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

Nuclear Power Corporation of India Ltd, Mumbai vs. Addl. C.I.T, Range 3(2), Mumbai

ITA 3867/MUM/2008[2001-2002]Status: DisposedITAT Mumbai29 Nov 2023AY 2001-2002

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Assessment Year: 1998-99 & Assessment Year: 1999-2000 & Assessment Year: 2000-01 & Assessment Year: 2001-02 & Assessment Year: 2002-03 & Assessment Year: 2003-04 & Assessment Year: 2004-05 & Assessment Year: 2005-06 Nuclear Power Corporation Of Acit, Range-3(2), India Ltd., Aayakar Bhavan, M.K. Road, Vikram Sarabhai Bhavan, Vs. Mumbai-400021. Central Avenue, Anushakti Nagar, Mumbai-400094. Pan No. Aaacn 3154 F Appellant Respondent

…learned counsel for the appellant is that in view of the judgment of the the appellant is that in view of the judgment of the the appellant is that in view of the judgment of the Supreme Court in Supreme Court in C.I.T. v. B.C.Srinivasa Setty [(1981) [(1981) 128 ITR 294 128 ITR 294 (SC)] and CIT v. Eli Lilly and Co. (India) P.Ltd SC)] and CIT v. Eli Lilly and Co. (India) P.Ltd. [(2009) 312 ITR 225 (SC)], where the computation [(2009) 312 ITR 225 (SC)], where the computation [(2009) 312 ITR 225 (SC)], where the computation provision could not be applied in a particular case, it is provision could not be applied i…

Nuclear Power Corporation of India Ltd, Mumbai vs. Addl. C.I.T, Range 3(2), Mumbai

ITA 4745/MUM/2007[2004-2005]Status: DisposedITAT Mumbai29 Nov 2023AY 2004-2005

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Assessment Year: 1998-99 & Assessment Year: 1999-2000 & Assessment Year: 2000-01 & Assessment Year: 2001-02 & Assessment Year: 2002-03 & Assessment Year: 2003-04 & Assessment Year: 2004-05 & Assessment Year: 2005-06 Nuclear Power Corporation Of Acit, Range-3(2), India Ltd., Aayakar Bhavan, M.K. Road, Vikram Sarabhai Bhavan, Vs. Mumbai-400021. Central Avenue, Anushakti Nagar, Mumbai-400094. Pan No. Aaacn 3154 F Appellant Respondent

…learned counsel for the appellant is that in view of the judgment of the the appellant is that in view of the judgment of the the appellant is that in view of the judgment of the Supreme Court in Supreme Court in C.I.T. v. B.C.Srinivasa Setty [(1981) [(1981) 128 ITR 294 128 ITR 294 (SC)] and CIT v. Eli Lilly and Co. (India) P.Ltd SC)] and CIT v. Eli Lilly and Co. (India) P.Ltd. [(2009) 312 ITR 225 (SC)], where the computation [(2009) 312 ITR 225 (SC)], where the computation [(2009) 312 ITR 225 (SC)], where the computation provision could not be applied in a particular case, it is provision could not be applied i…

Nuclear Power Corporation of India Ltd, Mumbai vs. Addl. C.I.T, Range 3(2), Mumbai

ITA 4744/MUM/2007[2003-2004]Status: DisposedITAT Mumbai29 Nov 2023AY 2003-2004

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Assessment Year: 1998-99 & Assessment Year: 1999-2000 & Assessment Year: 2000-01 & Assessment Year: 2001-02 & Assessment Year: 2002-03 & Assessment Year: 2003-04 & Assessment Year: 2004-05 & Assessment Year: 2005-06 Nuclear Power Corporation Of Acit, Range-3(2), India Ltd., Aayakar Bhavan, M.K. Road, Vikram Sarabhai Bhavan, Vs. Mumbai-400021. Central Avenue, Anushakti Nagar, Mumbai-400094. Pan No. Aaacn 3154 F Appellant Respondent

…learned counsel for the appellant is that in view of the judgment of the the appellant is that in view of the judgment of the the appellant is that in view of the judgment of the Supreme Court in Supreme Court in C.I.T. v. B.C.Srinivasa Setty [(1981) [(1981) 128 ITR 294 128 ITR 294 (SC)] and CIT v. Eli Lilly and Co. (India) P.Ltd SC)] and CIT v. Eli Lilly and Co. (India) P.Ltd. [(2009) 312 ITR 225 (SC)], where the computation [(2009) 312 ITR 225 (SC)], where the computation [(2009) 312 ITR 225 (SC)], where the computation provision could not be applied in a particular case, it is provision could not be applied i…

Nuclear Power Corporation of India Ltd, Mumbai vs. Addl. C.I.T, Range 3(2), Mumbai

ITA 4743/MUM/2007[2002-2003]Status: DisposedITAT Mumbai29 Nov 2023AY 2002-2003

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Assessment Year: 1998-99 & Assessment Year: 1999-2000 & Assessment Year: 2000-01 & Assessment Year: 2001-02 & Assessment Year: 2002-03 & Assessment Year: 2003-04 & Assessment Year: 2004-05 & Assessment Year: 2005-06 Nuclear Power Corporation Of Acit, Range-3(2), India Ltd., Aayakar Bhavan, M.K. Road, Vikram Sarabhai Bhavan, Vs. Mumbai-400021. Central Avenue, Anushakti Nagar, Mumbai-400094. Pan No. Aaacn 3154 F Appellant Respondent

…learned counsel for the appellant is that in view of the judgment of the the appellant is that in view of the judgment of the the appellant is that in view of the judgment of the Supreme Court in Supreme Court in C.I.T. v. B.C.Srinivasa Setty [(1981) [(1981) 128 ITR 294 128 ITR 294 (SC)] and CIT v. Eli Lilly and Co. (India) P.Ltd SC)] and CIT v. Eli Lilly and Co. (India) P.Ltd. [(2009) 312 ITR 225 (SC)], where the computation [(2009) 312 ITR 225 (SC)], where the computation [(2009) 312 ITR 225 (SC)], where the computation provision could not be applied in a particular case, it is provision could not be applied i…

