CIT v. Cosmo Films Ltd.

12 Taxmann.com 217High Court2011#3428 most cited

What is CIT v. Cosmo Films Ltd. authority for?

A transaction involving the sale and lease-back of assets is not considered a colourable device if the assessee derives substantial benefit and manages its tax affairs to attract a lesser tax as permitted by law.

35

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2015 to 2025.

Also referred to as

CIT v. Cosmo Films Ltd. · colourable device · sale and lease back · tax planning · substantial benefit · lesser tax

Also reported as

338 ITR 266

Sections most often in play

Section 10(15)Section 10(23G)Section 10(34)Section 10(35)Section 115JBSection 14ASection 234BSection 234D
Read the full judgment

Issues it is cited on

section 35abbsection 35ddwaiver of loanazadi bachao andolanclarificatory amendmentsection 40a(ia)short deduction of taxsection 80ia(4)section 194hright to receivesection 194jcolourable device

Judgments citing CIT v. Cosmo Films Ltd.

Sbi Capital Markets Ltd., Mumbai vs. DCIT Range 4(2), Mumbai

In the result the, all the appeals of the assesse are partly allowed and the appeal of the revenue is dismissed

ITA 4248/MUM/2004[2000-01]Status: DisposedITAT Mumbai13 Jan 2023AY 2000-01

Bench: Shri Pavan Kumar Gadale & Shri Amarjit Singh, Accountant, Member Ita No.3790 /Mum/2004 (A.Y.1996-97)

…P a g e | 1 19 Appeals SBI Capital Market Ltd. Vs. ACIT,Range 4(3)(3) IN THE INCOME TAX APPELLATE TRIBUNAL “G” BENCH, MUMBAI BEFORE SHRI PAVAN KUMAR GADALE, JUDICIAL MEMBER & SHRI AMARJIT SINGH, ACCOUNTANT, MEMBER ITA No.3790 /Mum/2004 (A.Y.1996-97) SBI Capital Markets Ltd. Vs. Asst. Commissioner of 202, Maker Tower E, Income-tax Range-4(3)(3) Cuffe Parede, Mumbai Mumbai – 400 005 स्थायी लेखा सं./जीआइआर सं./PAN/GIR No: AAACS7339D Appellant .. Respondent ITA Nos.3791 & 4246/Mum/2004 (A.Y.1997-98 & 1998-99) SBI Capital Markets Ltd. Vs. Jt. Commissioner of 202, Maker Tower E, Income-tax Special Cuffe Parede…

Sbi Capital Markets Ltd., Mumbai vs. JCIT Special Range, Mumbai

In the result the, all the appeals of the assesse are partly allowed and the appeal of the revenue is dismissed

ITA 4246/MUM/2004[98-99]Status: DisposedITAT Mumbai13 Jan 2023

Bench: Shri Pavan Kumar Gadale & Shri Amarjit Singh, Accountant, Member Ita No.3790 /Mum/2004 (A.Y.1996-97)

…P a g e | 1 19 Appeals SBI Capital Market Ltd. Vs. ACIT,Range 4(3)(3) IN THE INCOME TAX APPELLATE TRIBUNAL “G” BENCH, MUMBAI BEFORE SHRI PAVAN KUMAR GADALE, JUDICIAL MEMBER & SHRI AMARJIT SINGH, ACCOUNTANT, MEMBER ITA No.3790 /Mum/2004 (A.Y.1996-97) SBI Capital Markets Ltd. Vs. Asst. Commissioner of 202, Maker Tower E, Income-tax Range-4(3)(3) Cuffe Parede, Mumbai Mumbai – 400 005 स्थायी लेखा सं./जीआइआर सं./PAN/GIR No: AAACS7339D Appellant .. Respondent ITA Nos.3791 & 4246/Mum/2004 (A.Y.1997-98 & 1998-99) SBI Capital Markets Ltd. Vs. Jt. Commissioner of 202, Maker Tower E, Income-tax Special Cuffe Parede…

M/S. Sbi Capital Markets Ltd vs. The Jt CIT Sr-27

In the result the, all the appeals of the assesse are partly allowed and the appeal of the revenue is dismissed

ITA 3791/MUM/2004[1997-1998]Status: DisposedITAT Mumbai13 Jan 2023AY 1997-1998

Bench: Shri Pavan Kumar Gadale & Shri Amarjit Singh, Accountant, Member Ita No.3790 /Mum/2004 (A.Y.1996-97)

