CIT v. B.C. Srinivasa Setty

128 ITR 294Supreme Court of India1981#92 most cited

What is CIT v. B.C. Srinivasa Setty authority for?

When the cost of acquisition of a capital asset cannot be determined, the computation mechanism for capital gains fails, and thus no capital gains can be charged. This establishes a broader principle that a charging section cannot operate in the absence of specific machinery provisions for computation.

628

judgments rely on this decision, according to BharatTax’s citation analysis of 367,154 Indian tax judgments — from 2005 to 2026.

Also referred to as

CIT v. B.C. Srinivasa Setty · 128 ITR 294 · Section 45 · Section 48 · Section 55(2) · cost of acquisition · capital gains computation · machinery provision · unascertainable cost · intangible assets · taxability of goodwill · no tax without machinery

Also reported as

5 Taxmann 1

Sections most often in play

Section 143(3)Section 115JBSection 92BSection 234BSection 45Section 55(2)Section 143(2)Section 144

Issues it is cited on

section 211section 55section 32(1)(ii)section 21section 92bsection 32(1)intangible assetssection 48section 45book profitsfair market valuesection 115j

Judgments citing CIT v. B.C. Srinivasa Setty

Maruti Suzuki India Ltd vs. Commissioner of Income Tax

The appeals are allowed in the above terms, but with no orders as to costs

ITA/710/2015HC Delhi11 Dec 2015
Section 260ASection 92C

…encapsulating the legislative policy and mandate which provides the necessary checks against arbitrariness while at the same time addressing the apprehension of tax avoidance. 76. As explained by the Supreme Court in CIT v. B.C. Srinivasa Setty (1979) 128 ITR 294 (SC) and PNB Finance Ltd. vs. CIT (2008) 307 ITR 75 (SC) in the absence of any machinery provision, bringing an imagined international transaction to tax is fraught with the danger of invalidation. In the present case, in the absence of there being an international transaction involving AMP spend with an ascertainable price, neither the subst…

Ici India Ltd., Kolkata vs. DCIT, Cir-10, Kolkata

In the result, Revenue’s appeal is dismissed

ITA 850/KOL/2007[1996-97]Status: DisposedITAT Kolkata27 Nov 2015AY 1996-97

Bench: Shri Mahavir Singh & Shri Waseem Ahmed

Section 143(3)

…nt of such asset is to be reduced. If cost of improvement of a particular asset cannot be ascertained than capital gain cannot be computed. While taking this view, he derive support from the decision of Hon'ble Supreme Court in the case of B.C.Srinivasa Setty 128 ITR 294 relied upon by the him. The ITAT Hyderabad Bench in the case of Coromandel Fertilisers Ltd. 90 ITD 439 (Hyd) (supra) held that it is not possible to determine the cost of improvement of an undertaking, especially when undertaking has so many intangible asset like trade mark, licence, goodwill etc. We entirely agree with the above conclusion of th…

DCIT, Cir-10, Kolkata vs. M/S Ici India Ltd., Kolkata

In the result, Revenue’s appeal is dismissed

ITA 1021/KOL/2007[1996-97]Status: DisposedITAT Kolkata27 Nov 2015AY 1996-97

Bench: Shri Mahavir Singh & Shri Waseem Ahmed

Section 143(3)

…nt of such asset is to be reduced. If cost of improvement of a particular asset cannot be ascertained than capital gain cannot be computed. While taking this view, he derive support from the decision of Hon'ble Supreme Court in the case of B.C.Srinivasa Setty 128 ITR 294 relied upon by the him. The ITAT Hyderabad Bench in the case of Coromandel Fertilisers Ltd. 90 ITD 439 (Hyd) (supra) held that it is not possible to determine the cost of improvement of an undertaking, especially when undertaking has so many intangible asset like trade mark, licence, goodwill etc. We entirely agree with the above conclusion of th…

ACIT, Cir-10, Kolkata vs. M/S Ici India Ltd., Kolkata

In the result, Revenue’s appeal is dismissed

ITA 2355/KOL/2005[1996-97]Status: DisposedITAT Kolkata27 Nov 2015AY 1996-97

Bench: Shri Mahavir Singh & Shri Waseem Ahmed

Section 143(3)