The Dy CIT 3(2), Mumbai vs. M/S. Nuclear Power Corporation of India Ltd, Mumbai

ITA 4603/MUM/2007[2004-2005]Status: DisposedITAT Mumbai29 Nov 2023AY 2004-2005

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Assessment Year: 1998-99 & Assessment Year: 1999-2000 & Assessment Year: 2000-01 & Assessment Year: 2001-02 & Assessment Year: 2002-03 & Assessment Year: 2003-04 & Assessment Year: 2004-05 & Assessment Year: 2005-06 Nuclear Power Corporation Of Acit, Range-3(2), India Ltd., Aayakar Bhavan, M.K. Road, Vikram Sarabhai Bhavan, Vs. Mumbai-400021. Central Avenue, Anushakti Nagar, Mumbai-400094. Pan No. Aaacn 3154 F Appellant Respondent

…learned counsel for the appellant is that in view of the judgment of the the appellant is that in view of the judgment of the the appellant is that in view of the judgment of the Supreme Court in Supreme Court in C.I.T. v. B.C.Srinivasa Setty [(1981) [(1981) 128 ITR 294 128 ITR 294 (SC)] and CIT v. Eli Lilly and Co. (India) P.Ltd SC)] and CIT v. Eli Lilly and Co. (India) P.Ltd. [(2009) 312 ITR 225 (SC)], where the computation [(2009) 312 ITR 225 (SC)], where the computation [(2009) 312 ITR 225 (SC)], where the computation provision could not be applied in a particular case, it is provision could not be applied i…

Nuclear Power Corporation of India Ltd., Mumbai vs. ACIT Range 3(2), Mumbai

ITA 4413/MUM/2004[2000-01]Status: DisposedITAT Mumbai29 Nov 2023AY 2000-01

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Assessment Year: 1998-99 & Assessment Year: 1999-2000 & Assessment Year: 2000-01 & Assessment Year: 2001-02 & Assessment Year: 2002-03 & Assessment Year: 2003-04 & Assessment Year: 2004-05 & Assessment Year: 2005-06 Nuclear Power Corporation Of Acit, Range-3(2), India Ltd., Aayakar Bhavan, M.K. Road, Vikram Sarabhai Bhavan, Vs. Mumbai-400021. Central Avenue, Anushakti Nagar, Mumbai-400094. Pan No. Aaacn 3154 F Appellant Respondent

…learned counsel for the appellant is that in view of the judgment of the the appellant is that in view of the judgment of the the appellant is that in view of the judgment of the Supreme Court in Supreme Court in C.I.T. v. B.C.Srinivasa Setty [(1981) [(1981) 128 ITR 294 128 ITR 294 (SC)] and CIT v. Eli Lilly and Co. (India) P.Ltd SC)] and CIT v. Eli Lilly and Co. (India) P.Ltd. [(2009) 312 ITR 225 (SC)], where the computation [(2009) 312 ITR 225 (SC)], where the computation [(2009) 312 ITR 225 (SC)], where the computation provision could not be applied in a particular case, it is provision could not be applied i…

Nuclear Power Corporation of India Ltd., Mumbai vs. Addl.Commr.of Income Tax, Spl. RG.32, Mumbai

ITA 202/MUM/2004[98-99]Status: DisposedITAT Mumbai29 Nov 2023

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Assessment Year: 1998-99 & Assessment Year: 1999-2000 & Assessment Year: 2000-01 & Assessment Year: 2001-02 & Assessment Year: 2002-03 & Assessment Year: 2003-04 & Assessment Year: 2004-05 & Assessment Year: 2005-06 Nuclear Power Corporation Of Acit, Range-3(2), India Ltd., Aayakar Bhavan, M.K. Road, Vikram Sarabhai Bhavan, Vs. Mumbai-400021. Central Avenue, Anushakti Nagar, Mumbai-400094. Pan No. Aaacn 3154 F Appellant Respondent

…learned counsel for the appellant is that in view of the judgment of the the appellant is that in view of the judgment of the the appellant is that in view of the judgment of the Supreme Court in Supreme Court in C.I.T. v. B.C.Srinivasa Setty [(1981) [(1981) 128 ITR 294 128 ITR 294 (SC)] and CIT v. Eli Lilly and Co. (India) P.Ltd SC)] and CIT v. Eli Lilly and Co. (India) P.Ltd. [(2009) 312 ITR 225 (SC)], where the computation [(2009) 312 ITR 225 (SC)], where the computation [(2009) 312 ITR 225 (SC)], where the computation provision could not be applied in a particular case, it is provision could not be applied i…

Nuclear Power Corporation of India Ltd., Mumbai vs. ACIT(OSD) Range 3(2), Mumbai

ITA 114/MUM/2004[1999-2000]Status: DisposedITAT Mumbai29 Nov 2023AY 1999-2000

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Assessment Year: 1998-99 & Assessment Year: 1999-2000 & Assessment Year: 2000-01 & Assessment Year: 2001-02 & Assessment Year: 2002-03 & Assessment Year: 2003-04 & Assessment Year: 2004-05 & Assessment Year: 2005-06 Nuclear Power Corporation Of Acit, Range-3(2), India Ltd., Aayakar Bhavan, M.K. Road, Vikram Sarabhai Bhavan, Vs. Mumbai-400021. Central Avenue, Anushakti Nagar, Mumbai-400094. Pan No. Aaacn 3154 F Appellant Respondent

…learned counsel for the appellant is that in view of the judgment of the the appellant is that in view of the judgment of the the appellant is that in view of the judgment of the Supreme Court in Supreme Court in C.I.T. v. B.C.Srinivasa Setty [(1981) [(1981) 128 ITR 294 128 ITR 294 (SC)] and CIT v. Eli Lilly and Co. (India) P.Ltd SC)] and CIT v. Eli Lilly and Co. (India) P.Ltd. [(2009) 312 ITR 225 (SC)], where the computation [(2009) 312 ITR 225 (SC)], where the computation [(2009) 312 ITR 225 (SC)], where the computation provision could not be applied in a particular case, it is provision could not be applied i…

