What is CIT v. M.P. Bazaz authority for?

Income from finished flats treated as stock-in-trade is to be computed under the head 'income from business'. This applies even to unsold flats.

How many judgments cite CIT v. M.P. Bazaz?

32 judgments on BharatTax cite CIT v. M.P. Bazaz (200 ITR 131), spanning 2019 to 2024.

CIT v. M.P. Bazaz (200 ITR 131)

Kerala Industrial Infrastruture Dev Corporation(Kinfra), Trivandrum vs. The Assistant Director of Income Tax(Exemption), Trivandrum

ITA 452/COCH/2014[2009-10]Status: DisposedITAT Cochin14 Aug 2024AY 2009-10

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

For Appellant: Sri.Sukhsagar Syal, AdvocateFor Respondent: Sri.Sanjit Kumar Das, CIT-DR

Section 11Section 143(3)Section 2(15)Section 260ASection 263

…ax Appellate Tribunal, which, in turn, made reference to the contentions of the parties and the arguments advanced by the respective learned counsel and referred to the judgments, particularly that rendered by the Orissa High Court in CIT v. M.P.Bajaj I(1993) 200 ITR 131] and thereby noticed that the question raised could be treated as one covered by the decision of the Co-ordinate Bench of the Income Tax Appellate Tribunal rendered in Greater Cochin Development Authority in ITA Nos.792 & 793/ Coch/2013. By this time, the verdict 'in GCDA's case has found its approval through the judgment in ITA Nos.208/2014 and…

Assistant Director of Income-Tax(Exemption), Trivandrum vs. Kerala Industrial Infrastructure Dev.Corporation, Trivandrum

ITA 287/COCH/2014[2010-11]Status: DisposedITAT Cochin14 Aug 2024AY 2010-11

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

For Appellant: Sri.Sukhsagar Syal, AdvocateFor Respondent: Sri.Sanjit Kumar Das, CIT-DR

Section 11Section 143(3)Section 2(15)Section 260ASection 263

…ax Appellate Tribunal, which, in turn, made reference to the contentions of the parties and the arguments advanced by the respective learned counsel and referred to the judgments, particularly that rendered by the Orissa High Court in CIT v. M.P.Bajaj I(1993) 200 ITR 131] and thereby noticed that the question raised could be treated as one covered by the decision of the Co-ordinate Bench of the Income Tax Appellate Tribunal rendered in Greater Cochin Development Authority in ITA Nos.792 & 793/ Coch/2013. By this time, the verdict 'in GCDA's case has found its approval through the judgment in ITA Nos.208/2014 and…

Surana Mutha Bhansali, Pune vs. ACIT-Circle 5 Pune, Pune

In the result, the appeal filed by the assessee is partly allowed

ITA 1442/PUN/2023[2017-18]Status: DisposedITAT Pune28 Jun 2024AY 2017-18

Bench: Shri R. K. Panda & Shri Vinay Bhamoreassessment Year : 2017-18

For Appellant: Shri Neelesh KhandelwalFor Respondent: Shri Sourabh Nayak, Addl.CIT

Section 143(2)Section 270A(1)Section 270A(9)Section 43CSection 80I

…ed on unsold flats which were treated as stock-in-trade. We find that the assessee relied on two decisions of Hon’ble High Courts of Gujarat and Orissa in the cases of Neha Builders (P.) Ltd. reported in 296 ITR 661 (Gujarat) and M.P. Bazaz & Ors. reported in 200 ITR 131 (Orissa), respectively before the AO for the proposition that the income from finished stock of flats is to be computed under the head income from business. The AO rejected the same, but however, placing reliance on the decision of Hon’ble High Court of Delhi in the case of Ansal Housing Finance & Leasing Co. Ltd. reported in 354 ITR 180 (Delhi)…

Surana Mutha Bhansali Developers, Pune vs. ITO, Ward 5(4), Pune

In the result, the appeal of assessee is allowed

ITA 1313/PUN/2023[2014-15]Status: DisposedITAT Pune23 Jan 2024AY 2014-15

Bench: Shri S.S. Viswanethra Ravi & Dr. Dipak P. Ripote

For Appellant: Shri Neelesh KhandelwalFor Respondent: Shri M.G. Jasnani

Section 143(2)Section 143(3)Section 80I

…आयकर अपीलीय अधिकरण “बी” न्यायपीठ पुणे में । IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH, PUNE BEFORE SHRI S.S. VISWANETHRA RAVI, JUDICIAL MEMBER AND DR. DIPAK P. RIPOTE, ACCOUNTANT MEMBER आयकर अपील सं. / ITA No.1313/PUN/2023 धििाारण वर्ा / Assessment Year : 2014-15 Surana Mutha Bhansali Developers, 236, Patil Plaza, Near Saras Baug, Parvati S.O., Pune City, Pune – 411009 PAN : ABGFS1894K .......अपीलार्थी / Appellant बिाम / V/s. ITO, Ward – 5(4), Pune ……प्रत्यर्थी / Respondent Assessee by : Shri Neelesh Khandelwal Revenue by : Shri M.G. Jasnani सुनवाई की तारीख / Date of Hearing : 22-12-2023 घोषणा की तार…

Varanasi Development Authority, Varanasee vs. Assistant Commissioner of Income Tax (Exemption), Lucknow

