CIT v. Texspin Engg. & Mfg. Works

263 ITR 345High Court2003#5134 most cited

What is CIT v. Texspin Engg. & Mfg. Works authority for?

Capital gains tax cannot be levied if no consideration is received for a transfer. The market value of the asset transferred cannot be substituted for the actual consideration received.

23

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2016 to 2025.

Also referred to as

CIT v. Texspin Engg. & Mfg Works · section 45 · capital gains · consideration · market value · transfer · section 47 · accumulated profits

Also reported as

129 Taxmann 1

Sections most often in play

Section 142(1)Section 143(1)Section 143(2)Section 143(3)Section 143(3A)Section 143(3B)Section 250Section 47

Issues it is cited on

scheme of arrangementaccumulated profitsamalgamationsection 12income from other sourcessection 115section 11transferpersoncompanytotal incomebusiness

Judgments citing CIT v. Texspin Engg. & Mfg. Works

PCG JUBILANT TRADEPHARM LLP ,MUMBAI vs. ITO WD 3(2) , THANE

In the result, the appeal filed by the assessee is allowed for statistical purpose

ITA 6783/MUM/2024[2018-19]Status: DisposedITAT Mumbai27 Jun 2025AY 2018-19

Bench: MS. KAVITHA RAJAGOPAL (Judicial Member), SHRI OMKARESHWAR CHIDARA (Accountant Member)

For Appellant: Shri. Mihir Naniwadekar (Virtually appear)For Respondent: Shri. Leyaqat Ali, SR. DR
Section 143(1)Section 143(2)Section 143(3)Section 250Section 47

…hly remuneration of Rs. 1.50 lacs by the erstwhile company which is paid in the course of the business and not against the accumulated profit. The ld. AR relied on the decision of the Jurisdictional High Court in the case of CIT vs. Texspin Engg. & Mfg Works (263 ITR 345) and the also the decision of the Coordinate Bench in the case of Unity Care and Health Services (103 ITD 53) and in the case of Asst. CIT vs. CIT vs. Celerity Power LLP (100 taxmann.com 129). 12. The ld. DR controverted this and stated that the same is in violation of Section 47(xiiib) of the Act, where the ld. AO as well as the ld. CIT(A) has r…

CYQUATOR MEDIA SERVICES PRIVATE LIMITED,MUMBAI vs. DCIT, RANGE .6(2)(1), MUMBAI

In the result, overall, the appeal of the Revenue in ITA No

ITA 4478/MUM/2017[2012-13]Status: DisposedITAT Mumbai06 Mar 2023AY 2012-13

Bench: Shri Aby T. Varkey, Jm & Shri Gagan Goyal, Am आयकर अपील सं/ I.T.A. No.4312/Mum/2017 (निर्धारण वर्ा / Assessment Year: 2012-13) Dcit-6(2)(1) बिधम/ M/S. Cyquator Media R. No. 504, 5Th Floor, Services Pvt. Ltd. Vs. Aayakar Bhavan, M. K. 135, Continental Building, Road, Mumbai-400020. Dr. A. B. Road, Worli, Mumbai-400018. Cross Objection No. 302/Mum/2018 Arising Out Of I.T.A. No.4312/Mum/2017 (निर्धारण वर्ा / Assessment Years: 2012-13) Cyquator Media Services बिधम/ Dcit-6(2)(1) Pvt. Ltd. Aayakar Bhavan, Vs. 18Th Floor, A Wing, Mumbai-400020. Marathon Futurex, N. M. Joshi Marg, Lower Parel, Mumbai-400013. आयकर अपील सं/ I.T.A. No.4478/Mum/2017 (निर्धारण वर्ा / Assessment Year: 2012-13) M/S. Cyquator Media बिधम/ Dcit-6(2)(1) R. No. 504, 5Th Floor, Services Pvt. Ltd. Vs. 135, Continental Building, Aayakar Bhavan, M. K. Dr. A. B. Road, Worli, Road, Mumbai-400020 Mumbai-400018. Dcit-6(2)(1) R. No. 504, 5Th Floor, Aayakar Bhavan, M. K. Road, Mumbai-400020. स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Aaecp0069P (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: Shri Jay Bhansali/Ms. Slachi Jain Revenue By: Shri H. N. Singh (Dr) & Mr. R. A. Dhyani (Sr. Ar) सुनवाई की तारीख / Date Of Hearing: 12/12/2022 घोषणा की तारीख /Date Of Pronouncement: 06/03/2023 C.O. 302/Mum/2018 A.Ys. 2012-13 Shri Cyquator Media Services Pvt. Ltd.