…P a g e | 1 19 Appeals SBI Capital Market Ltd. Vs. ACIT,Range 4(3)(3) IN THE INCOME TAX APPELLATE TRIBUNAL “G” BENCH, MUMBAI BEFORE SHRI PAVAN KUMAR GADALE, JUDICIAL MEMBER & SHRI AMARJIT SINGH, ACCOUNTANT, MEMBER ITA No.3790 /Mum/2004 (A.Y.1996-97) SBI Capital Markets Ltd. Vs. Asst. Commissioner of 202, Maker Tower E, Income-tax Range-4(3)(3) Cuffe Parede, Mumbai Mumbai – 400 005 स्थायी लेखा सं./जीआइआर सं./PAN/GIR No: AAACS7339D Appellant .. Respondent ITA Nos.3791 & 4246/Mum/2004 (A.Y.1997-98 & 1998-99) SBI Capital Markets Ltd. Vs. Jt. Commissioner of 202, Maker Tower E, Income-tax Special Cuffe Parede…

M/S. Sbi Capital Markets Ltd vs. The ACIT RG-4(3)(3)

In the result the, all the appeals of the assesse are partly allowed and the appeal of the revenue is dismissed

ITA 3790/MUM/2004[1996-1997]Status: DisposedITAT Mumbai13 Jan 2023AY 1996-1997

Bench: Shri Pavan Kumar Gadale & Shri Amarjit Singh, Accountant, Member Ita No.3790 /Mum/2004 (A.Y.1996-97)

…P a g e | 1 19 Appeals SBI Capital Market Ltd. Vs. ACIT,Range 4(3)(3) IN THE INCOME TAX APPELLATE TRIBUNAL “G” BENCH, MUMBAI BEFORE SHRI PAVAN KUMAR GADALE, JUDICIAL MEMBER & SHRI AMARJIT SINGH, ACCOUNTANT, MEMBER ITA No.3790 /Mum/2004 (A.Y.1996-97) SBI Capital Markets Ltd. Vs. Asst. Commissioner of 202, Maker Tower E, Income-tax Range-4(3)(3) Cuffe Parede, Mumbai Mumbai – 400 005 स्थायी लेखा सं./जीआइआर सं./PAN/GIR No: AAACS7339D Appellant .. Respondent ITA Nos.3791 & 4246/Mum/2004 (A.Y.1997-98 & 1998-99) SBI Capital Markets Ltd. Vs. Jt. Commissioner of 202, Maker Tower E, Income-tax Special Cuffe Parede…

Ifci Ltd., New Delhi vs. DCIT, New Delhi

In the result, the appeal of the assessee is allowed partly for statistical purposes

ITA 2982/DEL/2015[2010-11]Status: DisposedITAT Delhi08 Oct 2020AY 2010-11

Bench: Shri Bhavnesh Saini & Shri O.P. Kant

Section 115JSection 143(3)Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL, DELHI BENCH: ‘G’, NEW DELHI BEFORE SHRI BHAVNESH SAINI, JUDICIAL MEMBER AND SHRI O.P. KANT, ACCOUNTANT MEMBER ITA No.2982/Del./2015 Assessment Year: 2010-11 IFCI Ltd., Vs. DCIT, IFCI Tower, 61-Nehru Circle-12(1), Place, New Delhi New Delhi PAN :AAACT0668G (Appellant) (Respondent) Appellant by Shri K. Sampath, Adv. Respondent by Shri H.K. Choudhary, CIT(DR) Date of hearing 24.09.2020 Date of pronouncement 08.10.2020 ORDER PER O.P. KANT, AM: This appeal by the assessee is directed against order dated 16/02/2015 passed by the Ld. CIT(Appeals)-15, New Delhi [in short ‘the…

Ifci Limited, New Delhi vs. DCIT, New Delhi

In the result ITA number, 1200/del/2011 filed by the assessee for assessment year 1999 – 2000 is allowed

ITA 1201/DEL/2011[2000-01]Status: DisposedITAT Delhi31 Aug 2020AY 2000-01

Bench: Ms Suchitra Kamble & Shri Prashant Maharishi

Section 143(2)Section 143(3)

…INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ―C‖: NEW DELHI BEFORE MS SUCHITRA KAMBLE, JUDICIAL MEMBER AND SHRI PRASHANT MAHARISHI, ACCOUNTANT MEMBER ITA No Assessment Year 1200/DEL/2011 1999-2000 1201/Del/2011 2000-2001 IFCI LIMITED Vs. The Deputy Commissioner of IFCI Towers Income Tax 61 Nehru Place Circle – 11(1) New Delhi C R Building PAN: AAACT0668G I P Estate New Delhi (Appellant) (Respondent) For Assessee Shri saurav Sood Adv Shri Shahsnk Sharma Adv Ms Subhshree Rao Adv For Revenue Shri Samar Bhadra CIT DR Date of Hearing 21-08-2020 Date of pronouncement 31/08/2020 O R D E R Per Prashant M Maharishi, A…