Mrs Pushpa R. Chawla, Mumbai vs. Income Tax Officer, Ward 23(2)(5), Mumabi

In the result, appeal of the assessee is partly allowed, as above

ITA 2864/MUM/2022[2009-2010]Status: DisposedITAT Mumbai01 Nov 2023AY 2009-2010

Bench: Shri Kuldip Singh, Hon’Ble & Shri S. Rifaur Rahman, Hon'Blemrs. Pushpa R. Chawla V. Ito-Ward-23(2)(5) 143/B Wing, Nibbana Chs Room No. 116, 1St Floor Pali Hill Road, Bandra West Matru Mandir, Tardeo Mumbai- 400051 Mumbai- 400007

Section 143(2)Section 148

…ction 55. The conclusion of the Tribunal in imminently possible and in the given facts. That is also possible in the light of the legal position as noted by language of section 55(2) and the judgment of the Supreme Court in CIT v. B.C. Srinivasa Shetty [1981] 128 ITR 294/5 Taxman 1, which is in the field. [Para 11]” 12. Further, with regard to the compensation received by the assessee, he submitted that the compensation is only towards hardship compensation, in this regard he relied on the decision of the Coordinate Bench in the case of Ajay Parasmal Kothari v ITO in ITA.No. 2823/Mum/2022 dated 03.04.2023. 13. C…

Mohammed Mujeeb Sikander, Mangalore vs. DCIT, Central Circle (1), Mangalore

ITA 1119/BANG/2022[2018-19]Status: DisposedITAT Bangalore30 Oct 2023AY 2018-19

Bench: Shri Chandra Poojari & Smt. Beena Pillai

For Appellant: Shri T.M. Shivakumar, A.RFor Respondent: Shri Sunil Kumar Singh, D.R
Section 1Section 132Section 143(3)Section 153ASection 153CSection 153C(1)(a)Section 68Section 69B

…part thereof was liable to tax as capital gain by reason of section 47(ii) of the Act?" So far as question No. 2 is concerned, it has already been answered in favour of the assessee. In view of the decision of this court in CIT v. B.C. Srinivasa Setty [1981] 128 ITR 294 the said question must be held to have been rightly answered in favour of the assessee. So far as question No. 3 is concerned the assessee invoked clause (ii ) of section 47 to contend that the said sum of Rs. 4,47,941 does not represent a capital gain. Mr. Sharma, learned counsel for the assessee-assessee, has brought to our notice the decision…

Mohammed Mujeeb Sikander, Mangalore vs. DCIT, Central Circle (1), Mangalore

ITA 1117/BANG/2022[2016-17]Status: DisposedITAT Bangalore30 Oct 2023AY 2016-17

Bench: Shri Chandra Poojari & Smt. Beena Pillai

For Appellant: Shri T.M. Shivakumar, A.RFor Respondent: Shri Sunil Kumar Singh, D.R
Section 1Section 132Section 143(3)Section 153ASection 153CSection 153C(1)(a)Section 68Section 69B

…part thereof was liable to tax as capital gain by reason of section 47(ii) of the Act?" So far as question No. 2 is concerned, it has already been answered in favour of the assessee. In view of the decision of this court in CIT v. B.C. Srinivasa Setty [1981] 128 ITR 294 the said question must be held to have been rightly answered in favour of the assessee. So far as question No. 3 is concerned the assessee invoked clause (ii ) of section 47 to contend that the said sum of Rs. 4,47,941 does not represent a capital gain. Mr. Sharma, learned counsel for the assessee-assessee, has brought to our notice the decision…

Assistant Commissioner of Income Tax, Circle 1(1), Raipur vs. Mesers South Eastern Coalfields Limited, Bilaspur

In the result, all the captioned appeals of the assessee as well as revenue are either allowed, partly allowed for statistical purposes or dismissed, in accordance with our observations herein above

ITA 54/RPR/2019[2016-17]Status: DisposedITAT Raipur30 Oct 2023AY 2016-17

Bench: Shri Ravish Sood, Jm & Shri Arun Khodpia, Am आयकर अपील सं./Ita No.201/Bil/2012 (Ay : 2009-2010) आयकर अपील सं./Ita No.401/Bil/2014 (Ay : 2010-2011) आयकर अपील सं./Ita No.162/Bil/2017 (Ay : 2010-2011) आयकर अपील सं./Ita No.115/Bil/2015 (Ay : 2011-2012) आयकर अपील सं./Ita No.102/Bil/2017 (Ay : 2012-2013) आयकर अपील सं./Ita No.103/Bil/2017 (Ay : 2013-2014) आयकर अपील सं./Ita No.204/Rpr/2017 (Ay : 2014-2015) आयकर अपील सं./Ita No.169/Rpr/2018 (Ay : 2015-2016) आयकर अपील सं./Ita No.33/Rpr/2019 (Ay : 2016-2017) South Eastern Coal Fields Ltd., Vs Jcit, Range-1, Bilaspur Seepat Road, Bilaspur Pan No. :Aadcs 2066 E (अपीलाथ" /Appellant) .. (""यथ" / Respondent) & आयकर अपील सं./Ita No.204/Bil/2012 (Ay : 2009-2010) आयकर अपील सं./Ita No.382/Bil/2014 (Ay : 2010-2011) आयकर अपील सं./Ita No.103/Bil/2015 (Ay : 2011-2012) आयकर अपील सं./Ita No.98/Bil/2017 (Ay : 2012-2013) आयकर अपील सं./Ita No.99/Bil/2017 (Ay : 2013-2014) आयकर अपील सं./Ita No.188/Rpr/2017 (Ay : 2014-2015) आयकर अपील सं./Ita No.171/Rpr/2018 (Ay : 2015-2016) आयकर अपील सं./Ita No.54/Rpr/2019 (Ay : 2016-2017) Dcit, Circle-1(1), Bilaspur Vs South Eastern Coal Fields Ltd., Seepat Road, Bilaspur Pan No. :Aadcs 2066 E (अपीलाथ" /Appellant) (""यथ" / Respondent) .. िनधा"रती क" ओर से /Assessee By : Shri Ajit Korde, Advocate, Shri Ankur Goel & Shri Ankit Agrawal, Cas राज"व क" ओर से /Revenue By : Shri Debashish Lahiri, Cit-Dr सुनवाई क" तार"ख / Date Of Hearing : 26/09/2023 घोषणा क" तार"ख/Date Of Pronouncement : 30/10/2023