For Appellant: Shri Jay Bhansali/Ms. Slachi JainFor Respondent: Shri H. N. Singh (DR) & Mr. R
Section 143(3)Section 56Section 56(1)Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH, MUMBAI BEFORE SHRI ABY T. VARKEY, JM AND SHRI GAGAN GOYAL, AM आयकर अपील सं/ I.T.A. No.4312/Mum/2017 (निर्धारण वर्ा / Assessment Year: 2012-13) DCIT-6(2)(1) बिधम/ M/s. Cyquator Media R. No. 504, 5th Floor, Services Pvt. Ltd. Vs. Aayakar Bhavan, M. K. 135, Continental Building, Road, Mumbai-400020. Dr. A. B. Road, Worli, Mumbai-400018. Cross Objection No. 302/Mum/2018 Arising out of I.T.A. No.4312/Mum/2017 (निर्धारण वर्ा / Assessment Years: 2012-13) Cyquator Media Services बिधम/ DCIT-6(2)(1) Pvt. Ltd. Aayakar Bhavan, Vs. 18th Floor, A Wing, Mumbai-400020. Marathon Fut…

DCIT, CIRCLE.6(2)(1), MUMBAI vs. CYQUATOR MEDIA SERVICES PRIVATE LIMITED, MUMBAI

In the result, overall, the appeal of the Revenue in ITA No

ITA 4312/MUM/2017[2012-13]Status: DisposedITAT Mumbai06 Mar 2023AY 2012-13

Bench: Shri Aby T. Varkey, Jm & Shri Gagan Goyal, Am आयकर अपील सं/ I.T.A. No.4312/Mum/2017 (निर्धारण वर्ा / Assessment Year: 2012-13) Dcit-6(2)(1) बिधम/ M/S. Cyquator Media R. No. 504, 5Th Floor, Services Pvt. Ltd. Vs. Aayakar Bhavan, M. K. 135, Continental Building, Road, Mumbai-400020. Dr. A. B. Road, Worli, Mumbai-400018. Cross Objection No. 302/Mum/2018 Arising Out Of I.T.A. No.4312/Mum/2017 (निर्धारण वर्ा / Assessment Years: 2012-13) Cyquator Media Services बिधम/ Dcit-6(2)(1) Pvt. Ltd. Aayakar Bhavan, Vs. 18Th Floor, A Wing, Mumbai-400020. Marathon Futurex, N. M. Joshi Marg, Lower Parel, Mumbai-400013. आयकर अपील सं/ I.T.A. No.4478/Mum/2017 (निर्धारण वर्ा / Assessment Year: 2012-13) M/S. Cyquator Media बिधम/ Dcit-6(2)(1) R. No. 504, 5Th Floor, Services Pvt. Ltd. Vs. 135, Continental Building, Aayakar Bhavan, M. K. Dr. A. B. Road, Worli, Road, Mumbai-400020 Mumbai-400018. Dcit-6(2)(1) R. No. 504, 5Th Floor, Aayakar Bhavan, M. K. Road, Mumbai-400020. स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Aaecp0069P (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: Shri Jay Bhansali/Ms. Slachi Jain Revenue By: Shri H. N. Singh (Dr) & Mr. R. A. Dhyani (Sr. Ar) सुनवाई की तारीख / Date Of Hearing: 12/12/2022 घोषणा की तारीख /Date Of Pronouncement: 06/03/2023 C.O. 302/Mum/2018 A.Ys. 2012-13 Shri Cyquator Media Services Pvt. Ltd.

