CIT v. Special Paints Ltd.

356 ITR 404High Court2013#14080 most cited

judgments rely on this decision, according to BharatTax’s citation analysis of 366,315 Indian tax judgments — from 2018 to 2023.

Judgments citing CIT v. Special Paints Ltd.

ACIT - 21(2), Mumbai vs. Kalpana Shripal Morakhia, Mumbai

In the result, the appeal by the Revenue is dismissed

ITA 3003/MUM/2016[2010-11]Status: DisposedITAT Mumbai03 Apr 2023AY 2010-11

Bench: Shri Om Prakash Kant & Shri Sandeep Singh Karhail

For Appellant: Shri Hiro RaiFor Respondent: Shri Sandeep Raj

Section 143(3)Section 250Section 54F

…IT 356 ITR 25 (Kar). DCIT v Mahendra M Mehta 89 TTJ 1 (Mum-Trib), ADIT v Maersk Line UK Ltd. 149 TTJ 537 (Kol-Trib). CIT vs Walfort Share & Stock Brokers P Ltd. 326 ITR 1 (SC), Union of India v Azadi Bachao Andolan 263 ITR 706 (SC), CIT vs Special Prints Ltd. 356 ITR 404, DIT (International Taxation) vs Maersk Line UK Ltd. 270 CTR 545 (Cal.). 21. Considering totality of the facts and circumstances of the case, I donot find any justification in the action of the AO in disallowing short term capital loss of Rs. 23.44 crore on the sale of shares of I.Dream Production Pvt. Ltd. The AO is directed to allow the same. H…

Surya Kant Gupta, Gurgaon vs. ITO Ward - 4(2), Gurgaon

Appeal of the assessee is allowed

ITA 7828/DEL/2019[2015-16]Status: DisposedITAT Delhi18 Aug 2021AY 2015-16

Bench: Ms Suchitra Kamble & Shri Prashant Maharishi

Section 55(2)(aa)

…rt) (iii)UOI Vs. Azadi Bachao Andolan (2003) 263 ITR 706 (Supreme Court) (iv) Porrits & Spencerr (Asia) Ltd. Vs. CIT (2010) 329 ITR 222 (P &H High Court) (v) Banyan & Berry Vs. CIT(1996) 222 ITR 831 (Gujrat High Court ) (vi) CIT Vs. Special Prints Ltd. (2013) 356 ITR 404 (Gujrat High Court) 5 Bhourka Engineering Industry Ltd. Vs. DCIT (2013) 356 ITR 25 (Karnataka High Court). 6. The Ld. AR submitted that Lower Authorities have erred in the activity of dealing in shares of HCL Technologies Ltd. as a business activity. The assessee was wholly time involved as managing partner of M/s Hi Row Industries and there wa…

Shri Kailash Chand Soni C/O- S.L. Poddar & Company E-3A, Kanti Chandra Raod, Bani Park, Jaipur vs. ACIT Circle-5, Jaipur, Circle-5

In the result, this ground raised by the assessee is allowed

ITA 960/JPR/2019[2014-15]Status: DisposedITAT Jaipur01 Oct 2019AY 2014-15

Bench: Or At The Time Of Hearing.”

For Appellant: Sh. S. L. Poddar (Adv.)For Respondent: Sh. Rajendra Singh (JCIT)

Section 143(3)Section 57

…t for its personal use. As per the decisions of Hon’ble Delhi High Court in the case of CIT vs. Dalmia Cement (Bharat) Ltd (2002) 254 ITR 337 (Del), CIT vs. Rockman Cycle Industries Pvt. Ltd. reported in 331 ITR 401 and CIT vs. Special Prints Ltd. reported in 356 ITR 404 wherein it has been held as under:- “the learned assessing officer cannot justifiably claim to put itself in the armchair of the businessman or in the position of the board of directors and 13 Shri Kailash Chand Soni, Jaipur Vs. ACIT, Jaipur assume the role to decide how much reasonable expenditure is having regard to the circumstances of the ca…

M3M India Holdings, Gurgaon vs. DCIT, Central Circle- 2, Faridabad

In the result, Ground No.3 of the appeal of assessee is allowed

ITA 2691/DEL/2018[2012-13]Status: DisposedITAT Delhi15 Mar 2019AY 2012-13

Bench: Shri Bhavnesh Saini & Shri L.P. Sahu

For Appellant: Shri Bharath JanartharanFor Respondent: Smt. Paramita Tripathi, CIT-D.R

