CIT v. Rudra Industrial CIT vs Rudra Industrial Karnataka High Court

ACIT Circle-2(1)(1), Mumbai vs. M/S Bombay Dyeing & Manufacturing Co. Ltd., Mumbai

Bench: Shri Aby T Varkey () & Shri Om Prakash Kant () - A.Y 2014-15 - A.Y 2015-16 Asst. Commissioner Of M/S Bombay Dyeing & Income-Tax 2(1)(1), Mumbai, Manufacturing Co. Ltd Room No.561, 5Th Floor, Vs. Neville House, Jn Herdia Aayakar Bhavan, M.K. Road, Marg, Ballard Estate, Mumbai-400 020 Mumbai-400 001 Pan No. Aaact 2328 K Appellant Respondent - A.Y 2014-15 - A.Y 2015-16 M/S Bombay Dyeing & Dy. Commissioner Of Income- Manufacturing Co. Ltd Tax 2(1), Mumbai, Room Neville House, Jn Herdia No.561, 5Th Floor, Aayakar Vs Marg, Ballard Estate, Bhavan, M.K. Road, Mumbai- Mumbai-400 001 400 020 Pan No. Aaact 2328 K Appellant Respondent

…ion, the assessee refe of acquisition, the assessee referred to the decision of the Hon’ble rred to the decision of the Hon’ble Karnataka High Court in the case of CIT vs Rudra Industrial CIT vs Rudra Industrial Karnataka High Court in the case of Corporation 244 CTR 304 (Kar) Corporation 244 CTR 304 (Kar) and submitted that for indexation and submitted that for indexation for the cost of asset, the capital gain index for the year of the sale for the cost of asset, the capital gain index for the year of the sale for the cost of asset, the capital gain index for the year of the sale should be applied. The Ld.CIT(…

ACIT Circle-2(1)(1), Mumbai vs. M/S Bombay Dyeing & Manufacturing Co. Ltd., Mumbai

Bench: Shri Aby T Varkey () & Shri Om Prakash Kant () - A.Y 2014-15 - A.Y 2015-16 Asst. Commissioner Of M/S Bombay Dyeing & Income-Tax 2(1)(1), Mumbai, Manufacturing Co. Ltd Room No.561, 5Th Floor, Vs. Neville House, Jn Herdia Aayakar Bhavan, M.K. Road, Marg, Ballard Estate, Mumbai-400 020 Mumbai-400 001 Pan No. Aaact 2328 K Appellant Respondent - A.Y 2014-15 - A.Y 2015-16 M/S Bombay Dyeing & Dy. Commissioner Of Income- Manufacturing Co. Ltd Tax 2(1), Mumbai, Room Neville House, Jn Herdia No.561, 5Th Floor, Aayakar Vs Marg, Ballard Estate, Bhavan, M.K. Road, Mumbai- Mumbai-400 001 400 020 Pan No. Aaact 2328 K Appellant Respondent

…ion, the assessee refe of acquisition, the assessee referred to the decision of the Hon’ble rred to the decision of the Hon’ble Karnataka High Court in the case of CIT vs Rudra Industrial CIT vs Rudra Industrial Karnataka High Court in the case of Corporation 244 CTR 304 (Kar) Corporation 244 CTR 304 (Kar) and submitted that for indexation and submitted that for indexation for the cost of asset, the capital gain index for the year of the sale for the cost of asset, the capital gain index for the year of the sale for the cost of asset, the capital gain index for the year of the sale should be applied. The Ld.CIT(…

The Bombay Dyeing & Manufacturing Company Ltd., Mumbai vs. DCIT, C--2(1), Mumbai

Bench: Shri Aby T Varkey () & Shri Om Prakash Kant () - A.Y 2014-15 - A.Y 2015-16 Asst. Commissioner Of M/S Bombay Dyeing & Income-Tax 2(1)(1), Mumbai, Manufacturing Co. Ltd Room No.561, 5Th Floor, Vs. Neville House, Jn Herdia Aayakar Bhavan, M.K. Road, Marg, Ballard Estate, Mumbai-400 020 Mumbai-400 001 Pan No. Aaact 2328 K Appellant Respondent - A.Y 2014-15 - A.Y 2015-16 M/S Bombay Dyeing & Dy. Commissioner Of Income- Manufacturing Co. Ltd Tax 2(1), Mumbai, Room Neville House, Jn Herdia No.561, 5Th Floor, Aayakar Vs Marg, Ballard Estate, Bhavan, M.K. Road, Mumbai- Mumbai-400 001 400 020 Pan No. Aaact 2328 K Appellant Respondent

…ion, the assessee refe of acquisition, the assessee referred to the decision of the Hon’ble rred to the decision of the Hon’ble Karnataka High Court in the case of CIT vs Rudra Industrial CIT vs Rudra Industrial Karnataka High Court in the case of Corporation 244 CTR 304 (Kar) Corporation 244 CTR 304 (Kar) and submitted that for indexation and submitted that for indexation for the cost of asset, the capital gain index for the year of the sale for the cost of asset, the capital gain index for the year of the sale for the cost of asset, the capital gain index for the year of the sale should be applied. The Ld.CIT(…

The Bombay Dyeing & Manufacturing Company Ltd., Mumbai vs. DCIT, C--2(1), Mumbai

Bench: Shri Aby T Varkey () & Shri Om Prakash Kant () - A.Y 2014-15 - A.Y 2015-16 Asst. Commissioner Of M/S Bombay Dyeing & Income-Tax 2(1)(1), Mumbai, Manufacturing Co. Ltd Room No.561, 5Th Floor, Vs. Neville House, Jn Herdia Aayakar Bhavan, M.K. Road, Marg, Ballard Estate, Mumbai-400 020 Mumbai-400 001 Pan No. Aaact 2328 K Appellant Respondent - A.Y 2014-15 - A.Y 2015-16 M/S Bombay Dyeing & Dy. Commissioner Of Income- Manufacturing Co. Ltd Tax 2(1), Mumbai, Room Neville House, Jn Herdia No.561, 5Th Floor, Aayakar Vs Marg, Ballard Estate, Bhavan, M.K. Road, Mumbai- Mumbai-400 001 400 020 Pan No. Aaact 2328 K Appellant Respondent

…ion, the assessee refe of acquisition, the assessee referred to the decision of the Hon’ble rred to the decision of the Hon’ble Karnataka High Court in the case of CIT vs Rudra Industrial CIT vs Rudra Industrial Karnataka High Court in the case of Corporation 244 CTR 304 (Kar) Corporation 244 CTR 304 (Kar) and submitted that for indexation and submitted that for indexation for the cost of asset, the capital gain index for the year of the sale for the cost of asset, the capital gain index for the year of the sale for the cost of asset, the capital gain index for the year of the sale should be applied. The Ld.CIT(…

Bsi Securities International Ltd, Mumbai vs. ACIT RG 4(1)(1), Mumbai

In the result, this appeal filed by the assessee stands partly allowed for statistical purposes

Bench: Shri Shamim Yahya, Am & Shri Sandeep Gosain, Jm

…records. The learned Counsel of the assessee reiterated the submissions that it was a business loss to the assessee and place reliance upon the decision of the Hon’ble Karnataka High Court in the case of CIT v. Rudra Industrial Commercial Corporation [(2011) 244 CTR 304 (Kar.)]. 7. Per contra, the learned Departmental Representative relied upon the orders of the authorities below. 8. Upon careful consideration, we find that the assessee owned an office premises at Nariman Point. The assessee had taken a deposit of Rs.10,00,000 from BSI Limited against furnishing of collateral security to the bank for credit to…