For Appellant: Shri Jay Bhansali/Ms. Slachi JainFor Respondent: Shri H. N. Singh (DR) & Mr. R
Section 143(3)Section 56Section 56(1)Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH, MUMBAI BEFORE SHRI ABY T. VARKEY, JM AND SHRI GAGAN GOYAL, AM आयकर अपील सं/ I.T.A. No.4312/Mum/2017 (निर्धारण वर्ा / Assessment Year: 2012-13) DCIT-6(2)(1) बिधम/ M/s. Cyquator Media R. No. 504, 5th Floor, Services Pvt. Ltd. Vs. Aayakar Bhavan, M. K. 135, Continental Building, Road, Mumbai-400020. Dr. A. B. Road, Worli, Mumbai-400018. Cross Objection No. 302/Mum/2018 Arising out of I.T.A. No.4312/Mum/2017 (निर्धारण वर्ा / Assessment Years: 2012-13) Cyquator Media Services बिधम/ DCIT-6(2)(1) Pvt. Ltd. Aayakar Bhavan, Vs. 18th Floor, A Wing, Mumbai-400020. Marathon Fut…

VODAFONE IDEA LTD (ERSTWHILE ADITYA BIRLA TELECOM LTD),MUMBAI vs. PCIT-CIRCLE 5, MUMBAI

ITA 662/MUM/2022[2017-18]Status: DisposedITAT Mumbai01 Dec 2022AY 2017-18

Bench: Shri S. Rifaur Rahman, Hon'Ble & Ms Kavitha Rajagopal, Hon'Blevodafone Idea Limited V. Pcit – Circle 5 {Erstwhile Known As Aditya Birla Telecom Limited} Room No. 515, 5Thfloor Birla Centurion, 10Th Floor Aayakar Bhavan, M.K. Road Plot No. 794, B Wing Mumbai - 400020 Pandurang Budhkar Marg Worli, Mumbai – 400030 Pan: Aaacb2100P (Appellant) (Respondent) Assessee Represented By Shri J. D. Mistry : Shri Madhur Aggarwal & Shri Ninad Patade Department Represented By : Shri Achal Sharma

Section 143(3)Section 263

…erefore, the distribution of Indus shares to P5 cannot be subject to levy of capital gains tax in the hands of assessee. Reference could be made to the ratio of the following judicial precedents in support of the above: 1. CIT vs. TexspinEngg&Mfg Works (2003) 263 ITR 345 (Bom HC); 2. Sadanand S. Varde vs. State of Maharashtra 274 IT 609 (Bom HC), 3. Oudh Sugar Mills Limited vs. ITO (1990) 35 ITD 76 (Mum, ITAT), 4. Credit Suisse (International) Holding AG, In re 24 taxmann.com 224 (AAR- New Delhi) 5. Hoechst GmbH, In re (2007) 289 ITR 312 (AAR- New Delhi); 6. Dana Corporation (2010) 321 ITR 178 (AR-New Delhi), 7.…

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

ITA 41/MUM/2021[2018-19]Status: DisposedITAT Mumbai30 Nov 2022AY 2018-19

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

For Appellant: Shri. J.D Mistry, Sr. AdvFor Respondent: Shri Anil Singh
Section 115OSection 115QSection 2

…IN THE INCOME TAX APPELLATE TRIBUNAL ―G‖ BENCH, MUMBAI BEFORE SHRI PRASHANT MAHARISHI, AM AND SHRI PAVAN KUMAR GADALE, JM ITA No. 1935/MUM/2020& SA NO 135/M/2021 (Assessment Year 2018-19) DCIT, Central Circle-1(4) Grasim Industries Ltd. Room No. 902, 9th Floor, Old A-Wing, 2nd Floor, Aditya CGO Building Annex, Vs. Birla Centre, S.K. Ahire Pratishtha Bhavan, M.K. Marg, Worli, Mumbai-400 030 Road, Mumbai- 400 020 (Appellant) (Respondent) DCIT, Central Circle-1(4) Grasim Industries Ltd. Room No. 902, 9th Floor, Old Aditya Birla Centre, A-Wing, CGO Building Annex, 4th Floor, S.K. Ahire Marg, Vs. Pratishtha Bhavan, M.…

