CIT v. Mediworld Publications Pvt. Ltd.

Assistant Commissioner of Income Tax Range- 9(1)(1), Mumbai vs. M/S.Abhishek Millennium Contracts Private Limited, Mumbai

In the result, the present appeal is dismissed

…nsfer of the right to carry on the business which is taxable as capital gains. In support of the aforesaid, the Ld. Authorised Representative for the Assessee relied upon the following decisions/judgments - CIT vs. M/s. Mediworld Publications Private Limited: 337 ITR 178 (Delhi), ACIT Circle 33(1), New Delhi vs. Smt. Sangeeta Vij (ITA No. 4274/Del/2011) and ACIT Circle 2(3), and Hyderabad vs. Late B. V. Raju, (ITA No. 1034/Hyd/2004). 17. It is vital that assessee has not transferred any tangible asset or any liability to the M/s. D. S. Gupta Construction Private Limited. What was transferred is the right to carr…

Pfizer Ltd, Mumbai vs. Addl CIT RG 8(2), Mumbai

In the result, both the appeals of the assessee are partly allowed

Bench: Shri Amit Shukla & Shri Ashwani Tanejaassessment Year: 2007-08 & Assessment Year: 2008-09 Pfizer Limited, Acit Range 8(2), Patel Estate, Off S.V. Rd. Aayakar Bahwan, बनाम/ Jogeshwari (W), M.K. Marg, Vs. Mumba-400102 Mumbai- (Assessee) (Revenue) P.A. No.Aaacp3334M

…ts Ld. Counsel has relied upon following decisions: (i) Divine Construction Company vs. Assistant Commissioner of Income Tax (138 ITD 72) 50 Pfizer Limited (ii) CIT vs. Santosh Structural & Alloys Ltd. (206 Taxman 616) (iii) Mediworld Publications (P) Ltd. 337 ITR 178) (Delhi) 22.8. Summarizing his arguments, Ld. Counsel submitted that section 50 cannot be applied to an asset on which no depreciation has been claimed or allowed, it was requested that AO be directed to recompute the capital gains arising on sale of license/trademarks as long terms capital gains instead of short term capital gains. 22.9. On th…

The ACIT 12(3), Mumbai vs. Shri Lemuir Air Express, Mumbai

In the result, both appeals of the assessee and revenue are dismissed

Bench: Shri Joginder Singh & Shri R.C. Sharmaआमकय अऩीर सं./I.T.A. Nos. 3245/Mum/2008 (नििाारण वषा / Assessment Year: 2004-05 बिाम/ Asstt. Commissioner Of M/S Lemuir Air Express, Income Tax – 12(3), Oricon House, 2Nd Floor, Vs. Room No. 121, 12-K, Dubhash Marg, Aayakar Bhavan, Fort, M.K. Road, Mumbai 400 023. Mumbai – 400 020. स्थामी रेखा सं./ Pan : Aaafl2518C (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. आमकय अऩीर सं./I.T.A. Nos. 2430/Mum/2008 (नििाारण वषा / Assessment Year : 2004-05 बिाम/ M/S Lemuir Air Express, Asstt. Commissioner Of Oricon House, 2Nd Floor, Income Tax – 12(3), Vs. 12-K, Dubhash Marg, Room No. 121, Fort, Aayakar Bhavan, Mumbai 400 023. M.K. Road, Mumbai – 400 020. स्थामी रेखा सं./ Pan : Aaafl2518C (अऩीराथी /Appellant) .. (प्रत्मथी / Respondent) Assessee By Shri Hiro Rai & Shri Laxmikant Kothari Revenue By : Shri Ajit Kumar Srivastava – Cit Dr सुनवाई की तायीख /Date Of Hearing : 31-07-2015 घोषणा की तायीख /Date Of Pronouncement : 9-10-2015 [

…e ld. Counsel, the amount was received on account of transfer of right to carry on business and “for not carrying on any activity of any business”, The ld. Counsel for the assessee placed reliance on the case of CIT vs. Mediworld Publications Pvt. Ltd. [2011] 337 ITR 178 (Delhi) in support of the proposition that the sale consideration received on transfer of rights of trade mark, brands, copyrights in journals and publications is a capital receipt and not a consideration arising out of business receipts u/s 28(va) of the Act. Further reliance was placed on the decision of ITAT Delhi Bench in the case of ACIT vs.…

The Lemuir Air Express, Mumbai vs. M/S. DCIT 12(3), Mumbai

In the result, both appeals of the assessee and revenue are dismissed

Bench: Shri Joginder Singh & Shri R.C. Sharmaआमकय अऩीर सं./I.T.A. Nos. 3245/Mum/2008 (नििाारण वषा / Assessment Year: 2004-05 बिाम/ Asstt. Commissioner Of M/S Lemuir Air Express, Income Tax – 12(3), Oricon House, 2Nd Floor, Vs. Room No. 121, 12-K, Dubhash Marg, Aayakar Bhavan, Fort, M.K. Road, Mumbai 400 023. Mumbai – 400 020. स्थामी रेखा सं./ Pan : Aaafl2518C (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. आमकय अऩीर सं./I.T.A. Nos. 2430/Mum/2008 (नििाारण वषा / Assessment Year : 2004-05 बिाम/ M/S Lemuir Air Express, Asstt. Commissioner Of Oricon House, 2Nd Floor, Income Tax – 12(3), Vs. 12-K, Dubhash Marg, Room No. 121, Fort, Aayakar Bhavan, Mumbai 400 023. M.K. Road, Mumbai – 400 020. स्थामी रेखा सं./ Pan : Aaafl2518C (अऩीराथी /Appellant) .. (प्रत्मथी / Respondent) Assessee By Shri Hiro Rai & Shri Laxmikant Kothari Revenue By : Shri Ajit Kumar Srivastava – Cit Dr सुनवाई की तायीख /Date Of Hearing : 31-07-2015 घोषणा की तायीख /Date Of Pronouncement : 9-10-2015 [

…e ld. Counsel, the amount was received on account of transfer of right to carry on business and “for not carrying on any activity of any business”, The ld. Counsel for the assessee placed reliance on the case of CIT vs. Mediworld Publications Pvt. Ltd. [2011] 337 ITR 178 (Delhi) in support of the proposition that the sale consideration received on transfer of rights of trade mark, brands, copyrights in journals and publications is a capital receipt and not a consideration arising out of business receipts u/s 28(va) of the Act. Further reliance was placed on the decision of ITAT Delhi Bench in the case of ACIT vs.…