For Appellant: Shri Ajit Korde, AdvocateFor Respondent: Shri Debashish Lahiri, CIT-DR

…ecial Bench of ITAT, Mumbai, “I” Bench in the case of DCIT Vs. Summit Securities Ltd., ITA No.4977/Mum/2009 dated 10.08.2011 reported in (2011) 12 taxmann.com 372 (Mum.) (SB) wherein it is observed as under: 3. In the case of PNB Finance Ltd. Vs. CIT [(2008) 307 ITR 75 (SC)], Punjab National Bank Limited vested in Punjab National Bank on nationalization in 1969. On that account it received compensation of `10.20 crore during the previous year relevant to the assessment year 1970-71. The assessee claimed capital loss. The Assessing Officer held that since the assessee had submitted its own computation of the fair…

Mesers South Eastern Coalfields Limited, Bilaspur vs. Deputy Commissioner of Income Tax, Circle 1(1), Bilaspur

In the result, all the captioned appeals of the assessee as well as revenue are either allowed, partly allowed for statistical purposes or dismissed, in accordance with our observations herein above

ITA 33/RPR/2019[2016-17]Status: DisposedITAT Raipur30 Oct 2023AY 2016-17

Bench: Shri Ravish Sood, Jm & Shri Arun Khodpia, Am आयकर अपील सं./Ita No.201/Bil/2012 (Ay : 2009-2010) आयकर अपील सं./Ita No.401/Bil/2014 (Ay : 2010-2011) आयकर अपील सं./Ita No.162/Bil/2017 (Ay : 2010-2011) आयकर अपील सं./Ita No.115/Bil/2015 (Ay : 2011-2012) आयकर अपील सं./Ita No.102/Bil/2017 (Ay : 2012-2013) आयकर अपील सं./Ita No.103/Bil/2017 (Ay : 2013-2014) आयकर अपील सं./Ita No.204/Rpr/2017 (Ay : 2014-2015) आयकर अपील सं./Ita No.169/Rpr/2018 (Ay : 2015-2016) आयकर अपील सं./Ita No.33/Rpr/2019 (Ay : 2016-2017) South Eastern Coal Fields Ltd., Vs Jcit, Range-1, Bilaspur Seepat Road, Bilaspur Pan No. :Aadcs 2066 E (अपीलाथ" /Appellant) .. (""यथ" / Respondent) & आयकर अपील सं./Ita No.204/Bil/2012 (Ay : 2009-2010) आयकर अपील सं./Ita No.382/Bil/2014 (Ay : 2010-2011) आयकर अपील सं./Ita No.103/Bil/2015 (Ay : 2011-2012) आयकर अपील सं./Ita No.98/Bil/2017 (Ay : 2012-2013) आयकर अपील सं./Ita No.99/Bil/2017 (Ay : 2013-2014) आयकर अपील सं./Ita No.188/Rpr/2017 (Ay : 2014-2015) आयकर अपील सं./Ita No.171/Rpr/2018 (Ay : 2015-2016) आयकर अपील सं./Ita No.54/Rpr/2019 (Ay : 2016-2017) Dcit, Circle-1(1), Bilaspur Vs South Eastern Coal Fields Ltd., Seepat Road, Bilaspur Pan No. :Aadcs 2066 E (अपीलाथ" /Appellant) (""यथ" / Respondent) .. िनधा"रती क" ओर से /Assessee By : Shri Ajit Korde, Advocate, Shri Ankur Goel & Shri Ankit Agrawal, Cas राज"व क" ओर से /Revenue By : Shri Debashish Lahiri, Cit-Dr सुनवाई क" तार"ख / Date Of Hearing : 26/09/2023 घोषणा क" तार"ख/Date Of Pronouncement : 30/10/2023

For Appellant: Shri Ajit Korde, AdvocateFor Respondent: Shri Debashish Lahiri, CIT-DR

…ecial Bench of ITAT, Mumbai, “I” Bench in the case of DCIT Vs. Summit Securities Ltd., ITA No.4977/Mum/2009 dated 10.08.2011 reported in (2011) 12 taxmann.com 372 (Mum.) (SB) wherein it is observed as under: 3. In the case of PNB Finance Ltd. Vs. CIT [(2008) 307 ITR 75 (SC)], Punjab National Bank Limited vested in Punjab National Bank on nationalization in 1969. On that account it received compensation of `10.20 crore during the previous year relevant to the assessment year 1970-71. The assessee claimed capital loss. The Assessing Officer held that since the assessee had submitted its own computation of the fair…

Assistant Commissioner of Income Tax, Circle -1(1), Bilaspur vs. South Eastern Coalfields Limited, Bilaspur

In the result, all the captioned appeals of the assessee as well as revenue are either allowed, partly allowed for statistical purposes or dismissed, in accordance with our observations herein above

