CIT v. Sekar Offset Press

214 ITR 516High Court1995#10342 most cited

What is CIT v. Sekar Offset Press authority for?

Explanation 3 to section 43(1) of the Income Tax Act does not apply where the main purpose of the transfer of assets was not the reduction of tax liability, even if the assets were transferred between partners at market value.

10

judgments rely on this decision, according to BharatTax’s citation analysis of 366,315 Indian tax judgments — from 2018 to 2022.

Also referred to as

CIT v. Sekar Offset Press · 214 ITR 516 · section 43(1) · Explanation 3 · market value · partners · transfer of assets · reduction of tax liability · depreciation

Judgments citing CIT v. Sekar Offset Press

M/S. V.V.V. & Sons Edible Oils Ltd., Virudhunagar vs. DCIT, Central-1, Madurai

In the result, the appeals of the assessee in ITA Nos

ITA 2281/CHNY/2019[2016-17]Status: DisposedITAT Chennai05 Aug 2022AY 2016-17

Bench: Shri Mahavir Singhand Shri G. Manjunatha

For Appellant: Shri P. G. Sekar, C.A ""For Respondent: Dr. S. Palani Kumar,CIT
Section 143(3)

…nd the matter back to the AO to have another innings and determine actual cost of goodwill/trade name and of buildings at Rajkot and Surat. 26. I have also gone through the decision of Hon’ble Madras High Court in the case of CIT vs. Sekar Offset Press (1995) 214 ITR 516 (Mad). In that case, the assets were transferred at the market value between partners. The Court held that Expln. 3 to s. 43(1) had no application to the case as the main purpose of the transfer of assets was not reduction of tax liability. The decision is relevant. The other decision of the Tribunal in the case of Unimed Technologies Ltd. vs. Dy…

M/S. V.V.V. & Sons Edible Oils Ltd., Virudhunagar vs. DCIT, Central-1, Madurai

In the result, the appeals of the assessee in ITA Nos

ITA 2280/CHNY/2019[2015-16]Status: DisposedITAT Chennai05 Aug 2022AY 2015-16

Bench: Shri Mahavir Singhand Shri G. Manjunatha

For Appellant: Shri P. G. Sekar, C.A ""For Respondent: Dr. S. Palani Kumar,CIT
Section 143(3)

…nd the matter back to the AO to have another innings and determine actual cost of goodwill/trade name and of buildings at Rajkot and Surat. 26. I have also gone through the decision of Hon’ble Madras High Court in the case of CIT vs. Sekar Offset Press (1995) 214 ITR 516 (Mad). In that case, the assets were transferred at the market value between partners. The Court held that Expln. 3 to s. 43(1) had no application to the case as the main purpose of the transfer of assets was not reduction of tax liability. The decision is relevant. The other decision of the Tribunal in the case of Unimed Technologies Ltd. vs. Dy…

M/S. V.V.V. & Sons Edible Oils Ltd., Virudhunagar vs. DCIT, Central-1, Madurai

In the result, the appeals of the assessee in ITA Nos

ITA 2279/CHNY/2019[2014-15]Status: DisposedITAT Chennai05 Aug 2022AY 2014-15

Bench: Shri Mahavir Singhand Shri G. Manjunatha

For Appellant: Shri P. G. Sekar, C.A ""For Respondent: Dr. S. Palani Kumar,CIT
Section 143(3)

…nd the matter back to the AO to have another innings and determine actual cost of goodwill/trade name and of buildings at Rajkot and Surat. 26. I have also gone through the decision of Hon’ble Madras High Court in the case of CIT vs. Sekar Offset Press (1995) 214 ITR 516 (Mad). In that case, the assets were transferred at the market value between partners. The Court held that Expln. 3 to s. 43(1) had no application to the case as the main purpose of the transfer of assets was not reduction of tax liability. The decision is relevant. The other decision of the Tribunal in the case of Unimed Technologies Ltd. vs. Dy…