Ifci Limited, New Delhi vs. DCIT, New Delhi

In the result ITA number, 1200/del/2011 filed by the assessee for assessment year 1999 – 2000 is allowed

ITA 1200/DEL/2011[1999-2000]Status: DisposedITAT Delhi31 Aug 2020AY 1999-2000

Bench: Ms Suchitra Kamble & Shri Prashant Maharishi

Section 143(2)Section 143(3)

…INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ―C‖: NEW DELHI BEFORE MS SUCHITRA KAMBLE, JUDICIAL MEMBER AND SHRI PRASHANT MAHARISHI, ACCOUNTANT MEMBER ITA No Assessment Year 1200/DEL/2011 1999-2000 1201/Del/2011 2000-2001 IFCI LIMITED Vs. The Deputy Commissioner of IFCI Towers Income Tax 61 Nehru Place Circle – 11(1) New Delhi C R Building PAN: AAACT0668G I P Estate New Delhi (Appellant) (Respondent) For Assessee Shri saurav Sood Adv Shri Shahsnk Sharma Adv Ms Subhshree Rao Adv For Revenue Shri Samar Bhadra CIT DR Date of Hearing 21-08-2020 Date of pronouncement 31/08/2020 O R D E R Per Prashant M Maharishi, A…

Col Amarjit D Nagi, Mumbai vs. Asst CIT Cir 20

In the result, appeals of the Revenue are dismissed whereas appeals of the assessee are allowed in part in terms indicated hereinabove

ITA 1050/MUM/2014[2005-06]Status: DisposedITAT Mumbai21 Mar 2017AY 2005-06
For Appellant: Shri. Rajiv KhandelwalFor Respondent: Shri. Vikram Batra
Section 143(3)Section 254Section 271(1)(c)

…IN THE INCOME TAX APPELLATE TRIBUNAL “E”, BENCH MUMBAI BEFORE: SHRI R.C.SHARMA, AM & SHRI AMARJIT SINGH, JM ITA No.2205/Mum/2008 (Assessment Year:1995-96) ITA No. 2432/Mum/2006 (Assessment Year:1995-96) ITA No.2303/Mum/2008 (Assessment Year:2000-01) ITA No.2305/Mum/2008 (Assessment Year:2002-03) ITA No.6091/Mum/2007 (Assessment Year:1998-99) ACIT / DCIT 8(2), Mumbai Vs. Nutech Corporate Services Limited, Formerly IIT Capital Services Ltd., 28, Rajabhadur Mansion, 2nd Floor, Bombay Samachar Marg, Fort, Mumbai- 400001 PAN/GIR No. : AAACI3356 A (Appellant) .. ( Respondent) ITA No.2128/Mum/2006 (Assessment Year:1996…

The DCIT 8(2), Mumbai vs. M/S. Nutech Coporate Services Ltd (Formerly Known As Iit Capital Services Ltd), Mumbai

In the result, appeals of the Revenue are dismissed whereas appeals of the assessee are allowed in part in terms indicated hereinabove

ITA 2204/MUM/2008[1993-1994]Status: DisposedITAT Mumbai21 Mar 2017AY 1993-1994
For Appellant: Shri. Rajiv KhandelwalFor Respondent: Shri. Vikram Batra
Section 143(3)Section 254Section 271(1)(c)

…IN THE INCOME TAX APPELLATE TRIBUNAL “E”, BENCH MUMBAI BEFORE: SHRI R.C.SHARMA, AM & SHRI AMARJIT SINGH, JM ITA No.2205/Mum/2008 (Assessment Year:1995-96) ITA No. 2432/Mum/2006 (Assessment Year:1995-96) ITA No.2303/Mum/2008 (Assessment Year:2000-01) ITA No.2305/Mum/2008 (Assessment Year:2002-03) ITA No.6091/Mum/2007 (Assessment Year:1998-99) ACIT / DCIT 8(2), Mumbai Vs. Nutech Corporate Services Limited, Formerly IIT Capital Services Ltd., 28, Rajabhadur Mansion, 2nd Floor, Bombay Samachar Marg, Fort, Mumbai- 400001 PAN/GIR No. : AAACI3356 A (Appellant) .. ( Respondent) ITA No.2128/Mum/2006 (Assessment Year:1996…