In the result appeal filed by assessee in ITA no

ITA 267/ALLD/2017[2014-15]Status: DisposedITAT Varanasi06 Jul 2022AY 2014-15

Bench: Shri Vijay Pal Rao & Shri Ramit Kochar

For Appellant: ShriAshishBansal, AdvocateFor Respondent: ShriSunil Bajpai, CIT- D.R

Section 11Section 12Section 12ASection 143(3)Section 2(15)

…ention and labour of a person for the purpose of profit. It has a more extensive meaning than the word 'trade'. An activity carried on continuously in an organized manner with a set purpose and with a view to earn profit is business [CIT v. M.P. Bazaz, (1993) 200 ITR 131, 135, 136 (Ori)]. Also see, Khoday Distilleries Ltd. v. State of Karnataka, JT 1994 (6) SC 588, 625-26." (ii) Meaning and Concept of “Trade” and “Commerce” In the Commentary on Income Tax law by Chaturvedi&Pithisaria, "trade" and "commerce" have been defined as under (Page 1323; Vol 1; Fifth Edition): “Trade or Commerce- The definition of 'trade…

Varanasi Development Authority, Varanasee vs. Assistant Commissioner of Income Tax (Exemption), Lucknow

In the result appeal filed by assessee in ITA no

ITA 266/ALLD/2017[2013-14]Status: DisposedITAT Varanasi06 Jul 2022AY 2013-14

Bench: Shri Vijay Pal Rao & Shri Ramit Kochar

For Appellant: ShriAshishBansal, AdvocateFor Respondent: ShriSunil Bajpai, CIT- D.R

Section 11Section 12Section 12ASection 143(3)Section 2(15)

…ention and labour of a person for the purpose of profit. It has a more extensive meaning than the word 'trade'. An activity carried on continuously in an organized manner with a set purpose and with a view to earn profit is business [CIT v. M.P. Bazaz, (1993) 200 ITR 131, 135, 136 (Ori)]. Also see, Khoday Distilleries Ltd. v. State of Karnataka, JT 1994 (6) SC 588, 625-26." (ii) Meaning and Concept of “Trade” and “Commerce” In the Commentary on Income Tax law by Chaturvedi&Pithisaria, "trade" and "commerce" have been defined as under (Page 1323; Vol 1; Fifth Edition): “Trade or Commerce- The definition of 'trade…

M/S. Varanasi Development Authority, Varanasi vs. Deputy Commissioner of Income Tax (Exemption), Varanasi

In the result appeal filed by assessee in ITA no

ITA 265/ALLD/2017[2012-13]Status: DisposedITAT Varanasi06 Jul 2022AY 2012-13

Bench: Shri Vijay Pal Rao & Shri Ramit Kochar

For Appellant: ShriAshishBansal, AdvocateFor Respondent: ShriSunil Bajpai, CIT- D.R

Section 11Section 12Section 12ASection 143(3)Section 2(15)

…ention and labour of a person for the purpose of profit. It has a more extensive meaning than the word 'trade'. An activity carried on continuously in an organized manner with a set purpose and with a view to earn profit is business [CIT v. M.P. Bazaz, (1993) 200 ITR 131, 135, 136 (Ori)]. Also see, Khoday Distilleries Ltd. v. State of Karnataka, JT 1994 (6) SC 588, 625-26." (ii) Meaning and Concept of “Trade” and “Commerce” In the Commentary on Income Tax law by Chaturvedi&Pithisaria, "trade" and "commerce" have been defined as under (Page 1323; Vol 1; Fifth Edition): “Trade or Commerce- The definition of 'trade…

M/S. Varanasi Development Authority, Varanasi vs. Assistant Commissioner of Income Tax, Varanasi

In the result appeal filed by assessee in ITA no

ITA 264/ALLD/2017[2011-12]Status: DisposedITAT Varanasi06 Jul 2022AY 2011-12

Bench: Shri Vijay Pal Rao & Shri Ramit Kochar

For Appellant: ShriAshishBansal, AdvocateFor Respondent: ShriSunil Bajpai, CIT- D.R

Section 11Section 12Section 12ASection 143(3)Section 2(15)

…ention and labour of a person for the purpose of profit. It has a more extensive meaning than the word 'trade'. An activity carried on continuously in an organized manner with a set purpose and with a view to earn profit is business [CIT v. M.P. Bazaz, (1993) 200 ITR 131, 135, 136 (Ori)]. Also see, Khoday Distilleries Ltd. v. State of Karnataka, JT 1994 (6) SC 588, 625-26." (ii) Meaning and Concept of “Trade” and “Commerce” In the Commentary on Income Tax law by Chaturvedi&Pithisaria, "trade" and "commerce" have been defined as under (Page 1323; Vol 1; Fifth Edition): “Trade or Commerce- The definition of 'trade…

M/S U.P Awas Evam Vikas Parishad, Lucknow vs. Deputy Commissioner of Income Tax (Exemption), Lucknow

In the result, the appeals of the assessee are partly allowed whereas the Cross Objections of the Revenue are partly allowed for statistical purposes

ITA 701/LKW/2019[2017-18]Status: DisposedITAT Lucknow10 Jun 2022AY 2017-18