CIT v. Hindustan Housing and Land Development Trust Ltd.

161 ITR 524Supreme Court of India1986#1580 most cited

What is CIT v. Hindustan Housing and Land Development Trust Ltd. authority for?

Income does not arise or accrue when the right to receive payment or compensation is inchoate, contingent, or in dispute, as such a right does not create a debt. This principle determines the correct year of taxability, particularly for compensation under litigation.

71

judgments rely on this decision, according to BharatTax’s citation analysis of 366,005 Indian tax judgments — from 2000 to 2025.

Also referred to as

CIT v. Hindustan Housing and Land Development Trust Ltd. · 161 ITR 524 SC · right to receive compensation · income accrual · year of taxability · inchoate receipts · contingent income · compensation in dispute · enhanced compensation · compulsory acquisition · Section 145A

Sections most often in play

Section 143(3)Section 37(1)Section 145ASection 14ASection 234BSection 234CSection 36(1)(va)Section 10(34)
Read the full judgment

Issues it is cited on

section 23(1a)section 45(5)(b)right to receivesection 45(5)enhanced compensationsection 2(47)(v)legal expensessection 53section 155joint development agreementcompulsory acquisitioncost of improvement

Judgments citing CIT v. Hindustan Housing and Land Development Trust Ltd.

ACIT, Central Circle-15, New Delhi vs. Sunstar Infra Developers Pvt. Ltd., New Delhi

In the result, all the Cross Objections filed by the assessees are allowed and all the appeals filed by the Revenue are dismissed

ITA 816/DEL/2018[2012-13]Status: DisposedITAT Delhi27 Nov 2020AY 2012-13

Bench: Shri R.K. Panda & Ms Suchitra Kamble

Section 132Section 143(3)Section 154

…me itself is subject matter of dispute, the law is now settled that the income cannot be treated as accruing or arising till such time as the dispute itself is finally settled as was decided in CIT vs. Hindustan Housing and Land Development Trust Ltd., [1986] 161 ITR 524 (SC). After considering the facts of the case, I am of opinion that the addition made of A.O. on account of notional interest of Rs. 4,26,00,000 is not sustainable as such the same is deleted.” CO Nos.73 to 76, 86 & 87, 79 to 82, 88, 90, 71, 72 & 70, 84 &85/Del/2018 11. Aggrieved with the order of the CIT(A), the Revenue is in appeal before the T…

ACIT, Central Circle- 15, New Delhi vs. Competent Infoways Pvt. Ltd., New Delhi

In the result, all the Cross Objections filed by the assessees are allowed and all the appeals filed by the Revenue are dismissed

ITA 128/DEL/2018[2009-10]Status: DisposedITAT Delhi27 Nov 2020AY 2009-10

Bench: Shri R.K. Panda & Ms Suchitra Kamble

Section 132Section 143(3)Section 154

…me itself is subject matter of dispute, the law is now settled that the income cannot be treated as accruing or arising till such time as the dispute itself is finally settled as was decided in CIT vs. Hindustan Housing and Land Development Trust Ltd., [1986] 161 ITR 524 (SC). After considering the facts of the case, I am of opinion that the addition made of A.O. on account of notional interest of Rs. 4,26,00,000 is not sustainable as such the same is deleted.” CO Nos.73 to 76, 86 & 87, 79 to 82, 88, 90, 71, 72 & 70, 84 &85/Del/2018 11. Aggrieved with the order of the CIT(A), the Revenue is in appeal before the T…

ACIT, Central Circle- 15, New Delhi vs. Metbrass Plassim India Ltd., New Delhi

In the result, all the Cross Objections filed by the assessees are allowed and all the appeals filed by the Revenue are dismissed