…nt of such asset is to be reduced. If cost of improvement of a particular asset cannot be ascertained than capital gain cannot be computed. While taking this view, he derive support from the decision of Hon'ble Supreme Court in the case of B.C.Srinivasa Setty 128 ITR 294 relied upon by the him. The ITAT Hyderabad Bench in the case of Coromandel Fertilisers Ltd. 90 ITD 439 (Hyd) (supra) held that it is not possible to determine the cost of improvement of an undertaking, especially when undertaking has so many intangible asset like trade mark, licence, goodwill etc. We entirely agree with the above conclusion of th…

Commr.of Income Tax Delhi I vs. M/S Abhinandan Invest.Ltd

ITA/130/2001HC Delhi19 Nov 2015

Bench: HON'BLE DR. JUSTICE S.MURALIDHAR,HON'BLE MR. JUSTICE VIBHU BAKHRU

For Appellant: Mr. Rohit Madan, Senior Standing counsel withFor Respondent: Mr. Ajay Vohra, Senior Advocate with Ms
Section 260A

…ase in the issued share capital of TISCO. It was necessary to determine the cost of acquisition of the rights entitlement for the capital gains to be computed. It is also relevant to bear in mind that in a later case, CIT v. B.C. Srinivasa Setty: (1981) 128 ITR 294 (SC), the Supreme Court had held that if a cost of acquisition of an asset could not be determined, the charge of tax would itself fail. 52. The issue that arises for consideration now is whether the aforesaid method of determining the cost of acquisition of rights entitlement could also be applied to cases where the principal shareholdin…

Limited vs. Deputy Commissioner of Income Tax

Appeal is dismissed

ITA/40/2015HC Delhi19 Nov 2015
Section 32

…subsumes within it a variety of intangible benefits that are acquired when a 2015:DHC:9459-DB ITA 40/2015 & 189/2015 Page 13 of 18 person acquires a business of another as a going concern. 14. In CIT v. B.C. Srinivasa Setty: (1981) 128 ITR 294 (SC), the Supreme Court had explained that:- “Goodwill denotes the benefit arising from connection and reputation. The original definition by Lord Eldon in Cruttwell v. Lye [1810] 17 Ves 335 that goodwill was nothing more than 'the probability that the old customers would resort to the old places' was expanded by Wood V. C. in Churton v. D…

Limited vs. Deputy Commissioner of Income Tax

Appeal is dismissed

ITA/189/2015HC Delhi19 Nov 2015
Section 32

…subsumes within it a variety of intangible benefits that are acquired when a 2015:DHC:9462-DB ITA 40/2015 & 189/2015 Page 13 of 18 person acquires a business of another as a going concern. 14. In CIT v. B.C. Srinivasa Setty: (1981) 128 ITR 294 (SC), the Supreme Court had explained that:- “Goodwill denotes the benefit arising from connection and reputation. The original definition by Lord Eldon in Cruttwell v. Lye [1810] 17 Ves 335 that goodwill was nothing more than 'the probability that the old customers would resort to the old places' was expanded by Wood V. C. in Churton v. D…

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)

…asset yet it would not be a capital asset if it is an asset in the acquisition of which it is not possible to envisage a cost. In support of the same reliance is placed on the decision of Supreme Court in the case of CIT vs. B.C. Srinivasan Shetty reported in 128 ITR 294 wherein it has been held as under:- Sh.Bharatkumar Maneklal Parikh & 4 Sh.Ashokkumar Maneklal Parikh “The charging section and the computation provisions together constitute an integrated code. Where there is a case to which the computation provisions can not apply at all it is evident that such a case was not intended to fall within charging…

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)

…asset yet it would not be a capital asset if it is an asset in the acquisition of which it is not possible to envisage a cost. In support of the same reliance is placed on the decision of Supreme Court in the case of CIT vs. B.C. Srinivasan Shetty reported in 128 ITR 294 wherein it has been held as under:- Sh.Bharatkumar Maneklal Parikh & 4 Sh.Ashokkumar Maneklal Parikh “The charging section and the computation provisions together constitute an integrated code. Where there is a case to which the computation provisions can not apply at all it is evident that such a case was not intended to fall within charging…