Reliance Corporate It Park Ltd, Mumbai vs. Pr CIT 3, Mumbai

In the result the appeal of the assessee is allowed

ITA 2748/MUM/2015[2010-11]Status: DisposedITAT Mumbai08 Mar 2017AY 2010-11

Bench: Shri Amit Shukla, Jm & Shri Rajesh Kumar, Am आमकय अऩीर सं./I.T.A. No.2748/Mum/2015 (ननधधारण वषा / Assessment Year : 2010-11) Reliance Corporate It Park Ltd., बनधम/ Principal Commissioner Of Maker Tower E, 7Th Floor, Income Tax-6, Vs. A Wing- Cuff Parade Mumbai- 612, Aayakar Bhavan, 400005 Mk Road, Mumbai-400020 स्थधयी ऱेखध सं./ Pan : Aabcd7169H (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. अऩीराथी की ओय से/Appellant By : Shri Arvind Sonde प्रत्मथी की ओय से/ Respondent By : Shri Rajesh Kumar सुनवाई की तायीख / Date Of Hearing : 14.12.2016 घोषणा की तायीख /Date Of Pronouncement : 3.2017 आदेश / O R D E R Per Rajesh Kumar, Am : The Aforesaid Appeal Has Been Filed By The Assessee Against The Impugned Order Dated 20.3.2015, Passed By Ld. Principal Commissioner Of Income Tax -3, Mumbai Under Section 263, Setting Aside The Order Of The Assessing Officer Dated 20.3.2013 For Passing It Afresh. The Assessee In This Appeal Has Taken Following Grounds Of Appeal: “1. Ground No.1 (I) The Learned Pr. Commissioner Of Income Tax- 3, (Hereinafter Referred To As Cit) Erred In Passing The Order Under Section 263 Of The Act, By Holding That The Assessment Order Passed By The Oy. Commissioner Of Income Tax, Circle -3(3), Mumbai (Hereinafter

For Appellant: Shri Arvind SondeFor Respondent: Shri Rajesh Kumar
Section 143(3)Section 263Section 32

…ation of India v. CIT - 268 ITR 130 (Orissa High Court) vii) CIT V/s Zuari Finance Ltd. and Another – 271 ITR 538(Bom); viii) CIT V/s v. Gujarat Gas Co. Ltd. - - 308 ITR 243(Guj); 8 I . T . A . N o . 2 7 4 8 / M u m / 2 0 1 5 ix) CIT V/s Cosmo Films Ltd. - - 338 ITR 266 (Del); x) CIT V/s George Williamson (Assam) Ltd. - 265 ITR 626(Guw); xi) Bharti Hexacom Ltd. v. ACIT (2016) 68 taxmann.Com 357 (Del-Trib) xii) IClCI Bank Ltd vs. JCIT (ITAT Mumbai) ITA Nos.3643 & 3644/Mum/2001; xiii) SICOM Ltd. v. JCIT [2013]40 taxmann.com 469 (Mumbai - Trib.) xiv) Parle Soft Drinks (P.) Ltd.v. JCIT[2015]63 taxmann.com 338 (Mum-…

DCIT Cir 3(3), Mumbai vs. Sicom Ltd, Mumbai

In the result, appeal of Revenue is dismissed whereas appeal of the assessee is allowed in part in terms indicated hereinabove

ITA 1685/MUM/2009[2003-2004]Status: DisposedITAT Mumbai06 Dec 2016AY 2003-2004

Bench: Shri R.C.Sharma, Am & Shri Amarjit Singh, Jm M/S. Sicom Ltd., Vs. Dcit – 3(3) – Mumbai-20 Nirmal, 1St Floor, Nariman Point, Mumbai – 400 021 Pan/Gir No. Aaacs5524J Appellant) .. Respondent) & Dcit – 3(3) – Mumbai- Vs. M/S. Sicom Ltd., Nirmal, 1St Floor, Nariman Point, 20 Mumbai – 400 021 Pan/Gir No. Aaacs5524J Appellant) .. Respondent)

Section 115JSection 143(3)Section 234BSection 41

…ection that the Assessing Officer would examine the sale and lease back transactions entered into by the Respondent-Assessee with the three parties and decide the issue afresh, keeping in view the decision of the Delhi High Court in CIT v/s. Cosmo Films Ltd., 338 ITR 266. (iv) Mr. Kotangle, learned Counsel appearing for the Revenue has not even attempted to show us as to why the decision of the Delhi High Court in Cosmo Films Ltd., (supra) should not be taken into consideration while determining the nature of the transactions entered into by the Respondent-Assessee with its three lessee on examination of the sale…

