CIT v. Hoogly Mills Co. Ltd.

287 ITR 333Reported decision#20310 most cited
4

judgments rely on this decision, according to BharatTax’s citation analysis of 357,294 Indian tax judgments — from 2019 to 2019.

Judgments citing CIT v. Hoogly Mills Co. Ltd.

ACIT, Chennai vs. M/S. Tajmahal Agro Industries Pvt Ltd., Chennai

In the result, the assessee’s appeal for the assessment year 2004-05 & 2006-07 are partly allowed and the appeal for assessment year 2007-08 is dismissed

ITA 1940/CHNY/2010[2007-08]Status: DisposedITAT Chennai09 Sept 2019AY 2007-08

Bench: Shri Duvvuru Rl Reddy & Shri S. Jayaraman

For Appellant: Shri S. Sridhar, AdvocateFor Respondent: 11.06.2019
Section 50CSection 80G

…olding that the value of land was "Nil". This is because no depreciation can be claimed on the cost of land as held by the Hon'ble Supreme Court in CIT v. Alps Theatre 65 ITR 377(SC). The Supreme Court in the subsequent decision in CIT v. Hoogly Mills Co. Ltd 287 ITR 333 has further held that where composite price is mentioned, the price has to be bifurcated between price of land and building and no depreciation can be given on land. As no bifurcation has been given but depreciation has been claimed, the AO has rightly taken the value of land at Nil and treated the profit as short term capital gain. Further, duri…

M/S. Tajmahal Agro Industries (P) Ltd., Chennai vs. ITO, Chennai

In the result, the assessee’s appeal for the assessment year 2004-05 & 2006-07 are partly allowed and the appeal for assessment year 2007-08 is dismissed

ITA 1874/CHNY/2010[2007-08]Status: DisposedITAT Chennai09 Sept 2019AY 2007-08

Bench: Shri Duvvuru Rl Reddy & Shri S. Jayaraman

For Appellant: Shri S. Sridhar, AdvocateFor Respondent: 11.06.2019
Section 50CSection 80G

…olding that the value of land was "Nil". This is because no depreciation can be claimed on the cost of land as held by the Hon'ble Supreme Court in CIT v. Alps Theatre 65 ITR 377(SC). The Supreme Court in the subsequent decision in CIT v. Hoogly Mills Co. Ltd 287 ITR 333 has further held that where composite price is mentioned, the price has to be bifurcated between price of land and building and no depreciation can be given on land. As no bifurcation has been given but depreciation has been claimed, the AO has rightly taken the value of land at Nil and treated the profit as short term capital gain. Further, duri…

M/S. Tajmahal Agro Industries (P) Ltd., Chennai vs. ITO, Chennai

In the result, the assessee’s appeal for the assessment year 2004-05 & 2006-07 are partly allowed and the appeal for assessment year 2007-08 is dismissed

ITA 1873/CHNY/2010[2006-07]Status: DisposedITAT Chennai09 Sept 2019AY 2006-07

Bench: Shri Duvvuru Rl Reddy & Shri S. Jayaraman

For Appellant: Shri S. Sridhar, AdvocateFor Respondent: 11.06.2019
Section 50CSection 80G

…olding that the value of land was "Nil". This is because no depreciation can be claimed on the cost of land as held by the Hon'ble Supreme Court in CIT v. Alps Theatre 65 ITR 377(SC). The Supreme Court in the subsequent decision in CIT v. Hoogly Mills Co. Ltd 287 ITR 333 has further held that where composite price is mentioned, the price has to be bifurcated between price of land and building and no depreciation can be given on land. As no bifurcation has been given but depreciation has been claimed, the AO has rightly taken the value of land at Nil and treated the profit as short term capital gain. Further, duri…

M/S. Tajmahal Agro Industries (P) Ltd., Chennai vs. ITO, Chennai

In the result, the assessee’s appeal for the assessment year 2004-05 & 2006-07 are partly allowed and the appeal for assessment year 2007-08 is dismissed

ITA 1872/CHNY/2010[2004-05]Status: DisposedITAT Chennai09 Sept 2019AY 2004-05

Bench: Shri Duvvuru Rl Reddy & Shri S. Jayaraman

For Appellant: Shri S. Sridhar, AdvocateFor Respondent: 11.06.2019
Section 50CSection 80G

…olding that the value of land was "Nil". This is because no depreciation can be claimed on the cost of land as held by the Hon'ble Supreme Court in CIT v. Alps Theatre 65 ITR 377(SC). The Supreme Court in the subsequent decision in CIT v. Hoogly Mills Co. Ltd 287 ITR 333 has further held that where composite price is mentioned, the price has to be bifurcated between price of land and building and no depreciation can be given on land. As no bifurcation has been given but depreciation has been claimed, the AO has rightly taken the value of land at Nil and treated the profit as short term capital gain. Further, duri…

CIT v. Hoogly Mills Co. Ltd. (287 ITR 333) — Cited in 4 Judgments | BharatTax