M/S. V.V.V. & Sons Edible Oils Ltd., Virudhunagar vs. DCIT, Central-1, Madurai

In the result, the appeals of the assessee in ITA Nos

ITA 2278/CHNY/2019[2013-14]Status: DisposedITAT Chennai05 Aug 2022AY 2013-14

Bench: Shri Mahavir Singhand Shri G. Manjunatha

For Appellant: Shri P. G. Sekar, C.A ""For Respondent: Dr. S. Palani Kumar,CIT
Section 143(3)

…nd the matter back to the AO to have another innings and determine actual cost of goodwill/trade name and of buildings at Rajkot and Surat. 26. I have also gone through the decision of Hon’ble Madras High Court in the case of CIT vs. Sekar Offset Press (1995) 214 ITR 516 (Mad). In that case, the assets were transferred at the market value between partners. The Court held that Expln. 3 to s. 43(1) had no application to the case as the main purpose of the transfer of assets was not reduction of tax liability. The decision is relevant. The other decision of the Tribunal in the case of Unimed Technologies Ltd. vs. Dy…

M/S. V.V.V. & Sons Edible Oils Ltd., Virudhunagar vs. DCIT, Central-1, Madurai

In the result, the appeals of the assessee in ITA Nos

ITA 2277/CHNY/2019[2012-13]Status: DisposedITAT Chennai05 Aug 2022AY 2012-13

Bench: Shri Mahavir Singhand Shri G. Manjunatha

For Appellant: Shri P. G. Sekar, C.A ""For Respondent: Dr. S. Palani Kumar,CIT
Section 143(3)

…nd the matter back to the AO to have another innings and determine actual cost of goodwill/trade name and of buildings at Rajkot and Surat. 26. I have also gone through the decision of Hon’ble Madras High Court in the case of CIT vs. Sekar Offset Press (1995) 214 ITR 516 (Mad). In that case, the assets were transferred at the market value between partners. The Court held that Expln. 3 to s. 43(1) had no application to the case as the main purpose of the transfer of assets was not reduction of tax liability. The decision is relevant. The other decision of the Tribunal in the case of Unimed Technologies Ltd. vs. Dy…

M/S. V.V.V. & Sons Edible Oils Ltd., Virudhunagar vs. DCIT, Central-1, Madurai

In the result, the appeals of the assessee in ITA Nos

ITA 2276/CHNY/2019[2011-12]Status: DisposedITAT Chennai05 Aug 2022AY 2011-12

Bench: Shri Mahavir Singhand Shri G. Manjunatha

For Appellant: Shri P. G. Sekar, C.A ""For Respondent: Dr. S. Palani Kumar,CIT
Section 143(3)

…nd the matter back to the AO to have another innings and determine actual cost of goodwill/trade name and of buildings at Rajkot and Surat. 26. I have also gone through the decision of Hon’ble Madras High Court in the case of CIT vs. Sekar Offset Press (1995) 214 ITR 516 (Mad). In that case, the assets were transferred at the market value between partners. The Court held that Expln. 3 to s. 43(1) had no application to the case as the main purpose of the transfer of assets was not reduction of tax liability. The decision is relevant. The other decision of the Tribunal in the case of Unimed Technologies Ltd. vs. Dy…

M/S. V.V.V. & Sons Edible Oils Ltd., Virudhunagar vs. DCIT, Central-1, Madurai

In the result, the appeals of the assessee in ITA Nos

ITA 2275/CHNY/2019[2010-11]Status: DisposedITAT Chennai05 Aug 2022AY 2010-11

Bench: Shri Mahavir Singhand Shri G. Manjunatha

For Appellant: Shri P. G. Sekar, C.A ""For Respondent: Dr. S. Palani Kumar,CIT
Section 143(3)