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

ITA 1935/MUM/2020[2018-19]Status: DisposedITAT Mumbai30 Nov 2022AY 2018-19

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

For Appellant: Shri. J.D Mistry, Sr. AdvFor Respondent: Shri Anil Singh
Section 115OSection 115QSection 2

…IN THE INCOME TAX APPELLATE TRIBUNAL ―G‖ BENCH, MUMBAI BEFORE SHRI PRASHANT MAHARISHI, AM AND SHRI PAVAN KUMAR GADALE, JM ITA No. 1935/MUM/2020& SA NO 135/M/2021 (Assessment Year 2018-19) DCIT, Central Circle-1(4) Grasim Industries Ltd. Room No. 902, 9th Floor, Old A-Wing, 2nd Floor, Aditya CGO Building Annex, Vs. Birla Centre, S.K. Ahire Pratishtha Bhavan, M.K. Marg, Worli, Mumbai-400 030 Road, Mumbai- 400 020 (Appellant) (Respondent) DCIT, Central Circle-1(4) Grasim Industries Ltd. Room No. 902, 9th Floor, Old Aditya Birla Centre, A-Wing, CGO Building Annex, 4th Floor, S.K. Ahire Marg, Vs. Pratishtha Bhavan, M.…

DCIT ( OSD) 2(3), MUMBAI vs. SAFARI MERCANTILE P.LTD, MUMBAI

In the result, the appeal filed by the Revenue is dismissed

ITA 4566/MUM/2013[2001-02]Status: DisposedITAT Mumbai07 Oct 2020AY 2001-02

Bench: Shri Saktijit Dey () & Shri N.K. Pradhan () Assessment Year: 2001-02

For Appellant: Dr. K. Shivaram, Senior AdvocateFor Respondent: Shri R. Manjunatha Swamy, CIT-DR
Section 143(3)Section 2(47)Section 254o

…al gain can be assessed only if consideration is received and in the present case, as the assessee has not received any consideration, capital gains cannot be assessed. Also reliance is placed by him on the decision in CIT v. Texspin Engg. & Mfg. Works (2003) 263 ITR 345 (Bom) (HC) and CIT v. Reliance Communication Infrastructure Ltd. (2012) 254 CTR 251 (Bom) (HC). Thus stating that the details as called for by the AO were furnished during the course of assessment proceedings, the Ld. counsel submits that the order passed by the CIT(A) be affirmed. 7. We have heard the rival submissions and perused the relevant…

DIRECT MEDIA DISTRIBUTION VENTURES PVT. LTD.,MUMBAI vs. PR.CIT - RANGE -6, MUMBAI

In the result, the appeal of the assessee is allowed

ITA 2211/MUM/2019[2014-15]Status: DisposedITAT Mumbai04 Oct 2019AY 2014-15

Bench: Shri M.Balaganesh, Am & Shri Ram Lal Negi, Jm M/S. Direct Media Vs. Pr. Commissioner Of Distribution Ventures Pvt. Income Tax, Range-6 Ltd., Mumbai 18Th Floor, A-Wing Marathon Futurex N.M.Joshi Marg, Lower Parel Mumbai – 400 013 Pan/Gir No.Aadcd1940Q (Appellant) .. (Respondent)

Section 143(3)Section 14ASection 263

…lo the adequacy or inadequacy of the price bargained for. Nor has if any necessary reference lo the market value of the capital asset which is the subject- matter of the transfer. Even, the Bombay High Court in the case of CIT Vs. Texspin Engg. & Mfg. Works (263 ITR 345) (Bom,) following the aforesaid decision of the Hon'ble Supreme Court and the Mumbai Tribunal in the case of Nariman Point Building Services & Trading (P.) Ltd. Vs. CIT (54 SOT 7) has held that the full consideration cannot be substituted by the market value of the asset transferred. In view of the aforesaid settled principles in law, it is clear…

