CIT v. Motor & General Stores (P) Ltd.

DY CIT CC-1(4), MUMBAI vs. M/S GRASIM INDUSTRIES LTD., MUMBAI

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm

…Income-tax, Circle 2(2)(4), Mumbai (2017) 87 taxmann.com 03 (Mumbai-Trib.)  Duchem Laboratories Ltd v/s ACTT (2010) 47 DTR 0484 (Mumbai - Tribunal)  Avaya Global Connect Lid v/s ACIT (2008) 13 DTR 0309) - Mumbai Tribunal  CIT v/s Bharat Bijlee Ltd. (2014) 365 ITR 258 (Dom) - Hon'ble High Court of Bombay ITA Nos. 1935/MUM/2020 & 41/MUM/2021 Grasim Industries Ltd. 2018-19  DCIT v/s NOCIL Ltd. [2017) 159 DTR 0009 (Mumbai(Trib)] Bombay Tribunal,  Mahindra Engineering & Chemical Products Ltd. v/s ITO (2012) 51 SOT 0496)-Bombay Tribunal  M/s. KBD Sugars & Distilleries Ltd. vs. Asstt. Commissioner of Income Tax,…

GRASIM INDUSTRIES LTD.,MUMBAI vs. DY CIT, CENTRAL CIRCLE-1(4), MUMBAI

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm

…Income-tax, Circle 2(2)(4), Mumbai (2017) 87 taxmann.com 03 (Mumbai-Trib.)  Duchem Laboratories Ltd v/s ACTT (2010) 47 DTR 0484 (Mumbai - Tribunal)  Avaya Global Connect Lid v/s ACIT (2008) 13 DTR 0309) - Mumbai Tribunal  CIT v/s Bharat Bijlee Ltd. (2014) 365 ITR 258 (Dom) - Hon'ble High Court of Bombay ITA Nos. 1935/MUM/2020 & 41/MUM/2021 Grasim Industries Ltd. 2018-19  DCIT v/s NOCIL Ltd. [2017) 159 DTR 0009 (Mumbai(Trib)] Bombay Tribunal,  Mahindra Engineering & Chemical Products Ltd. v/s ITO (2012) 51 SOT 0496)-Bombay Tribunal  M/s. KBD Sugars & Distilleries Ltd. vs. Asstt. Commissioner of Income Tax,…

TMF HOLDING LTD.,MUMBAI vs. PR. CIT -1, MUMBAI

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Pavan Kumar Gadale, Hon'Bletmf Holdings Ltd., V. Pr.Cit – 1 {Formerly Known As Tata Motors Finance Ltd.,} 3Rd Floor, Room No. 330 10Th Floor, 106 A & B Aayakar Bhavan, M.K. Road Maker Chamber-Iii Mumbai - 400020 Nariman Point, Mumbai Pan: Aacct4644A (Appellant) (Respondent) Shri Nikhil Tiwari Assessee By : Department By : Shri S.N. Kabra

…Shri Madan Mohan Chandak (ITA No. 1256/Mds/2009) dated 19 May 2011(Refer page 255 to 259 of the legal paperbook) 20 TMF Holdings Ltd., • Artex Manufacturing Co. (227 ITR 260) (SC) (Refer page 229 to 237 of the legal paperbook) • CIT vs Bharat Bijlee Limited (365 ITR 258) (Bom HC) (Refer page 318 to 323 of the legal paperbook) • Bharat Bijlee Limited v. ACIT [ITA No. 6410/Mum/2008] (2006) (Mumbai Tribunal) (Refer page 301 to 317 of the legal paperbook) 48. In view of the above, it is submitted that the provisions of section 50B are merely computational provisions (and not charging section) and the charging sectio…

ORICON ENTERPRISES LTD,MUMBAI vs. ACIT CEN CIR 3(3), MUMBAI

Bench: S/Sh. Rajendra & Pawan Singh

…at the additional ground raised by the assessee could not be entertained. He further observed that the contention raised in the additional ground was based on the judgment pronounced by the honorable jurisdictional High Court in the case of Bharat Bijlee Ltd.(365 ITR 258),that the basic contention of the assessee was that its case was not covered by slump sale within the meaning of section 2(42C) of the Act that the assessee argued that it was a case of exchange and not of sale, that it was contended that the transfer of undertaking was not slump sale and that same was not liable to capital gains tax under the pr…

ADDL CIT 1(1), MUMBAI vs. BENNETT COLEMAN & CO LTD, MUMBAI

Appeal of the Revenue is dismissed as above

Bench: Shri D.T. Garasia & Shri Rajesh Kumarassessment Year: 2008-09 M/S. Bennett Coleman & Addl. Commissioner Of Co. Ltd., Income Tax, The Time Of India Bldg., Range – 1(1), Vs. Dr. D.N. Road, Room No.538, Mumbai – 400 001 Aayakar Bhavan, Pan: Aaacb4373Q M.K. Marg, Mumbai – 400 020 (Appellant) (Respondent) Assessment Year: 2008-09

…turn of income filed by the assessee and also in the annual audit accounts of the assessee. The Ld. A.R. relied on number of decisions in defense of his arguments namely- 1. CIT vs. Motor & General Stores (P) Ltd. 66 ITR 692 (SC) 2. CIT vs. Bharat Bijlee Ltd. 365 ITR 258 Bombay High Court 3. CIT vs. B.C. Srinivasa Setty (1981) 128 ITR 294 4. PNB Finance Ltd. vs. CIT (307 ITR 75) 14. Finally the Ld. A.R. submitted that since undertaking has been transferred under business transfer agreement the cost thereof is not possible to be arrived at or ascertained and therefore the charging of provisions of section 45 fail…