ITA 171/RPR/2018[2015-16]Status: DisposedITAT Raipur30 Oct 2023AY 2015-16

Bench: Shri Ravish Sood, Jm & Shri Arun Khodpia, Am आयकर अपील सं./Ita No.201/Bil/2012 (Ay : 2009-2010) आयकर अपील सं./Ita No.401/Bil/2014 (Ay : 2010-2011) आयकर अपील सं./Ita No.162/Bil/2017 (Ay : 2010-2011) आयकर अपील सं./Ita No.115/Bil/2015 (Ay : 2011-2012) आयकर अपील सं./Ita No.102/Bil/2017 (Ay : 2012-2013) आयकर अपील सं./Ita No.103/Bil/2017 (Ay : 2013-2014) आयकर अपील सं./Ita No.204/Rpr/2017 (Ay : 2014-2015) आयकर अपील सं./Ita No.169/Rpr/2018 (Ay : 2015-2016) आयकर अपील सं./Ita No.33/Rpr/2019 (Ay : 2016-2017) South Eastern Coal Fields Ltd., Vs Jcit, Range-1, Bilaspur Seepat Road, Bilaspur Pan No. :Aadcs 2066 E (अपीलाथ" /Appellant) .. (""यथ" / Respondent) & आयकर अपील सं./Ita No.204/Bil/2012 (Ay : 2009-2010) आयकर अपील सं./Ita No.382/Bil/2014 (Ay : 2010-2011) आयकर अपील सं./Ita No.103/Bil/2015 (Ay : 2011-2012) आयकर अपील सं./Ita No.98/Bil/2017 (Ay : 2012-2013) आयकर अपील सं./Ita No.99/Bil/2017 (Ay : 2013-2014) आयकर अपील सं./Ita No.188/Rpr/2017 (Ay : 2014-2015) आयकर अपील सं./Ita No.171/Rpr/2018 (Ay : 2015-2016) आयकर अपील सं./Ita No.54/Rpr/2019 (Ay : 2016-2017) Dcit, Circle-1(1), Bilaspur Vs South Eastern Coal Fields Ltd., Seepat Road, Bilaspur Pan No. :Aadcs 2066 E (अपीलाथ" /Appellant) (""यथ" / Respondent) .. िनधा"रती क" ओर से /Assessee By : Shri Ajit Korde, Advocate, Shri Ankur Goel & Shri Ankit Agrawal, Cas राज"व क" ओर से /Revenue By : Shri Debashish Lahiri, Cit-Dr सुनवाई क" तार"ख / Date Of Hearing : 26/09/2023 घोषणा क" तार"ख/Date Of Pronouncement : 30/10/2023

For Appellant: Shri Ajit Korde, AdvocateFor Respondent: Shri Debashish Lahiri, CIT-DR

…ecial Bench of ITAT, Mumbai, “I” Bench in the case of DCIT Vs. Summit Securities Ltd., ITA No.4977/Mum/2009 dated 10.08.2011 reported in (2011) 12 taxmann.com 372 (Mum.) (SB) wherein it is observed as under: 3. In the case of PNB Finance Ltd. Vs. CIT [(2008) 307 ITR 75 (SC)], Punjab National Bank Limited vested in Punjab National Bank on nationalization in 1969. On that account it received compensation of `10.20 crore during the previous year relevant to the assessment year 1970-71. The assessee claimed capital loss. The Assessing Officer held that since the assessee had submitted its own computation of the fair…

South Eastern Coalfields Limited, Bilaspur vs. Deputy Commissioner of Income Tax, Circle -1(1), Bilaspur

In the result, all the captioned appeals of the assessee as well as revenue are either allowed, partly allowed for statistical purposes or dismissed, in accordance with our observations herein above

ITA 169/RPR/2018[2015-16]Status: DisposedITAT Raipur30 Oct 2023AY 2015-16

Bench: Shri Ravish Sood, Jm & Shri Arun Khodpia, Am आयकर अपील सं./Ita No.201/Bil/2012 (Ay : 2009-2010) आयकर अपील सं./Ita No.401/Bil/2014 (Ay : 2010-2011) आयकर अपील सं./Ita No.162/Bil/2017 (Ay : 2010-2011) आयकर अपील सं./Ita No.115/Bil/2015 (Ay : 2011-2012) आयकर अपील सं./Ita No.102/Bil/2017 (Ay : 2012-2013) आयकर अपील सं./Ita No.103/Bil/2017 (Ay : 2013-2014) आयकर अपील सं./Ita No.204/Rpr/2017 (Ay : 2014-2015) आयकर अपील सं./Ita No.169/Rpr/2018 (Ay : 2015-2016) आयकर अपील सं./Ita No.33/Rpr/2019 (Ay : 2016-2017) South Eastern Coal Fields Ltd., Vs Jcit, Range-1, Bilaspur Seepat Road, Bilaspur Pan No. :Aadcs 2066 E (अपीलाथ" /Appellant) .. (""यथ" / Respondent) & आयकर अपील सं./Ita No.204/Bil/2012 (Ay : 2009-2010) आयकर अपील सं./Ita No.382/Bil/2014 (Ay : 2010-2011) आयकर अपील सं./Ita No.103/Bil/2015 (Ay : 2011-2012) आयकर अपील सं./Ita No.98/Bil/2017 (Ay : 2012-2013) आयकर अपील सं./Ita No.99/Bil/2017 (Ay : 2013-2014) आयकर अपील सं./Ita No.188/Rpr/2017 (Ay : 2014-2015) आयकर अपील सं./Ita No.171/Rpr/2018 (Ay : 2015-2016) आयकर अपील सं./Ita No.54/Rpr/2019 (Ay : 2016-2017) Dcit, Circle-1(1), Bilaspur Vs South Eastern Coal Fields Ltd., Seepat Road, Bilaspur Pan No. :Aadcs 2066 E (अपीलाथ" /Appellant) (""यथ" / Respondent) .. िनधा"रती क" ओर से /Assessee By : Shri Ajit Korde, Advocate, Shri Ankur Goel & Shri Ankit Agrawal, Cas राज"व क" ओर से /Revenue By : Shri Debashish Lahiri, Cit-Dr सुनवाई क" तार"ख / Date Of Hearing : 26/09/2023 घोषणा क" तार"ख/Date Of Pronouncement : 30/10/2023

For Appellant: Shri Ajit Korde, AdvocateFor Respondent: Shri Debashish Lahiri, CIT-DR

…ecial Bench of ITAT, Mumbai, “I” Bench in the case of DCIT Vs. Summit Securities Ltd., ITA No.4977/Mum/2009 dated 10.08.2011 reported in (2011) 12 taxmann.com 372 (Mum.) (SB) wherein it is observed as under: 3. In the case of PNB Finance Ltd. Vs. CIT [(2008) 307 ITR 75 (SC)], Punjab National Bank Limited vested in Punjab National Bank on nationalization in 1969. On that account it received compensation of `10.20 crore during the previous year relevant to the assessment year 1970-71. The assessee claimed capital loss. The Assessing Officer held that since the assessee had submitted its own computation of the fair…

The Deputy Commissioner of Income Tax, Circle 1(1)Bilaspur, Bilaspur(Cg) vs. The South Eastern Coal Fields Ltd., Bilaspur, Bilaspur(Cg)