THE ACIT, CIRCLE-3(2),, AHMEDABAD vs. VISHAL ENGINEERING & GALVANIZERS,, AHMEDABAD

ITA 3055/AHD/2015[2008-09]Status: DisposedITAT Ahmedabad25 Jun 2019AY 2008-09

Bench: Shri Pramod Kumar& Ms. Madhumita Roy

For Appellant: Shri N. R. Soni, CIT-D.RFor Respondent: Shri Tushar Hemani, A.R
Section 143(1)Section 143(3)Section 44ASection 45(5)

…as been held that that section 45(4) of the Act is not attracted in a situation where the firm is converted into company under Chapter IX of the 1956 Act, and consequently, no capital gain arises on the said transaction : • CIT vs. Texspin Engg. & Mfg. Works 263 ITR 345 5. In this matter, we are concerned with assessment year 1996-97. Section 45(1) is a charging section as far as capital gains is concerned. Under section 45(4), profits arising from transfer of a capital asset by way of distributionof capital assets on the dissolution of a firm is chargeable to tax as income of the firm in a previous year in whi…

M/S. VISHAL ENGINEERS & GALVANIZERS,,AHMEDABAD vs. THE DY.CIT, CIRCLE-6,, AHMEDABAD

ITA 2945/AHD/2015[2008-09]Status: DisposedITAT Ahmedabad25 Jun 2019AY 2008-09

Bench: Shri Pramod Kumar& Ms. Madhumita Roy

For Appellant: Shri N. R. Soni, CIT-D.RFor Respondent: Shri Tushar Hemani, A.R
Section 143(1)Section 143(3)Section 44ASection 45(5)

…as been held that that section 45(4) of the Act is not attracted in a situation where the firm is converted into company under Chapter IX of the 1956 Act, and consequently, no capital gain arises on the said transaction : • CIT vs. Texspin Engg. & Mfg. Works 263 ITR 345 5. In this matter, we are concerned with assessment year 1996-97. Section 45(1) is a charging section as far as capital gains is concerned. Under section 45(4), profits arising from transfer of a capital asset by way of distributionof capital assets on the dissolution of a firm is chargeable to tax as income of the firm in a previous year in whi…

THE DCIT, CIRCLE-6,, AHMEDABAD vs. VISHAL ENGINEERING & GALVANIZERS,, AHMEDABAD

ITA 2316/AHD/2014[2011-12]Status: DisposedITAT Ahmedabad25 Jun 2019AY 2011-12

Bench: Shri Pramod Kumar& Ms. Madhumita Roy

For Appellant: Shri N. R. Soni, CIT-D.RFor Respondent: Shri Tushar Hemani, A.R
Section 143(1)Section 143(3)Section 44ASection 45(5)

…as been held that that section 45(4) of the Act is not attracted in a situation where the firm is converted into company under Chapter IX of the 1956 Act, and consequently, no capital gain arises on the said transaction : • CIT vs. Texspin Engg. & Mfg. Works 263 ITR 345 5. In this matter, we are concerned with assessment year 1996-97. Section 45(1) is a charging section as far as capital gains is concerned. Under section 45(4), profits arising from transfer of a capital asset by way of distributionof capital assets on the dissolution of a firm is chargeable to tax as income of the firm in a previous year in whi…

M/S PADMINI PRODUCTS PVT LTD ,BANGALORE vs. THE DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-5(1)(2), BANGALORE

In the result, the appeal filed by the assessee is dismissed

ITA 2255/BANG/2018[2015-16]Status: DisposedITAT Bangalore29 Nov 2018AY 2015-16

Bench: Shri Arun Kumar Garodia & Shri Laliet Kumarassessment Year : 2015-16

For Appellant: Shri M. Gandhi, CAFor Respondent: Shri R.N. Siddappaji, Addl. CIT (DR)
Section 2Section 43(1)Section 47Section 50B

…IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH : BANGALORE BEFORE SHRI ARUN KUMAR GARODIA, ACCOUNTANT MEMBER AND SHRI LALIET KUMAR, JUDICIAL MEMBER Assessment Year : 2015-16 M/s. Padmini Products Pvt. Ltd., The Deputy Commissioner #157, K Kamaraj Road, of Income Tax, vs. Bangalore – 560 042. Circle – 5 (1) (2), PAN: AADCP1790L Bangalore. APPELLANT RESPONDENT Appellant by : Shri M. Gandhi, CA Respondent by : Shri R.N. Siddappaji, Addl. CIT (DR) Date of hearing : 28.11.2018 Date of Pronouncement : 29.11.2018 O R D E R Per Shri A.K. Garodia, Accountant Member This appeal is filed by the assessee and the same is di…

SKYLARK BUILD,MUMBAI vs. ASST CIT CEN CIR 4(2), MUMBAI

ITA 4370/MUM/2015[2007-08]Status: DisposedITAT Mumbai29 Aug 2018AY 2007-08

Bench: Shri Joginder Singh & Shri Rajesh Kumarassessment Year: 2007-08 M/S. Skylark Build Acit, Central Circle-4(2) 402, Sagar Avenue 4Th Floor, Aayakar Bhavan बनाम/ Plot B-54, Junction Of M.K.Road, Vs. Lallubhai Park & S.V. Road Mumbai 400020 Andheri (W), Mumbai 400058 ("नधा"रती /Assessee) (राज"व /Revenue) Pan. No. Aazfs0404K Assessment Year: 2008-09 M/S. Skylark Build Acit, Central Circle-4(2) 402, Sagar Avenue 4Th Floor, Aayakar Bhavan बनाम/ Plot B-54, Junction Of M.K.Road, Vs. Lallubhai Park & S.V. Road Mumbai 400020 Andheri (W), Mumbai 400058 ("नधा"रती /Assessee) (राज"व /Revenue) Pan. No. Aazfs0404K

…al) at page-13 has made an elaborate discussion with respect to definition of capital asset u/s 2(14) and transfer of capital asset defined u/s 2(47) of the Act. The decision from Hon'ble Bombay High Court in CIT vs Texspin Engineering and Mfg. Ltd. (2003) 263 ITR 345 (Bom.) has been discussed. The Hon'ble High Court held as under:- 5. In this matter, we are concerned with assessment year 1996- 97. Section 45(1) is a charging section as far as capital gains is concerned. Under Section 45(4), profits arising from transfer of a capital asset by way 100 Skylark Build Skylark Buildcon P. Ltd. Smt. Hemlata S. Sh…

SKYLARK BUILD,MUMBAI vs. ASST CIT CEN CIR 4(2), MUMBAI

ITA 3237/MUM/2015[2008-09]Status: DisposedITAT Mumbai29 Aug 2018AY 2008-09

Bench: Shri Joginder Singh & Shri Rajesh Kumarassessment Year: 2007-08 M/S. Skylark Build Acit, Central Circle-4(2) 402, Sagar Avenue 4Th Floor, Aayakar Bhavan बनाम/ Plot B-54, Junction Of M.K.Road, Vs. Lallubhai Park & S.V. Road Mumbai 400020 Andheri (W), Mumbai 400058 ("नधा"रती /Assessee) (राज"व /Revenue) Pan. No. Aazfs0404K Assessment Year: 2008-09 M/S. Skylark Build Acit, Central Circle-4(2) 402, Sagar Avenue 4Th Floor, Aayakar Bhavan बनाम/ Plot B-54, Junction Of M.K.Road, Vs. Lallubhai Park & S.V. Road Mumbai 400020 Andheri (W), Mumbai 400058 ("नधा"रती /Assessee) (राज"व /Revenue) Pan. No. Aazfs0404K

…al) at page-13 has made an elaborate discussion with respect to definition of capital asset u/s 2(14) and transfer of capital asset defined u/s 2(47) of the Act. The decision from Hon'ble Bombay High Court in CIT vs Texspin Engineering and Mfg. Ltd. (2003) 263 ITR 345 (Bom.) has been discussed. The Hon'ble High Court held as under:- 5. In this matter, we are concerned with assessment year 1996- 97. Section 45(1) is a charging section as far as capital gains is concerned. Under Section 45(4), profits arising from transfer of a capital asset by way 100 Skylark Build Skylark Buildcon P. Ltd. Smt. Hemlata S. Sh…

