY 2006-07

Bench: Shri Anikesh Banerjee & Shri Girish Agrawal

For Appellant: Shri Nitesh Joshi, Advocate and Shri Ninad Patade, CAFor Respondent: Shri Biswanath Das, CIT DR
Section 1

…21,366/- u/s.54EC as claimed by the assessee by following the decision of Hon'ble Jurisdictional High Court of Bombay in the case of CIT vs. Ace Builders (P) Ltd., [2005] 281 ITR 210 (Bom) and in the case of CIT vs. Assam Petroleum Industries Pvt. Ltd. [2003] 262 ITR 587 (Gau) of Hon'ble High Court of Guwahati. The essence of the aforesaid decisions is that fiction created in section 50(1) and (2) is restricted only to the mode of computation of capital gains contained in Section 48 and 49 and does not apply to other provisions, since fiction created by the legislature has to be confined to the purpose to which i…

HDFC BANK LIMITED (AS SUCCESSOR TO HOUSING DEVELOPMENT FINANCE CORPORATION LTD),MUMBAI vs. DCIT RG 1(1), MUMBAI

ITA 4314/MUM/2010[2003-04]Status: DisposedITAT Mumbai28 Jan 2025AY 2003-04

Bench: Shri Anikesh Banerjee & Shri Girish Agrawal

…21,366/- u/s.54EC as claimed by the assessee by following the decision of Hon'ble Jurisdictional High Court of Bombay in the case of CIT vs. Ace Builders (P) Ltd., [2005] 281 ITR 210 (Bom) and in the case of CIT vs. Assam Petroleum Industries Pvt. Ltd. [2003] 262 ITR 587 (Gau) of Hon'ble High Court of Guwahati. The essence of the aforesaid decisions is that fiction created in section 50(1) and (2) is restricted only to the mode of computation of capital gains contained in Section 48 and 49 and does not apply to other provisions, since fiction created by the legislature has to be confined to the purpose to which i…

HDFC BANK LIMITED (AS SUCCESSOR TO HOUSING DEVELOPMENT FINANCE CORPORATION LTD),MUMBAI vs. DCIT RG 1(1), MUMBAI

ITA 4313/MUM/2010[2002-03]Status: DisposedITAT Mumbai28 Jan 2025AY 2002-03

Bench: Shri Anikesh Banerjee & Shri Girish Agrawal

For Appellant: Shri Nitesh Joshi, Advocate and Shri Ninad Patade, CAFor Respondent: Shri Biswanath Das, CIT DR
Section 1

…21,366/- u/s.54EC as claimed by the assessee by following the decision of Hon'ble Jurisdictional High Court of Bombay in the case of CIT vs. Ace Builders (P) Ltd., [2005] 281 ITR 210 (Bom) and in the case of CIT vs. Assam Petroleum Industries Pvt. Ltd. [2003] 262 ITR 587 (Gau) of Hon'ble High Court of Guwahati. The essence of the aforesaid decisions is that fiction created in section 50(1) and (2) is restricted only to the mode of computation of capital gains contained in Section 48 and 49 and does not apply to other provisions, since fiction created by the legislature has to be confined to the purpose to which i…

ADDL CIT RG 1(1), MUMBAI vs. HDFC LTD, MUMBAI

ITA 3785/MUM/2009[2004-05]Status: DisposedITAT Mumbai28 Jan 2025AY 2004-05

Bench: Shri Anikesh Banerjee & Shri Girish Agrawal

For Appellant: Shri Nitesh Joshi, Advocate and Shri Ninad Patade, CAFor Respondent: Shri Biswanath Das, CIT DR
Section 1

…21,366/- u/s.54EC as claimed by the assessee by following the decision of Hon'ble Jurisdictional High Court of Bombay in the case of CIT vs. Ace Builders (P) Ltd., [2005] 281 ITR 210 (Bom) and in the case of CIT vs. Assam Petroleum Industries Pvt. Ltd. [2003] 262 ITR 587 (Gau) of Hon'ble High Court of Guwahati. The essence of the aforesaid decisions is that fiction created in section 50(1) and (2) is restricted only to the mode of computation of capital gains contained in Section 48 and 49 and does not apply to other provisions, since fiction created by the legislature has to be confined to the purpose to which i…

HDFC BANK LIMITED (AS SUCCESSOR TO HOUSING DEVELOPMENT FINANCE CORPORATION LTD),MUMBAI vs. THE ADDL CIT RG 1(1), MUMBAI

ITA 4315/MUM/2007[2002-2003]Status: DisposedITAT Mumbai28 Jan 2025AY 2002-2003

Bench: Shri Anikesh Banerjee & Shri Girish Agrawal

For Appellant: Shri Nitesh Joshi, Advocate and

…366/- u/s.54EC as claimed by the assessee by following the decision of Hon'ble Jurisdictional High Court of Bombay in the case of CIT vs. Ace Builders (P) Ltd., [2005] 281 ITR 210 (Bom) and in the case of CIT vs. Assam Petroleum Industries Pvt. Ltd. [2003] 262 ITR 587 (Gau) of Hon'ble High Court of Guwahati. The essence of the aforesaid decisions is that fiction created in section 50(1) and (2) is restricted only to the mode of computation of capital gains contained in Section 48 and 49 and does not apply to other provisions, since fiction created by the legislature has to be confined to the purpose to wh…

DCIT CIR 1(1), MUMBAI vs. M/S HOUSING DEVELOPEMENT FINANCE CORPORATION LTD, MUMBAI

In the result, appeals of both, assessee and revenue are decided \nas per the table below: \n\nSr

ITA 4161/MUM/2007[2002-2003]Status: DisposedITAT Mumbai28 Jan 2025AY 2002-2003

…/- u/s.54EC as claimed by the assessee by following \nthe decision of Hon'ble Jurisdictional High Court of Bombay in the case \nof CIT vs. Ace Builders (P) Ltd., [2005] 281 ITR 210 (Bom) and in the \ncase of CIT vs. Assam Petroleum Industries Pvt. Ltd. [2003] 262 ITR 587 \n(Gau) of Hon'ble High Court of Guwahati. The essence of the aforesaid \ndecisions is that fiction created in section 50(1) and (2) is restricted only \nto the mode of computation of capital gains contained in Section 48 and \n49 and does not apply to other provisions, since fiction created by the \nlegislature has to be confined to the purpose…

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