CIT v. Hindustan Housing and Land Development Trust Ltd.

National Agricultural Cooperative Marketing Federation of India Ltd vs. Commissioner of Income Tax Delhi, XI & Anr

The appeal is allowed but, in the circumstances, with no order as to

Bench: HON'BLE DR. JUSTICE S.MURALIDHAR,HON'BLE MR. JUSTICE CHANDER SHEKHAR

…sequential judgment by the DB of this Court in September, 2010 that NAFED incurred a legally enforceable liability to pay interest to Alimenta. Reference was made by the ITAT to the decisions in CIT v. Hindustan Housing & Land Development Trust Ltd.(1986) 161 ITR 524 (SC) and Jasjeet Films (P) Ltd. v. CIT (2007) 165 Taxmann 599 (Del). The alternative point of view regarding the ITA No. 161 of 2016 Page 6 of 8 deduction being hit by Section 40(a)(i) of the Act was held to be non- applicable “as the underlining condition for its applicability, being the otherwise…

Sh. Vikas Kapoor, Delhi vs. ACIT, New Delhi

In the result, the appeal of the Assessee is allowed

Bench: Shri H.S. Sidhuassessment Year: 2008-09

…i, (1972) 86ITR 501 (DEL), 46. Harish Chandra & Ors. v. CIT, (1985) 154 ITR 478 (DEL) Topandas Kundanmal v. CIT, (1978) 114 ITR 237 (GUJ) were also quoted with approval. 47: CIT, West Bengal II v. Hindustan Housing & Land Development Trust Limited, (1986) 161 ITR 524 (SC). 48. New Friends Co-operative House Building Society Ltd. v. CIT & Anr., (2010) 327 ITR 39 (P&H) 49.ITO, Calcutta & Ors. v. Lakhmani Mewal Das, (1972) 103 ITR 437 (SC) 50. Chanchal Kumar Chatterjee v. Income Tax Officer, "B" Ward, Central Salaries Circle, Calcutta & Ors., (1972) 93 ITR 130 (CAL). 51. Govinda Choudhury & Sons v. Income…

Commissioner of Income Tax Delhi vs. Ms. Suman Dhamija

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

…r of the Delhi High Court regarding ownership of the land in favour of the Assessee to the extent of his share had not attained finality. Relying upon the decision of the Supreme Court in CIT v. Hindustan Housing and Land Development Trust Limited (1986) 161 ITR 524, the CIT (A) agreed with Mr. Dhamija that he would be subject to tax at that stage only to the extent of the amount on which there was no dispute, i.e. Rs.1,20,446/- together with the corresponding interest. The CIT(A) held that the re-opening of the assessments for AY 1981-82 to 1987-88 by invoking Section 147 of the Act was not justified.…

Commissioner of Income Tax Delhi vs. Ms Suman Dhamija

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

…r of the Delhi High Court regarding ownership of the land in favour of the Assessee to the extent of his share had not attained finality. Relying upon the decision of the Supreme Court in CIT v. Hindustan Housing and Land Development Trust Limited (1986) 161 ITR 524, the CIT (A) agreed with Mr. Dhamija that he would be subject to tax at that stage only to the extent of the amount on which there was no dispute, i.e. Rs.1,20,446/- together with the corresponding interest. The CIT(A) held that the re-opening of the assessments for AY 1981-82 to 1987-88 by invoking Section 147 of the Act was not justified.…

Commissioner of Income Tax Delhi vs. Ms Suman Dhamija

…r of the Delhi High Court regarding ownership of the land in favour of the Assessee to the extent of his share had not attained finality. Relying upon the decision of the Supreme Court in CIT v. Hindustan Housing and Land Development Trust Limited (1986) 161 ITR 524, the CIT (A) agreed with Mr. Dhamija that he would be subject to tax at that stage only to the extent of the amount on which there was no dispute, i.e. Rs.1,20,446/- together with the corresponding interest. The CIT(A) held that the re-opening of the assessments for AY 1981-82 to 1987-88 by invoking Section 147 of the Act was not justified.…

Commissioner of Income Tax Delhi vs. Ms. Suman Dhamija

…r of the Delhi High Court regarding ownership of the land in favour of the Assessee to the extent of his share had not attained finality. Relying upon the decision of the Supreme Court in CIT v. Hindustan Housing and Land Development Trust Limited (1986) 161 ITR 524, the CIT (A) agreed with Mr. Dhamija that he would be subject to tax at that stage only to the extent of the amount on which there was no dispute, i.e. Rs.1,20,446/- together with the corresponding interest. The CIT(A) held that the re-opening of the assessments for AY 1981-82 to 1987-88 by invoking Section 147 of the Act was not justified.…