In the result, all the captioned appeals of the assessee as well as revenue are either allowed, partly allowed for statistical purposes or dismissed, in accordance with our observations herein above

ITA 99/BIL/2017[2013-14]Status: DisposedITAT Raipur30 Oct 2023AY 2013-14

Bench: Shri Ravish Sood, Jm & Shri Arun Khodpia, Am आयकर अपील सं./Ita No.201/Bil/2012 (Ay : 2009-2010) आयकर अपील सं./Ita No.401/Bil/2014 (Ay : 2010-2011) आयकर अपील सं./Ita No.162/Bil/2017 (Ay : 2010-2011) आयकर अपील सं./Ita No.115/Bil/2015 (Ay : 2011-2012) आयकर अपील सं./Ita No.102/Bil/2017 (Ay : 2012-2013) आयकर अपील सं./Ita No.103/Bil/2017 (Ay : 2013-2014) आयकर अपील सं./Ita No.204/Rpr/2017 (Ay : 2014-2015) आयकर अपील सं./Ita No.169/Rpr/2018 (Ay : 2015-2016) आयकर अपील सं./Ita No.33/Rpr/2019 (Ay : 2016-2017) South Eastern Coal Fields Ltd., Vs Jcit, Range-1, Bilaspur Seepat Road, Bilaspur Pan No. :Aadcs 2066 E (अपीलाथ" /Appellant) .. (""यथ" / Respondent) & आयकर अपील सं./Ita No.204/Bil/2012 (Ay : 2009-2010) आयकर अपील सं./Ita No.382/Bil/2014 (Ay : 2010-2011) आयकर अपील सं./Ita No.103/Bil/2015 (Ay : 2011-2012) आयकर अपील सं./Ita No.98/Bil/2017 (Ay : 2012-2013) आयकर अपील सं./Ita No.99/Bil/2017 (Ay : 2013-2014) आयकर अपील सं./Ita No.188/Rpr/2017 (Ay : 2014-2015) आयकर अपील सं./Ita No.171/Rpr/2018 (Ay : 2015-2016) आयकर अपील सं./Ita No.54/Rpr/2019 (Ay : 2016-2017) Dcit, Circle-1(1), Bilaspur Vs South Eastern Coal Fields Ltd., Seepat Road, Bilaspur Pan No. :Aadcs 2066 E (अपीलाथ" /Appellant) (""यथ" / Respondent) .. िनधा"रती क" ओर से /Assessee By : Shri Ajit Korde, Advocate, Shri Ankur Goel & Shri Ankit Agrawal, Cas राज"व क" ओर से /Revenue By : Shri Debashish Lahiri, Cit-Dr सुनवाई क" तार"ख / Date Of Hearing : 26/09/2023 घोषणा क" तार"ख/Date Of Pronouncement : 30/10/2023

For Appellant: Shri Ajit Korde, AdvocateFor Respondent: Shri Debashish Lahiri, CIT-DR

…ecial Bench of ITAT, Mumbai, “I” Bench in the case of DCIT Vs. Summit Securities Ltd., ITA No.4977/Mum/2009 dated 10.08.2011 reported in (2011) 12 taxmann.com 372 (Mum.) (SB) wherein it is observed as under: 3. In the case of PNB Finance Ltd. Vs. CIT [(2008) 307 ITR 75 (SC)], Punjab National Bank Limited vested in Punjab National Bank on nationalization in 1969. On that account it received compensation of `10.20 crore during the previous year relevant to the assessment year 1970-71. The assessee claimed capital loss. The Assessing Officer held that since the assessee had submitted its own computation of the fair…

The Deputy Commissioner of Income Tax, Circle 1(1)Bilaspur, Bilaspur(Cg) vs. The South Eastern Coal Fields Ltd., Bilaspur, Bilaspur(Cg)

In the result, all the captioned appeals of the assessee as well as revenue are either allowed, partly allowed for statistical purposes or dismissed, in accordance with our observations herein above

ITA 98/BIL/2017[2012-13]Status: DisposedITAT Raipur30 Oct 2023AY 2012-13

Bench: Shri Ravish Sood, Jm & Shri Arun Khodpia, Am आयकर अपील सं./Ita No.201/Bil/2012 (Ay : 2009-2010) आयकर अपील सं./Ita No.401/Bil/2014 (Ay : 2010-2011) आयकर अपील सं./Ita No.162/Bil/2017 (Ay : 2010-2011) आयकर अपील सं./Ita No.115/Bil/2015 (Ay : 2011-2012) आयकर अपील सं./Ita No.102/Bil/2017 (Ay : 2012-2013) आयकर अपील सं./Ita No.103/Bil/2017 (Ay : 2013-2014) आयकर अपील सं./Ita No.204/Rpr/2017 (Ay : 2014-2015) आयकर अपील सं./Ita No.169/Rpr/2018 (Ay : 2015-2016) आयकर अपील सं./Ita No.33/Rpr/2019 (Ay : 2016-2017) South Eastern Coal Fields Ltd., Vs Jcit, Range-1, Bilaspur Seepat Road, Bilaspur Pan No. :Aadcs 2066 E (अपीलाथ" /Appellant) .. (""यथ" / Respondent) & आयकर अपील सं./Ita No.204/Bil/2012 (Ay : 2009-2010) आयकर अपील सं./Ita No.382/Bil/2014 (Ay : 2010-2011) आयकर अपील सं./Ita No.103/Bil/2015 (Ay : 2011-2012) आयकर अपील सं./Ita No.98/Bil/2017 (Ay : 2012-2013) आयकर अपील सं./Ita No.99/Bil/2017 (Ay : 2013-2014) आयकर अपील सं./Ita No.188/Rpr/2017 (Ay : 2014-2015) आयकर अपील सं./Ita No.171/Rpr/2018 (Ay : 2015-2016) आयकर अपील सं./Ita No.54/Rpr/2019 (Ay : 2016-2017) Dcit, Circle-1(1), Bilaspur Vs South Eastern Coal Fields Ltd., Seepat Road, Bilaspur Pan No. :Aadcs 2066 E (अपीलाथ" /Appellant) (""यथ" / Respondent) .. िनधा"रती क" ओर से /Assessee By : Shri Ajit Korde, Advocate, Shri Ankur Goel & Shri Ankit Agrawal, Cas राज"व क" ओर से /Revenue By : Shri Debashish Lahiri, Cit-Dr सुनवाई क" तार"ख / Date Of Hearing : 26/09/2023 घोषणा क" तार"ख/Date Of Pronouncement : 30/10/2023