Section 132(1)(A)Section 143(2)Section 153ASection 153BSection 153DSection 234B

…relied upon decision of Delhi High Court in the case of CIT vs. Gillette Diversified Operations Pvt. Ltd., 324 ITR 226 (Del.) and decision of Gujarat High Court in the 58 ITA.No.2691/Del./2018 M3M India Holdings, Gurgaon. case of CIT vs. Special Paints Ltd., 356 ITR 404 (Guj.). He has also relied upon the Order of ITAT, Delhi F-Bench, in the case of ACIT, CC-12, New Delhi vs. M/s. R.J. Corporation Ltd., New Delhi in ITA.No.3661/Del/2014, Dated 01.10.2018, in which it was held that “the Learned CIT(A) rightly came to the finding that the assessee company has genuinely entered into purchase and sale of shares and…

Leantas Club P.Ltd, Mumbai vs. ITO Rd 8(2)(2), Mumbai

In the result, appeal of the assessee is allowed

ITA 2087/MUM/2015[2005-06]Status: DisposedITAT Mumbai30 May 2018AY 2005-06

Bench: Shri C.N. Prasad & Shri Rajesh Kumarita Nos. 3075/Mum/2012 & 2087/Mum/2015 Assessment Year : 2005 –06

For Appellant: Shri R.C. JainFor Respondent: Shri M.C. Omi Ningshen

Section 143(1)Section 143(3)Section 271(1)(c)

…clusion on the basis that this long term capital loss on sale of shares was set off against the compensation received from surrender of tenancy rights. Learned AR relied on series of decision in defence of his arguments viz. CIT vs. Special Paints Ltd. (2013) 356 ITR 404 (Guj.), CIT vs. Tainwala Chemicals & Plastics India Ltd. (2013)215 Taxman 153(Bom), CIT vs. M/s. B Arunkumar & Co Order dated 08/03/2016 of the Bombay High Court, B Arunkumar & Co ITA No.2337 of 2013, Order dated 24/5/2013 passed by ITAT, Mumbai and CIT vs. Gillette Diversified Operations (P) Ltd. (2010) 324 ITR 226 (Del). 8. Learned DR on the o…

Kamat Club P. Ltd, Mumbai vs. ITO 8(2)(2), Mumbai

In the result, appeal of the assessee is allowed

ITA 3075/MUM/2012[2005-06]Status: DisposedITAT Mumbai30 May 2018AY 2005-06

Bench: Shri C.N. Prasad & Shri Rajesh Kumarita Nos. 3075/Mum/2012 & 2087/Mum/2015 Assessment Year : 2005 –06

For Appellant: Shri R.C. JainFor Respondent: Shri M.C. Omi Ningshen

Section 143(1)Section 143(3)Section 271(1)(c)

Madhu Sarda, Mumbai vs. ITO 19(2)(4), Mumbai

In the result, the grounds of appeal raised by the

ITA 7410/MUM/2012[2006-07]Status: DisposedITAT Mumbai09 Mar 2018AY 2006-07

Bench: Shri B. R. Baskaran & Shri Pawan Singhin The Matter Of Mrs. Madhu Sarda , 38,Vikas Center, S.V. Road, Santacruz (West) Mumbai-400054 Pan: Aajps 5135R Appellant/ Assessee Versus Income Tax Officer, -19(4) Mumbai Respondent/ Revenue

For Respondent: Sh. V. Vidhyadhar (Sr.DR)

Section 143(3)Section 253Section 254(1)

…. 24.01.2017(Bombay) (v) Morarjee Textile Ltd vs. ACIT, ITA 1979/M/09 dated 10.05.2013 (vi) CIT vs. Hede Consultancy Co. Pvt. Limited, 231 Taxman 421(Bombay) (vii) CIT vs. Shriram Investments [2017] 77 taxmann.com 113(Madras) (viii) CIT vs. Special Prints Ltd 356 ITR 404(Gujarat) (ix) ACIT vs. Biraj Investment Pvt. Ltd. 210 Taxman 418(Gujarat) (x) Porrits & Spencer (Asia) Ltd. vs. CIT, 329 ITR 222(P&H) (xi) Rupee Finance & Management Pvt. Ltd vs. ACIT 120 ITD 539(Mum) (xii) Nariman Point Building Services & Trading Pvt. Ltd vs. CIT 54 SOT 7 (Mumbai) (xiii) Tainwala Chemicals & Plastics India Ltd. vs. ACIT 47 SOT…