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)

…asset yet it would not be a capital asset if it is an asset in the acquisition of which it is not possible to envisage a cost. In support of the same reliance is placed on the decision of Supreme Court in the case of CIT vs. B.C. Srinivasan Shetty reported in 128 ITR 294 wherein it has been held as under:- Sh.Bharatkumar Maneklal Parikh & 4 Sh.Ashokkumar Maneklal Parikh “The charging section and the computation provisions together constitute an integrated code. Where there is a case to which the computation provisions can not apply at all it is evident that such a case was not intended to fall within charging…

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)

…asset yet it would not be a capital asset if it is an asset in the acquisition of which it is not possible to envisage a cost. In support of the same reliance is placed on the decision of Supreme Court in the case of CIT vs. B.C. Srinivasan Shetty reported in 128 ITR 294 wherein it has been held as under:- Sh.Bharatkumar Maneklal Parikh & 4 Sh.Ashokkumar Maneklal Parikh “The charging section and the computation provisions together constitute an integrated code. Where there is a case to which the computation provisions can not apply at all it is evident that such a case was not intended to fall within charging…

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)

…asset yet it would not be a capital asset if it is an asset in the acquisition of which it is not possible to envisage a cost. In support of the same reliance is placed on the decision of Supreme Court in the case of CIT vs. B.C. Srinivasan Shetty reported in 128 ITR 294 wherein it has been held as under:- Sh.Bharatkumar Maneklal Parikh & 4 Sh.Ashokkumar Maneklal Parikh “The charging section and the computation provisions together constitute an integrated code. Where there is a case to which the computation provisions can not apply at all it is evident that such a case was not intended to fall within charging…

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)

…asset yet it would not be a capital asset if it is an asset in the acquisition of which it is not possible to envisage a cost. In support of the same reliance is placed on the decision of Supreme Court in the case of CIT vs. B.C. Srinivasan Shetty reported in 128 ITR 294 wherein it has been held as under:- Sh.Bharatkumar Maneklal Parikh & 4 Sh.Ashokkumar Maneklal Parikh “The charging section and the computation provisions together constitute an integrated code. Where there is a case to which the computation provisions can not apply at all it is evident that such a case was not intended to fall within charging…

Akhand Aabhar Co. Op. Hsg. Society Ltd, Mumbai vs. Asst CIT 19(3), Mumbai

In the result, the appeal is allowed

ITA 2494/MUM/2011[2002-03]Status: DisposedITAT Mumbai20 Oct 2015AY 2002-03

Bench: Shri G S Pannu, Am & Shri Sanjay Garg, Jm "नधा"रण वष" / Assessment Year : 2002 - 03 Akhand Aabhar Co-Op Hsg. Soc. Asst Cit 19(3), Ltd., Mumbai Vs Plot No.332, Tps Iii, 21St Road, Near Hotel Commando, Bandra (W) Mumbai- 400 050 Pan Aaaaa6279N (अपीलाथ" /Appellant) (""यथ"/Respondent)

For Appellant: S/Shri Vipul Joshi & S M BandiFor Respondent: Shri Sanjay Singh
Section 133ASection 147Section 2(14)Section 45Section 48

…2494/Mum/11 5. Now coming to the issue whether the capital gains received by the assessee in lieu of transfer of TDR can be assessed under section 45 of the Act or not, the base decision in this respect is in the case of CIT v. B.C. Srinivasa Shetty (1981) 128 ITR 294; (1981) 2 SCC 460 wherein the Hon’ble Supreme Court has held that all transactions encompassed by section 45 must fall within the computation provisions of section 48. If the computation as provided under section 48 could not be applied to a particular transaction, it must be regarded as "never intended by section 45 to be the subject of the…

Sri. Laxmidas Bapudas Darbar, Bagalkot vs. ITO, Bagalkot

In the result, the appeal by the assessee is partly allowed

ITA 731/BANG/2014[2006-07]Status: DisposedITAT Bangalore26 Aug 2015AY 2006-07

Bench: Shri N.V. Vasudevan & Shri Abraham P. Georgeassessment Year : 2006-07

For Appellant: Shri S. Parthasarathi, AdvocateFor Respondent: Shri Sunil Kumar Agarwala, Jt. CIT(DR)