ITA 124/DEL/2018[2010-11]Status: DisposedITAT Delhi27 Nov 2020AY 2010-11

Bench: Shri R.K. Panda & Ms Suchitra Kamble

Section 132Section 143(3)Section 154

…me itself is subject matter of dispute, the law is now settled that the income cannot be treated as accruing or arising till such time as the dispute itself is finally settled as was decided in CIT vs. Hindustan Housing and Land Development Trust Ltd., [1986] 161 ITR 524 (SC). After considering the facts of the case, I am of opinion that the addition made of A.O. on account of notional interest of Rs. 4,26,00,000 is not sustainable as such the same is deleted.” CO Nos.73 to 76, 86 & 87, 79 to 82, 88, 90, 71, 72 & 70, 84 &85/Del/2018 11. Aggrieved with the order of the CIT(A), the Revenue is in appeal before the T…

ACIT, Central Circle- 15, New Delhi vs. Hindustan Aqua Ltd., New Delhi

In the result, all the Cross Objections filed by the assessees are allowed and all the appeals filed by the Revenue are dismissed

ITA 122/DEL/2018[2009-10]Status: DisposedITAT Delhi27 Nov 2020AY 2009-10

Bench: Shri R.K. Panda & Ms Suchitra Kamble

Section 132Section 143(3)Section 154

…me itself is subject matter of dispute, the law is now settled that the income cannot be treated as accruing or arising till such time as the dispute itself is finally settled as was decided in CIT vs. Hindustan Housing and Land Development Trust Ltd., [1986] 161 ITR 524 (SC). After considering the facts of the case, I am of opinion that the addition made of A.O. on account of notional interest of Rs. 4,26,00,000 is not sustainable as such the same is deleted.” CO Nos.73 to 76, 86 & 87, 79 to 82, 88, 90, 71, 72 & 70, 84 &85/Del/2018 11. Aggrieved with the order of the CIT(A), the Revenue is in appeal before the T…

ACIT, Central Circle- 15, New Delhi vs. Fortune Industrial Resources Ltd., Delhi

In the result, all the Cross Objections filed by the assessees are allowed and all the appeals filed by the Revenue are dismissed

ITA 119/DEL/2018[2011-12]Status: DisposedITAT Delhi27 Nov 2020AY 2011-12

Bench: Shri R.K. Panda & Ms Suchitra Kamble

Section 132Section 143(3)Section 154

…me itself is subject matter of dispute, the law is now settled that the income cannot be treated as accruing or arising till such time as the dispute itself is finally settled as was decided in CIT vs. Hindustan Housing and Land Development Trust Ltd., [1986] 161 ITR 524 (SC). After considering the facts of the case, I am of opinion that the addition made of A.O. on account of notional interest of Rs. 4,26,00,000 is not sustainable as such the same is deleted.” CO Nos.73 to 76, 86 & 87, 79 to 82, 88, 90, 71, 72 & 70, 84 &85/Del/2018 11. Aggrieved with the order of the CIT(A), the Revenue is in appeal before the T…

ACIT, Central Circle- 15, New Delhi vs. Moon Beverages Ltd., New Delhi

In the result, all the Cross Objections filed by the assessees are allowed and all the appeals filed by the Revenue are dismissed

ITA 115/DEL/2018[2009-10]Status: DisposedITAT Delhi27 Nov 2020AY 2009-10

Bench: Shri R.K. Panda & Ms Suchitra Kamble

Section 132Section 143(3)Section 154

…me itself is subject matter of dispute, the law is now settled that the income cannot be treated as accruing or arising till such time as the dispute itself is finally settled as was decided in CIT vs. Hindustan Housing and Land Development Trust Ltd., [1986] 161 ITR 524 (SC). After considering the facts of the case, I am of opinion that the addition made of A.O. on account of notional interest of Rs. 4,26,00,000 is not sustainable as such the same is deleted.” CO Nos.73 to 76, 86 & 87, 79 to 82, 88, 90, 71, 72 & 70, 84 &85/Del/2018 11. Aggrieved with the order of the CIT(A), the Revenue is in appeal before the T…

ACIT, Central Circle- 15, New Delhi vs. Hal Offshore Ltd., New Delhi

In the result, all the Cross Objections filed by the assessees are allowed and all the appeals filed by the Revenue are dismissed