BENNETT COLEMAN & CO. LTD,MUMBAI vs. ASST CIT RG 1(1), MUMBAI

Appeal of the Revenue is dismissed as above

Bench: Shri D.T. Garasia & Shri Rajesh Kumarassessment Year: 2008-09 M/S. Bennett Coleman & Addl. Commissioner Of Co. Ltd., Income Tax, The Time Of India Bldg., Range – 1(1), Vs. Dr. D.N. Road, Room No.538, Mumbai – 400 001 Aayakar Bhavan, Pan: Aaacb4373Q M.K. Marg, Mumbai – 400 020 (Appellant) (Respondent) Assessment Year: 2008-09

…turn of income filed by the assessee and also in the annual audit accounts of the assessee. The Ld. A.R. relied on number of decisions in defense of his arguments namely- 1. CIT vs. Motor & General Stores (P) Ltd. 66 ITR 692 (SC) 2. CIT vs. Bharat Bijlee Ltd. 365 ITR 258 Bombay High Court 3. CIT vs. B.C. Srinivasa Setty (1981) 128 ITR 294 4. PNB Finance Ltd. vs. CIT (307 ITR 75) 14. Finally the Ld. A.R. submitted that since undertaking has been transferred under business transfer agreement the cost thereof is not possible to be arrived at or ascertained and therefore the charging of provisions of section 45 fail…

DCIT CIR 6(1), MUMBAI vs. BHARAT BIJLEE LTD, MUMBAI

In the result, appeal filed by the revenue is dismissed and the appeal filed by assessee is partly allowed

Bench: Shri R.C.Sharma & Shri Pawan Singhassessment Year: 2009-10 Dcit. Cir. 6(1), M/S Bharat Bijlee Ltd. Room No. 506, 5Th Floor, 6Th Floor, Electric Mansion, Aayakar Bhavan, M. K. Road, Appasahen Maratha Marg, Vs. Mumbai-20 Prabhadevi, Mumbai-400025. Pan: Aaacb2900K (Appellant) (Respondent) Assessment Year: 2009-10 M/S Bharat Bijlee Ltd. Dcit. Cir. 6(1), 6Th Floor, Electric Mansion, Room No. 506, 5Th Floor, Appasahen Maratha Marg, Aayakar Bhavan, M. K. Road, Vs. Mumbai-20 Prabhadevi, Mumbai-400025. Pan: Aaacb2900K (Appellant) (Respondent)

…Keeping in mind all the four aspects, we are of the view that the High Court should not to have interfered with the decision of the Tribunal in this case”. 8. Further, the Hon’ble jurisdictional High Court in assessee’s own case for AY-2005-06 reported vide 365 ITR 258 (Bom) while dealing with similar ground held as under: “At the outset, the counsel agreed that the question posed at paragraph 4(i), namely, the deduction claimed by the assessee on account of the provisions for warranty is concerned, that is fully covered in favour of the assessee and against the revenue by the judgment of the Hon’ble Supreme Co…

M/S. THE SUPREME INDUSTRIES LTD,MUMBAI vs. THE ACIT CEN CIR-29, MUMBAI

In the result, appeal of the assessee is allowed in part, in terms indicated hereinabove

Bench: Shri R.C.Sharma, Am & Shri Amarjit Singh, Jm आमकय अऩीर सं./Ita No.7524/Mum/2007 (नििाारण वषा / Assessment Year :2004-2005) The Supreme Industries Limited, Vs. The Acit, Cc-29, 612, Raheja Chambers, 213, Mumbai Nariman Point, Mumbai-400021 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aaact 1344 F (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. ननधाारयती की ओर से /Assessee By : Shri Nitesh Joshi याजस्व की ओर से /Revenue By : Shri Alok Johri सुनवाई की तायीख / Date Of Hearing : 02/02/2016 घोषणा की तायीख/Date Of Pronouncement 29/04/2016 आदेश / O R D E R Per R.C.Sharma (A.M): This Is An Appeal Filed By The Assessee Against The Order Of Cit(A), Mumbai, For The Assessment Year 2004-2005. 2. First Grievance Of The Assessee Relates To Taxing Of Capital Gains Amounting To Rs.10,30,06,590/- U/S.50B R.W.S.2(42C) Arising On The Transfer Of The Bopp Films Undertaking To Xpro India Ltd. (Xil). 3. Rival Contentions Have Been Heard & Record Perused. This Ground Relates To Taxation Of Capital Gains Amounting To Rs.10,30,06,590/- U/S.50B Read With Section 2(42C) Of The I.T. Act. The Facts In Brief Relating To This Addition Are That During The Previous Relevant To The Assessment Year Under Appeal, The Assessee Entered Into A Business Transfer Agreement (Bta) With Xpro India Ltd (Xil) For Sale Of Its Bopp Films Undertaking At Pithampur, Madhya Pradesh As A Going-Concern For A Total

…lum sale and therefore, capital gains was chargeable u/s.50B of the IT Act. The action of the AO is, therefore, upheld and the appeal on this issue is dismissed.” 6. Ld. AR relied on the order of Hon’ble Bombay High Court in the case of Bharat Bijlee Limited, 365 ITR 258, PNB Finance Limited, 307 ITR 75. It was contended by ld. AR that transaction cannot be considered as a slump sale within the meaning of Section 2(42C) of the Act. 7. On the other hand, ld. DR relied on the order of lower authorities. 8. We have considered rival contentions and deliberated on judicial pronouncements referred by lower authorities…