Sicom Ltd, Mumbai vs. DCIT RG 3(3), Mumbai

In the result, appeal of Revenue is dismissed whereas appeal of the assessee is allowed in part in terms indicated hereinabove

ITA 1522/MUM/2009[2003-2004]Status: DisposedITAT Mumbai06 Dec 2016AY 2003-2004

Bench: Shri R.C.Sharma, Am & Shri Amarjit Singh, Jm M/S. Sicom Ltd., Vs. Dcit – 3(3) – Mumbai-20 Nirmal, 1St Floor, Nariman Point, Mumbai – 400 021 Pan/Gir No. Aaacs5524J Appellant) .. Respondent) & Dcit – 3(3) – Mumbai- Vs. M/S. Sicom Ltd., Nirmal, 1St Floor, Nariman Point, 20 Mumbai – 400 021 Pan/Gir No. Aaacs5524J Appellant) .. Respondent)

Section 115JSection 143(3)Section 234BSection 41

…ection that the Assessing Officer would examine the sale and lease back transactions entered into by the Respondent-Assessee with the three parties and decide the issue afresh, keeping in view the decision of the Delhi High Court in CIT v/s. Cosmo Films Ltd., 338 ITR 266. (iv) Mr. Kotangle, learned Counsel appearing for the Revenue has not even attempted to show us as to why the decision of the Delhi High Court in Cosmo Films Ltd., (supra) should not be taken into consideration while determining the nature of the transactions entered into by the Respondent-Assessee with its three lessee on examination of the sale…

CIT vs. M/S Teletube Electronics Ltd

The appeal of the Assessee is allowed

ITA - 132 / 2002HC Delhi24 Sept 2015
Section 2Section 2(47)Section 260ASection 45Section 50

…ITA Nos. 38 of 2002 & 132 of 2002 Page 1 of 32 $~ * IN THE HIGH COURT OF DELHI AT NEW DELHI Reserved on: 3rd September, 2015 Date of Decision: 24th September, 2015 ITA 38/2002 TELETUBE ELECTRONICS LTD. .....Petitioner Through: Mr. Ajay Vohra, Senior Advocate with Ms. Kavita Jha and Mr. Vaibhav Kulkarni, Advocates. Versus COMMISSIONER OF INCOME TAX, DELHI-VI .........Respondent Through: Mr. Raghvendra K. Singh and Mr.Kamal Sawhney, Advocates. AND ITA 132/2002 CIT ......Petiti…

Teletube Electronics Ltd

The appeal of the Assessee is allowed

ITA/38/2002HC Delhi24 Sept 2015
Section 2Section 2(47)Section 260ASection 45Section 50

…ITA Nos. 38 of 2002 & 132 of 2002 Page 1 of 32 $~ * IN THE HIGH COURT OF DELHI AT NEW DELHI Reserved on: 3rd September, 2015 Date of Decision: 24th September, 2015 ITA 38/2002 TELETUBE ELECTRONICS LTD. .....Petitioner Through: Mr. Ajay Vohra, Senior Advocate with Ms. Kavita Jha and Mr. Vaibhav Kulkarni, Advocates. Versus COMMISSIONER OF INCOME TAX, DELHI-VI .........Respondent Through: Mr. Raghvendra K. Singh and Mr.Kamal Sawhney, Advocates. AND ITA 132/2002 CIT ......Petiti…

Teletube Electronics Ltd

The appeal of the Assessee is allowed

ITA/132/2002HC Delhi24 Sept 2015
Section 2Section 2(47)Section 260ASection 45Section 50

…ITA Nos. 38 of 2002 & 132 of 2002 Page 1 of 32 $~ * IN THE HIGH COURT OF DELHI AT NEW DELHI Reserved on: 3rd September, 2015 Date of Decision: 24th September, 2015 ITA 38/2002 TELETUBE ELECTRONICS LTD. .....Petitioner Through: Mr. Ajay Vohra, Senior Advocate with Ms. Kavita Jha and Mr. Vaibhav Kulkarni, Advocates. Versus COMMISSIONER OF INCOME TAX, DELHI-VI .........Respondent Through: Mr. Raghvendra K. Singh and Mr.Kamal Sawhney, Advocates. AND ITA 132/2002 CIT ......Petiti…