ITA 111/DEL/2018[2009-10]Status: DisposedITAT Delhi27 Nov 2020AY 2009-10

Bench: Shri R.K. Panda & Ms Suchitra Kamble

Section 132Section 143(3)Section 154

…me itself is subject matter of dispute, the law is now settled that the income cannot be treated as accruing or arising till such time as the dispute itself is finally settled as was decided in CIT vs. Hindustan Housing and Land Development Trust Ltd., [1986] 161 ITR 524 (SC). After considering the facts of the case, I am of opinion that the addition made of A.O. on account of notional interest of Rs. 4,26,00,000 is not sustainable as such the same is deleted.” CO Nos.73 to 76, 86 & 87, 79 to 82, 88, 90, 71, 72 & 70, 84 &85/Del/2018 11. Aggrieved with the order of the CIT(A), the Revenue is in appeal before the T…

Afcons Infrastructure Ltd, Mumbai vs. Pr.CIT 9, Mumbai

The appeal stands allowed to the extent indicated in the order

ITA 3159/MUM/2019[2014-15]Status: DisposedITAT Mumbai17 Mar 2020AY 2014-15

Bench: Shri Saktijit Dey, Jm & Shri Manoj Kumar Aggarwal, Am आयकरअपील सं./ I.T.A. No.3159/Mum/2019 (िनधा"रण वष" / Assessment Year:2014-15) Afcons Infrastructure Limited Pr. Cit-9 16, Afcons House Room No.214, Aaykar Bhavan बनाम/ 2Nd Floor, M.K. Road Shah Industrial Estate Vs. Veera Desai Road, Andheri West Mumbai. Mumbai. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaaca-9067-G (अपीलाथ"/Appellant) (""थ" / Respondent) : अपीलाथ" की ओर से/ Appellant By : S/Shri J.D. Mistry & Nitesh Joshi-Ld. Ars ""थ"कीओरसे/Respondent By : Shri Anadi Varma-Ld.Cit-Dr सुनवाईकीतारीख/ : 05/09/2019 & 19/12/2019 Date Of Hearing घोषणाकीतारीख / : 17/03/2020 Date Of Pronouncement आदेश / O R D E R

For Appellant: S/Shri J.D. Mistry & Nitesh Joshi-Ld. ArsFor Respondent: Shri Anadi Varma-Ld.CIT-DR
Section 263

…interest on arbitration award as these awards were disputed by the clients before Hon’ble High Courts. For the said submissions, reliance was placed, inter-alia, on the decision of Hon’ble Apex Court in Hindustan Housing and Land Development Trust Ltd. (1986 161 ITR 524), Godhra Electricity Co. Ltd. (1997 225 ITR 746), decision of Hon’ble Bombay High Court in CIT V/s Seksaria Biswan Sugar Factory Pvt. Ltd. (1992 195 ITR 778), CIT V/s Vimla D. Sonwane (1994 212 ITR 489), CIT V/s Sharda Sugar Industries Ltd. (1999 239 ITR 393) and CIT V/s Abdul Mannan Shah Mohammed (2001 248 ITR 614) besides various other decision…

ITO, Ward-3(3), Visakhapatnam vs. Shri K V V Prasad, Visakhapatnam

In the result, the appeals of the revenue are dismissed

ITA 457/VIZ/2017[2008-2009]Status: DisposedITAT Visakhapatnam13 Feb 2019AY 2008-2009