…rights which was the subject matter of transfer, it is not possible to compute capital gain on surrender of leasehold rights in the hands of the assessee’s wife. In view of the decision of the Hon’ble Supreme Court in the case of CIT v. B.C. Srinivasa Setty (128 ITR 294 (SC), wherein it was held that where the cost of acquisition cannot be Page 10 of 22 determined, the computation of capital gain u/s. 48 is not possible and therefore the charge to tax u/s. 45 of the Act should also fail. 16. The assessee thus pleaded that capital gain in question cannot be brought to tax either in the hands of assessee or in t…

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

…t is not possible to allocate slump price to depreciable assets and therefore, the same cannot be taxed u/s. 41 (2). Taxing gain on slump sale as capital gain is also not possible because the Apex Court following the decision in CIT V. B. C. Srinivasa Setty (128 ITR 294) held that the charging section and the computation sections are integrated code and if one fails other fails. If the computation sections fail then even the charging section fails. In case of slump sale, there are bundle of assets (including intangible assets like goodwill) that are transferred and in absence of any specific provision like Se…

Commissioner vs. Mis Bharti Teletech Ltd

ITA/496/2014HC Delhi15 Apr 2015

Bench: HON'BLE MR. JUSTICE S. RAVINDRA BHAT,HON'BLE MR. JUSTICE R.K.GAUBA

Section 32

…he Supreme Court including Nat Steel Equipment Pvt. Ltd. v. Commissioner of Central Excise, AIR 1988 SC 631 in the context of what is meant by the term „similar‟. The Court also recollected the Supreme Court‟s ruling in CIT v. B.C. Srinivasa Setty, (1981) 128 ITR 294 (SC) in the specific context of what is meant by goodwill and thereafter preceded to held as follows: - “22. Regard being had to the concept of "goodwill" and the statutory scheme, the claim of the Assessee and the delineation thereon by the tribunal are to be scanned and appreciated. The claim of the Assessee-Respondent, as is ITA496-14…

M/S Titanor Components Ltd vs. CIT & Anr

The appeals are dismissed

ITA - 190 / 2002HC Delhi22 Dec 2014
Section 143(3)Section 250Section 260A

…sale with a lump-sum consideration being paid for a going concern, on the ground that the assessee had not furnished the bifurcation or information in this regard. 14. This distinction was noticed by the Supreme Court in PNB Finance Ltd. vs. CIT (2008) 307 ITR 75 (SC). This was a case relating to capital gains under Section 45 of the Act. The Supreme Court reversed the decision of the High Court holding that Section 45 was not applicable, for it was not possible to apply the computation provision which was inextricably linked and together with the charging section constituted an integrated code. Thu…

Titanor Components Ltd.) vs. CIT and Another

The appeals are dismissed

ITA/190/2002HC Delhi22 Dec 2014
Section 143(3)Section 250Section 260A

…sale with a lump-sum consideration being paid for a going concern, on the ground that the assessee had not furnished the bifurcation or information in this regard. 14. This distinction was noticed by the Supreme Court in PNB Finance Ltd. vs. CIT (2008) 307 ITR 75 (SC). This was a case relating to capital gains under Section 45 of the Act. The Supreme Court reversed the decision of the High Court holding that Section 45 was not applicable, for it was not possible to apply the computation provision which was inextricably linked and together with the charging section constituted an integrated code. Thu…

Commissioner of Income Tax - VIII, New Delhi vs. Gulab Sundri Bapna

Appeal is disposed of

ITA-198/2001HC Delhi28 Aug 2014
Section 18Section 4Section 45(5)(b)Section 48(2)Section 6

…ITA 198/2001 Page 1 of 11 * IN THE HIGH COURT OF DELHI AT NEW DELHI + ITA No. 198/2001 Reserved on: 24th July, 2014 % Date of Decision: 28th August, 2014 Commissioner of Income Tax - VIII, New Delhi ....Appellant Through Mr. Sanjay Kumar, Jr. Standing Counsel for Mr. Kamal Sawhney, Sr. Standing Counsel. Versus Gulab Sundri Bapna …Respondent Through None CORAM: HON…