For Appellant: Shri Ajit Korde, AdvocateFor Respondent: Shri Debashish Lahiri, CIT-DR

…ecial Bench of ITAT, Mumbai, “I” Bench in the case of DCIT Vs. Summit Securities Ltd., ITA No.4977/Mum/2009 dated 10.08.2011 reported in (2011) 12 taxmann.com 372 (Mum.) (SB) wherein it is observed as under: 3. In the case of PNB Finance Ltd. Vs. CIT [(2008) 307 ITR 75 (SC)], Punjab National Bank Limited vested in Punjab National Bank on nationalization in 1969. On that account it received compensation of `10.20 crore during the previous year relevant to the assessment year 1970-71. The assessee claimed capital loss. The Assessing Officer held that since the assessee had submitted its own computation of the fair…

South Eastern Coalfields Limited, Bilaspur vs. Deputy Commissioner of Income Tax, Circle 1(1), Bilaspur

In the result, all the captioned appeals of the assessee as well as revenue are either allowed, partly allowed for statistical purposes or dismissed, in accordance with our observations herein above

ITA 204/RPR/2017[2014-15]Status: DisposedITAT Raipur30 Oct 2023AY 2014-15

Bench: Shri Ravish Sood, Jm & Shri Arun Khodpia, Am आयकर अपील सं./Ita No.201/Bil/2012 (Ay : 2009-2010) आयकर अपील सं./Ita No.401/Bil/2014 (Ay : 2010-2011) आयकर अपील सं./Ita No.162/Bil/2017 (Ay : 2010-2011) आयकर अपील सं./Ita No.115/Bil/2015 (Ay : 2011-2012) आयकर अपील सं./Ita No.102/Bil/2017 (Ay : 2012-2013) आयकर अपील सं./Ita No.103/Bil/2017 (Ay : 2013-2014) आयकर अपील सं./Ita No.204/Rpr/2017 (Ay : 2014-2015) आयकर अपील सं./Ita No.169/Rpr/2018 (Ay : 2015-2016) आयकर अपील सं./Ita No.33/Rpr/2019 (Ay : 2016-2017) South Eastern Coal Fields Ltd., Vs Jcit, Range-1, Bilaspur Seepat Road, Bilaspur Pan No. :Aadcs 2066 E (अपीलाथ" /Appellant) .. (""यथ" / Respondent) & आयकर अपील सं./Ita No.204/Bil/2012 (Ay : 2009-2010) आयकर अपील सं./Ita No.382/Bil/2014 (Ay : 2010-2011) आयकर अपील सं./Ita No.103/Bil/2015 (Ay : 2011-2012) आयकर अपील सं./Ita No.98/Bil/2017 (Ay : 2012-2013) आयकर अपील सं./Ita No.99/Bil/2017 (Ay : 2013-2014) आयकर अपील सं./Ita No.188/Rpr/2017 (Ay : 2014-2015) आयकर अपील सं./Ita No.171/Rpr/2018 (Ay : 2015-2016) आयकर अपील सं./Ita No.54/Rpr/2019 (Ay : 2016-2017) Dcit, Circle-1(1), Bilaspur Vs South Eastern Coal Fields Ltd., Seepat Road, Bilaspur Pan No. :Aadcs 2066 E (अपीलाथ" /Appellant) (""यथ" / Respondent) .. िनधा"रती क" ओर से /Assessee By : Shri Ajit Korde, Advocate, Shri Ankur Goel & Shri Ankit Agrawal, Cas राज"व क" ओर से /Revenue By : Shri Debashish Lahiri, Cit-Dr सुनवाई क" तार"ख / Date Of Hearing : 26/09/2023 घोषणा क" तार"ख/Date Of Pronouncement : 30/10/2023

For Appellant: Shri Ajit Korde, AdvocateFor Respondent: Shri Debashish Lahiri, CIT-DR

…ecial Bench of ITAT, Mumbai, “I” Bench in the case of DCIT Vs. Summit Securities Ltd., ITA No.4977/Mum/2009 dated 10.08.2011 reported in (2011) 12 taxmann.com 372 (Mum.) (SB) wherein it is observed as under: 3. In the case of PNB Finance Ltd. Vs. CIT [(2008) 307 ITR 75 (SC)], Punjab National Bank Limited vested in Punjab National Bank on nationalization in 1969. On that account it received compensation of `10.20 crore during the previous year relevant to the assessment year 1970-71. The assessee claimed capital loss. The Assessing Officer held that since the assessee had submitted its own computation of the fair…

Deputy Commissioner of Income Tax, Circle 1(1), Bilaspur vs. M/S South Eastern Coalfields Ltd, Bilaspur

In the result, all the captioned appeals of the assessee as well as revenue are either allowed, partly allowed for statistical purposes or dismissed, in accordance with our observations herein above