Bench: Shri V. Durga Rao& Shri D.S. Sunder Singhआयकर अपील सं./I.T.A.No.375/Viz/2017 (ननधधारण वर्ा/Assessment Year:2008-09) Income Tax Officer Vs. Smt.Siripurapu Chinatalli Ward-3(3) D.No.9-16-37/2 Visakhapatnam Gurajada Enclave Cbm Compound Visakhapatnam [Pan : Agrpc1150E] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent) आयकर अपील सं./I.T.A.No.457/Viz/2017 (ननधधारण वर्ा/Assessment Year: 2008-09) Income Tax Officer Vs. Shri K.V.V.Prasad Ward-3(3) Plot No.301, Vytla Residency Visakhapatnam Balajinagar Siripuram Visakhapatnam (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent) अपीलधथी की ओर से/ Appellant By : Shri D.K.Sonowal, Cit Dr प्रत्यधथी की ओर से/ Respondent By : Shri G.V.N.Hari, Ar सुनवधई की तधरीख / Date Of Hearing : 24.01.2019 : 13.02.2019 घोर्णध की तधरीख/Date Of Pronouncement

For Appellant: Shri D.K.Sonowal, CIT DRFor Respondent: Shri G.V.N.Hari, AR
Section 271(1)(c)

…that if the same is to be treated as income it should be assessed in the F.Y.2010-11, related to the A.Y.2011-12 but not in the A.Y.2008-09. The assessee has taken the support from the decision of CIT vs Hindustan Housing and Land Development trust Ltd(1986) 161 ITR 524 and the decision of CIT vs Jai Prakash Om Prakash Co.Ltd(1961) 41 ITR718(Punj). The assessee contended that the amount received from M/s Fortuna Infrastructure India Private Limited has to be treated as advance in the impugned assessment year and cannot be treated as income pending settlement of dispute. According to the assessee, the sum receive…

ITO, Ward-3(3), Visakhapatnam vs. Siripurapu Chinatalli, Visakhapatnam

In the result, the appeals of the revenue are dismissed

ITA 375/VIZ/2017[2008-2009]Status: DisposedITAT Visakhapatnam13 Feb 2019AY 2008-2009

Bench: Shri V. Durga Rao& Shri D.S. Sunder Singhआयकर अपील सं./I.T.A.No.375/Viz/2017 (ननधधारण वर्ा/Assessment Year:2008-09) Income Tax Officer Vs. Smt.Siripurapu Chinatalli Ward-3(3) D.No.9-16-37/2 Visakhapatnam Gurajada Enclave Cbm Compound Visakhapatnam [Pan : Agrpc1150E] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent) आयकर अपील सं./I.T.A.No.457/Viz/2017 (ननधधारण वर्ा/Assessment Year: 2008-09) Income Tax Officer Vs. Shri K.V.V.Prasad Ward-3(3) Plot No.301, Vytla Residency Visakhapatnam Balajinagar Siripuram Visakhapatnam (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent) अपीलधथी की ओर से/ Appellant By : Shri D.K.Sonowal, Cit Dr प्रत्यधथी की ओर से/ Respondent By : Shri G.V.N.Hari, Ar सुनवधई की तधरीख / Date Of Hearing : 24.01.2019 : 13.02.2019 घोर्णध की तधरीख/Date Of Pronouncement

For Appellant: Shri D.K.Sonowal, CIT DRFor Respondent: Shri G.V.N.Hari, AR
Section 271(1)(c)

…that if the same is to be treated as income it should be assessed in the F.Y.2010-11, related to the A.Y.2011-12 but not in the A.Y.2008-09. The assessee has taken the support from the decision of CIT vs Hindustan Housing and Land Development trust Ltd(1986) 161 ITR 524 and the decision of CIT vs Jai Prakash Om Prakash Co.Ltd(1961) 41 ITR718(Punj). The assessee contended that the amount received from M/s Fortuna Infrastructure India Private Limited has to be treated as advance in the impugned assessment year and cannot be treated as income pending settlement of dispute. According to the assessee, the sum receive…

ADIT, New Delhi vs. Mr. Sudhir Choudhary, New Delhi

In the result, the appeal of the revenue is allowed

ITA 2013/DEL/2013[2009-10]Status: DisposedITAT Delhi12 Feb 2019AY 2009-10

Bench: Shri Bhavnesh Saini & Shri O.P. Kantasstt. Year: 2009-10

For Appellant: Smt. Jyoti Narula, CAFor Respondent: Shri S.S. Rana, CIT(DR)
Section 143(2)Section 143(3)

