CIT v. Texspin Engg. & Mfg. Works

263 ITR 345High Court2003#5125 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 366,339 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

M/S Padmini Products Pvt. Ltd., Bangalore vs. DCIT, Bangalore

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

ITA 527/BANG/2016[2012-13]Status: DisposedITAT Bangalore03 Mar 2017AY 2012-13

Bench: Shri Inturi Rama Raoshri Laliet Kumarm/S Padmini Products Pvt. Ltd., #157, K Kamaraj Road, Bengaluru-560 042. . Appellant Vs. The Dy. Commissioner Of Income-Tax, Circle-12(2) Bengaluru. . Respondent Appellant By : Shri Tatakrishna, Advocate Respondent By : Shri O.P Yadav, Cit Date Of Hearing : 1-3-2017 Date Of Pronouncement : -3-2017 O R D E R

For Appellant: Shri Tatakrishna, AdvocateFor Respondent: Shri O.P Yadav, CIT
Section 143(2)

…se 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 ITA No.527/ /B/16 8 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…

Premeshwar Creations P. Ltd, Mumbai vs. DCIT 8(2), Mumbai

The appeal of the assessee is disposed of in terms indicated hereinabove

ITA 6852/MUM/2014[2011-12]Status: DisposedITAT Mumbai21 Dec 2016AY 2011-12

Bench: Shri Joginder Singh & Shri Rajesh Kumarassessment Year: 2011-12 M/S Permeshwar Creations Dcit-8(2), Pvt. Ltd. Room No.209, बनाम/ Plot No.52, 7Th Floor, Aayakar Bhavan, Vs. Midc Marol, M.K. Road, Andheri(E), Churchgate, Mumbai-400093 Mumbai-400020 ("नधा"रती /Assessee) (राज"व /Revenue) Pan. No.Aadcp3517F

Section 32

…Court in A.M.P. Mudaliyar vs CIT 228 ITR 454, 459 (mad.) throws light on the explanation ‘owned by the assessee’. Following the Madras decision (228 ITR 454), it was held by Hon'ble Bombay High Court in CIT vs Taxspin Engineering and Maufacturing Works (2003) 263 ITR 345, 356 (Bom.) held that there is no requirement that the assessee should continue to hold the depreciable asset till the end of relevant previous year or in other words, remains owner of the depreciable asset for entire previous year. In CIT vs Salkia Transport Associates (1983) 143 ITR 39 (Kal.), wherein, buses were taken on hire and had to be rep…

Dhanraj Dhadda & Sons P. Ltd, Mumbai vs. ITO 5(1)(3), Mumbai

In the result, the appeal of the assessee is treated as partly allowed for statistical purposes

ITA 7975/MUM/2011[2007-08]Status: DisposedITAT Mumbai01 Jun 2016AY 2007-08

Bench: S/Shri B.R. Baskaran (Am) & Amarjit Singh (Jm)

Section 50C

…ent thereof shall give rise to capital gains. In support of this proposition, he relied upon the decision rendered by Hon’ble Bombay High Court in the case reported in 122 ITR 594 and also the decision rendered in the case of CIT Vs.Texspin engg. & Mft Works (263 ITR 345). Since the assessee did not declare any capital gain, the AO referred the matter of ascertaining market value to the DVO, who estimated the market value of office premise at Rs.56.12 lakhs and the market value of car parking spaces at Rs.16.00 lakh (Rs.8.00 lakhs each). Accordingly, the AO took the “full value of sale consideration” as Rs.72.12…