DCIT CEN CIR 4(2), MUMBAI vs. SUDHAKAR M. SHETTY, MUMBAI

ITA 2906/MUM/2015[2011-12]Status: DisposedITAT Mumbai29 Aug 2018AY 2011-12

Bench: Shri Joginder Singh & Shri Rajesh Kumarassessment Year: 2007-08 M/S. Skylark Build Acit, Central Circle-4(2) 402, Sagar Avenue 4Th Floor, Aayakar Bhavan बनाम/ Plot B-54, Junction Of M.K.Road, Vs. Lallubhai Park & S.V. Road Mumbai 400020 Andheri (W), Mumbai 400058 ("नधा"रती /Assessee) (राज"व /Revenue) Pan. No. Aazfs0404K Assessment Year: 2008-09 M/S. Skylark Build Acit, Central Circle-4(2) 402, Sagar Avenue 4Th Floor, Aayakar Bhavan बनाम/ Plot B-54, Junction Of M.K.Road, Vs. Lallubhai Park & S.V. Road Mumbai 400020 Andheri (W), Mumbai 400058 ("नधा"रती /Assessee) (राज"व /Revenue) Pan. No. Aazfs0404K

…al) at page-13 has made an elaborate discussion with respect to definition of capital asset u/s 2(14) and transfer of capital asset defined u/s 2(47) of the Act. The decision from Hon'ble Bombay High Court in CIT vs Texspin Engineering and Mfg. Ltd. (2003) 263 ITR 345 (Bom.) has been discussed. The Hon'ble High Court held as under:- 5. In this matter, we are concerned with assessment year 1996- 97. Section 45(1) is a charging section as far as capital gains is concerned. Under Section 45(4), profits arising from transfer of a capital asset by way 100 Skylark Build Skylark Buildcon P. Ltd. Smt. Hemlata S. Sh…

BOMBAY FORGINGS LTD,NAVI MUMBAI vs. DCIT 14(1)(2), MUMBAI

ITA 2184/MUM/2015[2007-08]Status: DisposedITAT Mumbai21 Mar 2018AY 2007-08

Bench: Shrir. C. Shrma, Am & Shri Sandeep Gosain, Jm आयकरअपीलसं./ I.T.A. No. 2184/Mum/2015(Ay 2007-08)

For Appellant: Ms. ArjuGarodia, DR byFor Respondent: Dr. K. Shivram / Ms
Section 45(2)

…actually received or accrued to assessee upon sale of shares had to be taxed and not any contingent deferred income.” Further the assessee has relied upon the judgment passed by Hon’ble Bombay High Court in the case of CIT Vs. Texspin Engg. & Mfg. Works 2003) 263 ITR 345 ('Bom HC)wherein it was held that “One has to read the expression full value of the consideration received/accruing' u/s. 48 de hors a. 45(4) and if one reads a. 48 w. 5. 45(1) de hors a. 45(4), then the expression 'full value of consideration' in a. 48 cannot be the market value of the capital asset on the date of transfer. In such a case, the s…

MAHUL CONSTRUCTOIN CORPORATION,MUMBAI vs. ITO 24(1)(1), MUMBAI

In the result, the appeal of assessee is allowed

ITA 2784/MUM/2017[2009-10]Status: DisposedITAT Mumbai24 Nov 2017AY 2009-10

Bench: Sri Mahavir Singh, Jm & Sri N.K. Pradhan, Am Mahul Construction Income Tax Officer, Corporation Ward 31(2)(3), M/S Thar & Co. Chartered Room No. 704, C-11, Accountants, Pratyaksh Kar Bhavan, Vs. 203, Capri, Opp. Hdil Tower, Bnadra Kurla Complex, Anant Kanekar Mar, Bandra Bandra (East), (East), Mumbai-400 051 Mumbai-400 051 Appellant .. Respondent Pan No. Aamfm5810E

For Appellant: K. Shivaram &For Respondent: Jacinta zimik Vashai, DR
Section 143(3)Section 2(14)Section 45(4)