…titution under section 144 of the Code of Civil Procedure.” 13. We note that in subsequent para (ie. para 9) the Hon’ble High Court relied on the decision of Hon’ble Supreme Court in the case of CIT vs. Hindustan Housing and Land Development Trust Ltd. (1986) 161 ITR 524 as under: “9. A somewhat similar situation had arisen in Hindustan Housing. In that case, the lands belonging to the assessee were requisitioned and then acquired by the State Government. The issue of compensation was required to be adjudicated by the Calcutta High Court as a result of an appeal preferred by the State Government. Pending the app…

M/S.Combined Foods P. Ltd, Cochin vs. The ACIT, Cochin

In the result, all the appeals filed by the revenue stand dismissed

ITA 155/COCH/2017[2012-13]Status: DisposedITAT Cochin27 Dec 2018AY 2012-13

Bench: S/Shri Chandra Poojari, Am & George George K., Jm Assessment Year : 2012-13 M/S. Combined Foods Private The Principal Commissioner Of Limited, Income-Tax, Kochi-1. 28/3030, Elamkulam, Cheruparambath Road, Kadavanthara, Kochi-682 020. [Pan:Aaacc 9366N] Assessee-Appellant Revenue-Respondent

Section 143(3)Section 14ASection 263Section 36(1)(iii)Section 43(1)

…1 IN THE INCOME TAX APPELLATE TRIBUNAL COCHIN BENCH, COCHIN BEFORE S/SHRI CHANDRA POOJARI, AM & GEORGE GEORGE K., JM Assessment Year : 2012-13 M/s. Combined Foods Private The Principal Commissioner of Limited, Income-tax, Kochi-1. 28/3030, Elamkulam, Cheruparambath Road, Kadavanthara, Kochi-682 020. [PAN:AAACC 9366N] Assessee-Appellant Revenue-Respondent Assessee by Shri P.M. Veeramani, CA Revenue by Shri Shantham Bose, CIT(DR) Date of hearing 17/12/2018 Date of pronouncement 27/12/2018 O R D E R Per CHANDRA POOJARI, AM: This appeal of the assessee is directed against the order passed u/s. 263 of the…

ACIT Cir, 31 (1) Room No. 217, New Delhi vs. Rngs Consortium, New Delhi

In the result ITA No. 153/Del/2009 is dismissed

ITA 2238/DEL/2008[2004-2005]Status: DisposedITAT Delhi20 Dec 2018AY 2004-2005

Bench: Shri Amit Shukla & Shri Prashant Maharishiasst Commissioner Of Income Vs. M/S. Rngs Consortium, Tax, 8, Aradhana Colony, Circle-31(1), Cr Building, Ip Sector-13, Rk Puram, New Estate, New Delhi Delhi (Appellant) (Respondent) Dcit, Vs. M/S. Expotec International Circle-11(1), Ltd, 8, Aradhana Colony, Rk New Delhi Puram, Sector-13, New Delhi (Appellant) (Respondent)

For Appellant: Shri Ajay vohra, Sr. AdvFor Respondent: Shri Surender Pal, Sr. DR
Section 144Section 145(3)Section 44A

…d in favour of assessee a debt due by somebody it cannot be said that he has acquired a right to receive the income or that income has accrued to him." 33. The appellant has further „relied upon the case of CIT vs. Hindustan' Housing & Land Development Trust: 161 ITR 524 (SC), wherein the assessee, was a limited company dealing in land and was maintaining its accounts on the mercantile system. By an order dated June 21, 1946, under rule 75A(1) of the Defence of India Rules read with section 19 of the Defence of India Act, 1939, certain plots of land measuring about 19.17 acres in village Kankulia in the District…

Pyramid Realtors Pvt. Ltd., New Delhi vs. ACIT, New Delhi

ITA 2057/DEL/2017[2010-11]Status: DisposedITAT Delhi08 Oct 2018AY 2010-11

Bench: Shri Bhavnesh Saini & Shri L.P. Sahu

For Appellant: Shri M.P. Rastogi, AdvocateFor Respondent: Shri Pradeep Singh Gautam
Section 143(1)Section 143(3)Section 2(22)(e)