ITA 188/RPR/2017[2014-15]Status: DisposedITAT Raipur30 Oct 2023AY 2014-15

Bench: Shri Ravish Sood, Jm & Shri Arun Khodpia, Am आयकर अपील सं./Ita No.201/Bil/2012 (Ay : 2009-2010) आयकर अपील सं./Ita No.401/Bil/2014 (Ay : 2010-2011) आयकर अपील सं./Ita No.162/Bil/2017 (Ay : 2010-2011) आयकर अपील सं./Ita No.115/Bil/2015 (Ay : 2011-2012) आयकर अपील सं./Ita No.102/Bil/2017 (Ay : 2012-2013) आयकर अपील सं./Ita No.103/Bil/2017 (Ay : 2013-2014) आयकर अपील सं./Ita No.204/Rpr/2017 (Ay : 2014-2015) आयकर अपील सं./Ita No.169/Rpr/2018 (Ay : 2015-2016) आयकर अपील सं./Ita No.33/Rpr/2019 (Ay : 2016-2017) South Eastern Coal Fields Ltd., Vs Jcit, Range-1, Bilaspur Seepat Road, Bilaspur Pan No. :Aadcs 2066 E (अपीलाथ" /Appellant) .. (""यथ" / Respondent) & आयकर अपील सं./Ita No.204/Bil/2012 (Ay : 2009-2010) आयकर अपील सं./Ita No.382/Bil/2014 (Ay : 2010-2011) आयकर अपील सं./Ita No.103/Bil/2015 (Ay : 2011-2012) आयकर अपील सं./Ita No.98/Bil/2017 (Ay : 2012-2013) आयकर अपील सं./Ita No.99/Bil/2017 (Ay : 2013-2014) आयकर अपील सं./Ita No.188/Rpr/2017 (Ay : 2014-2015) आयकर अपील सं./Ita No.171/Rpr/2018 (Ay : 2015-2016) आयकर अपील सं./Ita No.54/Rpr/2019 (Ay : 2016-2017) Dcit, Circle-1(1), Bilaspur Vs South Eastern Coal Fields Ltd., Seepat Road, Bilaspur Pan No. :Aadcs 2066 E (अपीलाथ" /Appellant) (""यथ" / Respondent) .. िनधा"रती क" ओर से /Assessee By : Shri Ajit Korde, Advocate, Shri Ankur Goel & Shri Ankit Agrawal, Cas राज"व क" ओर से /Revenue By : Shri Debashish Lahiri, Cit-Dr सुनवाई क" तार"ख / Date Of Hearing : 26/09/2023 घोषणा क" तार"ख/Date Of Pronouncement : 30/10/2023

For Appellant: Shri Ajit Korde, AdvocateFor Respondent: Shri Debashish Lahiri, CIT-DR

…ecial Bench of ITAT, Mumbai, “I” Bench in the case of DCIT Vs. Summit Securities Ltd., ITA No.4977/Mum/2009 dated 10.08.2011 reported in (2011) 12 taxmann.com 372 (Mum.) (SB) wherein it is observed as under: 3. In the case of PNB Finance Ltd. Vs. CIT [(2008) 307 ITR 75 (SC)], Punjab National Bank Limited vested in Punjab National Bank on nationalization in 1969. On that account it received compensation of `10.20 crore during the previous year relevant to the assessment year 1970-71. The assessee claimed capital loss. The Assessing Officer held that since the assessee had submitted its own computation of the fair…

The South Eastern Coal Fields Ltd., Bilaspur, Bilaspur(Cg) vs. The Dy. Commissioner of Income Tax, Circle - 1(1), Bilaspur(Cg)

In the result, all the captioned appeals of the assessee as well as revenue are either allowed, partly allowed for statistical purposes or dismissed, in accordance with our observations herein above

ITA 162/BIL/2017[2010-11]Status: DisposedITAT Raipur30 Oct 2023AY 2010-11

Bench: Shri Ravish Sood, Jm & Shri Arun Khodpia, Am आयकर अपील सं./Ita No.201/Bil/2012 (Ay : 2009-2010) आयकर अपील सं./Ita No.401/Bil/2014 (Ay : 2010-2011) आयकर अपील सं./Ita No.162/Bil/2017 (Ay : 2010-2011) आयकर अपील सं./Ita No.115/Bil/2015 (Ay : 2011-2012) आयकर अपील सं./Ita No.102/Bil/2017 (Ay : 2012-2013) आयकर अपील सं./Ita No.103/Bil/2017 (Ay : 2013-2014) आयकर अपील सं./Ita No.204/Rpr/2017 (Ay : 2014-2015) आयकर अपील सं./Ita No.169/Rpr/2018 (Ay : 2015-2016) आयकर अपील सं./Ita No.33/Rpr/2019 (Ay : 2016-2017) South Eastern Coal Fields Ltd., Vs Jcit, Range-1, Bilaspur Seepat Road, Bilaspur Pan No. :Aadcs 2066 E (अपीलाथ" /Appellant) .. (""यथ" / Respondent) & आयकर अपील सं./Ita No.204/Bil/2012 (Ay : 2009-2010) आयकर अपील सं./Ita No.382/Bil/2014 (Ay : 2010-2011) आयकर अपील सं./Ita No.103/Bil/2015 (Ay : 2011-2012) आयकर अपील सं./Ita No.98/Bil/2017 (Ay : 2012-2013) आयकर अपील सं./Ita No.99/Bil/2017 (Ay : 2013-2014) आयकर अपील सं./Ita No.188/Rpr/2017 (Ay : 2014-2015) आयकर अपील सं./Ita No.171/Rpr/2018 (Ay : 2015-2016) आयकर अपील सं./Ita No.54/Rpr/2019 (Ay : 2016-2017) Dcit, Circle-1(1), Bilaspur Vs South Eastern Coal Fields Ltd., Seepat Road, Bilaspur Pan No. :Aadcs 2066 E (अपीलाथ" /Appellant) (""यथ" / Respondent) .. िनधा"रती क" ओर से /Assessee By : Shri Ajit Korde, Advocate, Shri Ankur Goel & Shri Ankit Agrawal, Cas राज"व क" ओर से /Revenue By : Shri Debashish Lahiri, Cit-Dr सुनवाई क" तार"ख / Date Of Hearing : 26/09/2023 घोषणा क" तार"ख/Date Of Pronouncement : 30/10/2023

For Appellant: Shri Ajit Korde, AdvocateFor Respondent: Shri Debashish Lahiri, CIT-DR

…ecial Bench of ITAT, Mumbai, “I” Bench in the case of DCIT Vs. Summit Securities Ltd., ITA No.4977/Mum/2009 dated 10.08.2011 reported in (2011) 12 taxmann.com 372 (Mum.) (SB) wherein it is observed as under: 3. In the case of PNB Finance Ltd. Vs. CIT [(2008) 307 ITR 75 (SC)], Punjab National Bank Limited vested in Punjab National Bank on nationalization in 1969. On that account it received compensation of `10.20 crore during the previous year relevant to the assessment year 1970-71. The assessee claimed capital loss. The Assessing Officer held that since the assessee had submitted its own computation of the fair…