…rm would not attract any capital gain. There was no transfer as defined under Section 47 of the Act. The Tribunal relied on the judgment of this court in the case of Commissioner of Income Tax vs. Texspin Engineering and Manufacturing Works reported in Volume 263 ITR 345 which has observed thus : “In this case, the erstwhile firm has been treated as a Limited Company by virtue of Section 575 of the Companies Act. It is not in dispute that in this case, the erstwhile firm became a Limited Company under Part IX of the Companies Act. Now, Section 45(4) clearly stipulates that there should be transfer by way of dist…

ITO, WD-12(1), KOLKATA, KOLKATA vs. M/S WHITE CLIFF PROPERTIES (P) LTD., KOLKATA

In the result, the appeal of the Revenue is dismissed

ITA 1511/KOL/2015[2006-07]Status: DisposedITAT Kolkata10 Nov 2017AY 2006-07

Bench: Sri J. Sudhakar Reddy & Sri S.S. Viswanethra Ravi

Section 143(3)Section 251

…consideration received or accruing as a result of the transfer of the capital asset....” 6 White Cliff Properties (P) Ltd I.T.A. No. 1511/KOL/2015 Assessment Year: 2006-07 20. The Hon’ble Bombay High Court in the case of CIT vs. Texspin Engg. And Mfg. Works, 263 ITR 345, at pages 354 and 355, held as follows: “Even assuming for the sake of argument that there is a transfer of a capital asset under section 45(1) because of the definition of the word “transfer” in section 2(47)(iii) even then we are of the view that the liability to pay capital gains tax would not arise because section 45(1) is required to be read…

M/S.PADMINI PRODUCTS PVT. LTD.,,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME-TAX, BANGALORE

In the result, the appeals filed by the assessee for all the assessment years are dismissed

ITA 1531/BANG/2016[2013-14]Status: DisposedITAT Bangalore28 Apr 2017AY 2013-14

Bench: Shri Sunil Kumar Yadav & Shri S. Jayaramanassessment Year : 2013-14

For Appellant: Shri M.K. Biju, Jt. CIT(DR)(ITAT-3)For Respondent: Shri M. Gandhi, CA
Section 139(1)Section 36(1)(VA)Section 36(1)(va)Section 43BSection 47

…firm. To appreciate these contentions of the assessee, we have to examine the procedure and effect of conversion of a partnership firm into a company. The Hon’ble Bombay High Court in the case of CIT Vs. Texspin Engg and Manufacturing Works reported in (2003) 263 ITR 345 (Bom) has considered the effect of conversion of a partnership firm into a limited company by virtue of sec. 575 of the Companies Act and has held that under part IX of the Companies Act, when a partnership firm is converted to a limited company, the properties of the erstwhile firm vests in the limited company. It was observed that there is a di…

ASSISTANT COMMISSIONER OF INCOME TAX, BANGALORE vs. M/S.PADMINI PRODUCTS PVT LTD.,, BANGALORE

In the result, the appeals filed by the assessee for all the assessment years are dismissed

ITA 1530/BANG/2016[2013-14]Status: DisposedITAT Bangalore28 Apr 2017AY 2013-14

Bench: Shri Sunil Kumar Yadav & Shri S. Jayaramanassessment Year : 2013-14

For Appellant: Shri M.K. Biju, Jt. CIT(DR)(ITAT-3)For Respondent: Shri M. Gandhi, CA
Section 139(1)Section 36(1)(VA)Section 36(1)(va)Section 43BSection 47

…firm. To appreciate these contentions of the assessee, we have to examine the procedure and effect of conversion of a partnership firm into a company. The Hon’ble Bombay High Court in the case of CIT Vs. Texspin Engg and Manufacturing Works reported in (2003) 263 ITR 345 (Bom) has considered the effect of conversion of a partnership firm into a limited company by virtue of sec. 575 of the Companies Act and has held that under part IX of the Companies Act, when a partnership firm is converted to a limited company, the properties of the erstwhile firm vests in the limited company. It was observed that there is a di…

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CIT v. Texspin Engg. & Mfg. Works (263 ITR 345) — Cited in 23 Judgments | BharatTax