…dmitted income, though the actual construction of the superstructure was completed at a later point of time. The assessee-company has relied upon the decision of Hon’ble Supreme Court in the case of CIT vs. Hindustan Housing & Land Development Trust Ltd., 161 ITR 524 (SC). The assessee-company, therefore, submitted that when a sum of money is received with certain restrictions, obligations and duties to be performed, then it is only when these acts are duly complied with, income will accrue/arise to be taxable under sections 4 and 5 of the Income Tax Act, 1961. In assessee’s case, actual construction of t…

Saga Developers Pvt. Ltd., New Delhi vs. ACIT, New Delhi

ITA 2056/DEL/2017[2010-11]Status: DisposedITAT Delhi08 Oct 2018AY 2010-11

Bench: Shri Bhavnesh Saini & Shri L.P. Sahu

For Appellant: Shri M.P. Rastogi, AdvocateFor Respondent: Shri Pradeep Singh Gautam
Section 143(1)Section 143(3)Section 2(22)(e)

…dmitted income, though the actual construction of the superstructure was completed at a later point of time. The assessee-company has relied upon the decision of Hon’ble Supreme Court in the case of CIT vs. Hindustan Housing & Land Development Trust Ltd., 161 ITR 524 (SC). The assessee-company, therefore, submitted that when a sum of money is received with certain restrictions, obligations and duties to be performed, then it is only when these acts are duly complied with, income will accrue/arise to be taxable under sections 4 and 5 of the Income Tax Act, 1961. In assessee’s case, actual construction of t…

Saamag Construction Ltd., New Delhi vs. ACIT, New Delhi

ITA 2054/DEL/2017[2010-11]Status: DisposedITAT Delhi08 Oct 2018AY 2010-11

Bench: Shri Bhavnesh Saini & Shri L.P. Sahu

For Appellant: Shri M.P. Rastogi, AdvocateFor Respondent: Shri Pradeep Singh Gautam
Section 143(1)Section 143(3)Section 2(22)(e)

…dmitted income, though the actual construction of the superstructure was completed at a later point of time. The assessee-company has relied upon the decision of Hon’ble Supreme Court in the case of CIT vs. Hindustan Housing & Land Development Trust Ltd., 161 ITR 524 (SC). The assessee-company, therefore, submitted that when a sum of money is received with certain restrictions, obligations and duties to be performed, then it is only when these acts are duly complied with, income will accrue/arise to be taxable under sections 4 and 5 of the Income Tax Act, 1961. In assessee’s case, actual construction of t…

Saamag Developers Pvt. Ltd., New Delhi vs. ACIT, New Delhi

ITA 2053/DEL/2017[2010-11]Status: DisposedITAT Delhi08 Oct 2018AY 2010-11

Bench: Shri Bhavnesh Saini & Shri L.P. Sahu

For Appellant: Shri M.P. Rastogi, AdvocateFor Respondent: Shri Pradeep Singh Gautam
Section 143(1)Section 143(3)Section 2(22)(e)

…dmitted income, though the actual construction of the superstructure was completed at a later point of time. The assessee-company has relied upon the decision of Hon’ble Supreme Court in the case of CIT vs. Hindustan Housing & Land Development Trust Ltd., 161 ITR 524 (SC). The assessee-company, therefore, submitted that when a sum of money is received with certain restrictions, obligations and duties to be performed, then it is only when these acts are duly complied with, income will accrue/arise to be taxable under sections 4 and 5 of the Income Tax Act, 1961. In assessee’s case, actual construction of t…