National Agricultural Cooperative Marketing Federation of India Ltd vs. JCIT Range-32

Bench: Justice (Retd.) Dev Darshan Sud, Hon’Ble, Shri G.C. Gupta, Vp & Shri R.S. Syal Am

…during the years under consideration. 13. Our view about non-availability of deduction for the years in question is further fortified by the judgment of the Hon’ble Supreme Court in the case of CIT vs. Hindustan Housing & Land Development Trust Ltd. (1986) 161 ITR 524 (SC). The assessee in that case was dealing in land and maintained its accounts on mercantile basis. Some plots of the assessee were requisitioned by the Government and, subsequently, the land was acquired. Certain sum was awarded as compensation. The assessee preferred appeal before the arbitrator, who made the award fixing higher amount of com…

National Agricultural Cooperative Marketing Federation of India Ltd vs. JCIT Range-32

Bench: Justice (Retd.) Dev Darshan Sud, Hon’Ble, Shri G.C. Gupta, Vp & Shri R.S. Syal Am

…during the years under consideration. 13. Our view about non-availability of deduction for the years in question is further fortified by the judgment of the Hon’ble Supreme Court in the case of CIT vs. Hindustan Housing & Land Development Trust Ltd. (1986) 161 ITR 524 (SC). The assessee in that case was dealing in land and maintained its accounts on mercantile basis. Some plots of the assessee were requisitioned by the Government and, subsequently, the land was acquired. Certain sum was awarded as compensation. The assessee preferred appeal before the arbitrator, who made the award fixing higher amount of com…

Haripal Singh, New Delhi vs. ACIT, New Delhi

In the result we allow ground no

Bench: Shri H.S. Sidhu & Shri J. S. Reddy

…ng case laws. 3 AY 2009-10 Sh. Haripal Singh (i) CIT vs. Hardwari Lal 312 ITR 151 (P & H) (ii) CIT vs. Smt. T. Girija Ammal 282 ITR 614((Mad) (iii) CIT vs. Padam Parkash (HUF) 104 ITD 1 (Del) (SB) (iv) CIT vs. Hindustan Housing & Land Development Trust Ltd. 161 ITR 524 (SC) 8. He also relied on the explanatory notes introducing to the provisions of the Finance No. 2 Act, 2009 and Circular No. 5/2010/[F.No. 142/13/2010-SO(TPL)] dated 3.6.2010 for the proposition that, interest income should be computed on accrual basis as held by the Hon’ble Supreme Court in the case of Smt. Rama Bai vs. CIT 181 ITR 400. Hence…

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

Appeal is disposed of

…to be taxable income and was/is taxed in the year in which it was/is received and, it was/is not taxed in the year of transfer of the capital asset. Earlier decision of the Supreme Court in CIT vs. Hindustan Housing and Land Development Trust Ltd. [1986] 161 ITR 524 (SC), was held to be inapplicable after enactment of Section 45(5) of the Act. In light of the aforesaid decision, it has to be held that the additional compensation received would be taxable in the present assessment year, i.e. 1988-89. Therefore, decision of the tribunal to the contrary cannot be sustained and has to be set aside. 2014:…

Commissioner of Income Tax Del vs. Gulab Sundri Bapna

Appeal is disposed of

…to be taxable income and was/is taxed in the year in which it was/is received and, it was/is not taxed in the year of transfer of the capital asset. Earlier decision of the Supreme Court in CIT vs. Hindustan Housing and Land Development Trust Ltd. [1986] 161 ITR 524 (SC), was held to be inapplicable after enactment of Section 45(5) of the Act. In light of the aforesaid decision, it has to be held that the additional compensation received would be taxable in the present assessment year, i.e. 1988-89. Therefore, decision of the tribunal to the contrary cannot be sustained and has to be set aside. 2014:…

JUDGEMENTopens in new window

Appeal is disposed of

…to be taxable income and was/is taxed in the year in which it was/is received and, it was/is not taxed in the year of transfer of the capital asset. Earlier decision of the Supreme Court in CIT vs. Hindustan Housing and Land Development Trust Ltd. [1986] 161 ITR 524 (SC), was held to be inapplicable after enactment of Section 45(5) of the Act. In light of the aforesaid decision, it has to be held that the additional compensation received would be taxable in the present assessment year, i.e. 1988-89. Therefore, decision of the tribunal to the contrary cannot be sustained and has to be set aside. 2014:…