…nd the matter back to the AO to have another innings and determine actual cost of goodwill/trade name and of buildings at Rajkot and Surat. 26. I have also gone through the decision of Hon’ble Madras High Court in the case of CIT vs. Sekar Offset Press (1995) 214 ITR 516 (Mad). In that case, the assets were transferred at the market value between partners. The Court held that Expln. 3 to s. 43(1) had no application to the case as the main purpose of the transfer of assets was not reduction of tax liability. The decision is relevant. The other decision of the Tribunal in the case of Unimed Technologies Ltd. vs. Dy…

M/S. V.V.Vanniaperumal & Sons, Virudhunagar vs. PCIT-2, Chennai

In the result, the appeals of the assessee in ITA Nos

ITA 1765/CHNY/2019[2009-10]Status: DisposedITAT Chennai05 Aug 2022AY 2009-10

Bench: Shri Mahavir Singhand Shri G. Manjunatha

For Appellant: Shri P. G. Sekar, C.A ""For Respondent: Dr. S. Palani Kumar,CIT
Section 143(3)

…nd the matter back to the AO to have another innings and determine actual cost of goodwill/trade name and of buildings at Rajkot and Surat. 26. I have also gone through the decision of Hon’ble Madras High Court in the case of CIT vs. Sekar Offset Press (1995) 214 ITR 516 (Mad). In that case, the assets were transferred at the market value between partners. The Court held that Expln. 3 to s. 43(1) had no application to the case as the main purpose of the transfer of assets was not reduction of tax liability. The decision is relevant. The other decision of the Tribunal in the case of Unimed Technologies Ltd. vs. Dy…

Dharmanandan Diamonds P.Ltd, Mumbai vs. Deputy Commissioner of Income Tax 5(1)(2), Mumbai

In the result, the appeal of the assessee stands allowed

ITA 7478/MUM/2016[2011-12]Status: DisposedITAT Mumbai15 Mar 2019AY 2011-12

Bench: Shri Shamim Yahya, Am & Shri Amarjit Singh, Jm Dharmanandan Diamonds Dcit-5(1)(2) Private Limited Aaykar Bhawan Fe 7011-12, Bharat Diamond M.K.Road Vs. Bourse, Bkc Bandra (East) Mumbai-400 020 Mumbai-400 051

For Appellant: Shri R.C. Modi &For Respondent: Nishant Samaiya
Section 170Section 47

…he enhanced cost. * In the case of Chitra Publicity Co Pvt Ltd (supra), the Third Member of Ahmedabad Bench of the Tribunal held as under : 26.1 have also gone through the decision of Hon’ble Madras High Court in the case of ClT v, Sekar Offset Press [1995] 214 ITR 516 [Mad}. In that case, the assets were transferred at the market value between partners. The Court held that Expln. 3 to s. 43(1) had no application to the case as the main purpose of the transfer of assets was not reduction of tax liability. The decision is relevant The other decision of the Tribunal in the case of Unimed Technologies Ltd. v. Dy.…

Axis Carriers & Logistics Ltd, Mumbai vs. DCIT 10(2), Mumbai

The appeal of the AO is dismissed

ITA 7448/MUM/2014[2011-12]Status: DisposedITAT Mumbai07 Feb 2018AY 2011-12
For Appellant: S/Shri Hiro Rai,Dharan GandhiFor Respondent: Shri Ram Tiwari-DR
Section 143(3)Section 254(1)Section 37Section 40A

…to section 43 (1) was about enhanced the cost, that it was not applicable where the cost of acquisition was less than the cost of acquisition of the seller.He relied upon 163/M/15&7448/M/14 -M/s. Axis Carriers & Logistics Ltd. the cases of Sekar Offset Press(214 ITR 516) and Bombay Household and Industrial Plastic Mfg.Co.P.Ltd.(1 ITD 152). 3.3.We have heard the rival submissions and perused the material before us.Before proceeding further,we would like to refer to the relevant provisions of the Act and same read as under: Explanation 3.— Where, before the date of acquisition by the assessee, the assets were at a…

CIT v. Sekar Offset Press (214 ITR 516) — Cited in 10 Judgments | BharatTax