The DCIT, Cochin vs. M/S. Creampacks(P) Ltd, Cochin

In the result, all the appeals filed by the revenue stand dismissed

ITA 608/COCH/2017[2012-13]Status: DisposedITAT Cochin28 Aug 2018AY 2012-13

Bench: S/Shri Chandra Poojari, Am & George George K., Jm I.T.A. No.608/Coch/2017 Assessment Year : 2012-13 Deputy Commissioner Of Vs. M/S. Cream Packs Private Ltd., Income-Tax, Circle-1(1), Kochi. 28/3030, Cheruparambath Road, Elamkulam, Kadavanthara, Kochi-682 020. [Pan:Aaacc 9368C]

…Sugauli Sugar Works (Impugned) Ltd. – 236 ITR 518 (SC); 5 I.T.A. Nos. 73-79/Coch/2014 (d) Star India P. Ltd. vs. Addl. CIT – 311 ITR (ST) 235 (Mumbai). (e) Govind Prasad Prabhu Nath – 171 ITR 417 (All.); (f) Hindustan Housing and Land Development Trust Ltd. – 161 ITR 524 (SC); (g) Ace Builders Pvt. Ltd. vs. CIT – 225 ITR 746 (SC); (h) Mantra Tanta Yantra Vigyan vs. CIT – 300 ITR 140 (Raj.); and (i) Guardian Industries Corpn. vs. Assistant Director of Income-tax – 7 DTR 594 (Del.). are also supports the plea of the assessee. The accrual has been dealt with in the relied judgments. Hence, under the given set of fac…

T.A.Taylor Pvt Ltd., Chennai vs. ACIT, Chennai

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

ITA 622/CHNY/2017[2012-13]Status: DisposedITAT Chennai19 Jul 2018AY 2012-13

Bench: Shri N.R.S. Ganesan & Shri Abraham P. George] आयकर अपील सं./I.T.A. No.622/Chny/2017 "नधा"रण वष" /Assessment Year : 2012-2013. M/S. T.A. Taylor Private Ltd, Vs. The Assistant Commissioner Of No.10/5, Royal Enclave, Income Tax, Besant Avenue Road, Corporate Circle 3(1) Adyar, Chennai. Chennai 600 020. [Pan Aaact 4165G] (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Appellant: Shri. Vijay Kumar Punna

…Hemal Raju Shete,(2016) 136 DTR 417, that of Hon’ble Jurisdictional :- 5 -: High Court in the case of CIT vs. Motor Credit Co. P. Ltd, (1981)127 ITR 572 and that of Hon’ble Apex Court in the case of CIT vs. Hindustan Housing and Land Development Trust Ltd, 161 ITR 524. Per contra, ld. Departmental Representative submitted that 5. slump sale agreement was clear regarding the question of consideration. According to him, just because a part of the consideration was to be released in the subsequent year would not mean that capital gains had to be distributed over various years. We have considered the rival conten…

ITO 29(2)(4), Mumbai vs. Nathpa Jhakari Joint Venture, Mumbai

In the result, appeal of the Revenue is dismissed

ITA 3953/MUM/2016[2002-03]Status: DisposedITAT Mumbai31 May 2018AY 2002-03

Bench: Shri R.C.Sharma, Am & Shri Sandeep Gosain, Jm Ito 29 (2)(4) Vs. M/S.Nathpa Jhakari Joint Building No.C-10, R.No.205 Venture It Office, Hincon House, Pratyakshkar Bhavana Lbs Marg Bkc, Bandra (E) Vikhroli (W) Mumbai – 400 011 Mumbai – 400 083 Pan/Gir No. Aaaan1127C Appellant) .. Respondent)

Section 143(3)

…pute goes clearly to show that there is no debt considered due and in fact the payment made were only ad-hoc in nature. 7.1.8 The ratio of the Supreme Court's decision in the case of CIT vs Hindustan Housing & Land Development & Housing Trust Ltd. reported in 161 ITR 524 would also go to show that no taxable income had accrued to the assessee on account of awards/decrees passed by the DRB, Arbitrator in view of the undisputed fact that the Client had not accepted the decisions by them or the claims made by the appellant in toto right from the very initial stages of institution of the proceedings for the claims pr…