CIT v. Tollygunge Club Ltd.

Ms Rana Ayyub Shaikh, Navi Mumbai vs. DCIT (Central Circle) 6(2), Mumbai

In the result, appeals filed by the assessee are dismissed

Bench: Shri Saktijit Dey, Hon’Ble & Shri Narendra Kumar Billaiya, Hon’Ble

…56(2)(x) of the Act do not apply on the facts of the case. Strong reliance was placed on the decisions of the Hon’ble Supreme Court in the cases of CIT vs. Bijli Cotton Mills (P) Ltd. reported in [1979] 116 ITR 60 (SC) and CIT vs. Tollygunge Club Ltd. [1977] 107 ITR 776 (SC). Further reliance was placed on the decisions of the Co- ordinate Bench of the ITAT, Mumbai in the cases of Six Continent Hotels Inc. vs. DCIT [2024] 159 taxmann.com 533 (Mumbai-Trib.) and Chandrakant H. Shah vs. ITO [2009] 124 ITD 177 (Mumbai). 14. Provisions of Section 56(2)(x) of the Act read as under:- Income from other sources. 15 56. (…

Ms Rana Ayyub Shaikh, Navi Mumbai vs. DCIT (Central Circle) 6(2), Mumbai

In the result, appeals filed by the assessee are dismissed

Bench: Shri Saktijit Dey, Hon’Ble & Shri Narendra Kumar Billaiya, Hon’Ble

…56(2)(x) of the Act do not apply on the facts of the case. Strong reliance was placed on the decisions of the Hon’ble Supreme Court in the cases of CIT vs. Bijli Cotton Mills (P) Ltd. reported in [1979] 116 ITR 60 (SC) and CIT vs. Tollygunge Club Ltd. [1977] 107 ITR 776 (SC). Further reliance was placed on the decisions of the Co- ordinate Bench of the ITAT, Mumbai in the cases of Six Continent Hotels Inc. vs. DCIT [2024] 159 taxmann.com 533 (Mumbai-Trib.) and Chandrakant H. Shah vs. ITO [2009] 124 ITD 177 (Mumbai). 14. Provisions of Section 56(2)(x) of the Act read as under:- Income from other sources. 15 56. (…

Ms Rana Ayyub Shaikh, Navi Mumbai vs. DCIT (Central Circle) 6(2), Mumbai

In the result, appeals filed by the assessee are dismissed

Bench: Shri Saktijit Dey, Hon’Ble & Shri Narendra Kumar Billaiya, Hon’Ble

…56(2)(x) of the Act do not apply on the facts of the case. Strong reliance was placed on the decisions of the Hon’ble Supreme Court in the cases of CIT vs. Bijli Cotton Mills (P) Ltd. reported in [1979] 116 ITR 60 (SC) and CIT vs. Tollygunge Club Ltd. [1977] 107 ITR 776 (SC). Further reliance was placed on the decisions of the Co- ordinate Bench of the ITAT, Mumbai in the cases of Six Continent Hotels Inc. vs. DCIT [2024] 159 taxmann.com 533 (Mumbai-Trib.) and Chandrakant H. Shah vs. ITO [2009] 124 ITD 177 (Mumbai). 14. Provisions of Section 56(2)(x) of the Act read as under:- Income from other sources. 15 56. (…

Arcil Cps 002 XII Trust, Mumbai vs. ITO 12(3)(4), Mumbai

In the result, the appeal filed by the assessee is hereby allowed

…oncur with the view taken by the CIT(A) that merely because the realization flows through the assessee, it would not mean that it is the income in the hands of the assessee. As observed by the Hon’ble Supreme Court in the case of CIT vs. Tollygunje Club Ltd. (107 ITR 776), every receipt in the 16 A.Y.2009-10 hands of an assessee need not be its income, and it is only when it bears the character of income at the time when it reaches the hands of the assessee that it becomes eligible to tax. In our considered view, the CIT(A) in the totality of the facts involved in the case before us, had rightly concluded, that a…

Income Tax Officer-21(3)(2), Mumbai vs. Scheme A1 of Arcil Cps002 XI Trust, Mumbai

Bench: Shri G. Manjunatha & Shri Ravish Soodito-21(3)(2) M/S Scheme A1 Of Arcil Cps R. No. 203, 2Nd Floor, 002 Xi Trust, 10Th Floor, The Vs. Piramal Chambers, Lalbaug, Ruby, 29, Senapati Bapat Marg, Mumbai-400012 Dadar, Mumbai- 400 028 Pan: Aahts8177K

…of the AO is primarily based on the fact that the realisation is first received in the books of the appellant trust and then passed on to the SR Holders i.e. Arcil and ICICI Bank. As held by the Hon'ble Apex Court in the case of CIT vs. Tollygunge Club Ltd. (107 ITR 776), every receipt in the hands of the assessee need not be its income and it is only when it bears the character of income at the time when it reaches the hands of the assessee that it becomes eligible to tax. In the instant case, at the initial stage, even before the money flows to the assessee, it was always intended to be passed on to and only t…

Income Tax Officer-23(1)(2), Mumbai vs. Indian Corporate Loan Securities Trust 2008 Series 14, Mumbai

In the result, Revenue's appeal for A

Bench: Shri M.Balaganesh, Am & Shri Ravish Sood, Jm The Ito-23(1)(2) Vs. M/S. Indian Corporate Loan Room No.18 Securities Trust 2008 Matru Mandir Series 14 Grant Road Il & Fs Financial Centre Mumbai – 400 007 Plot No.C-22, G Block 3Rd Floor, Bandra Kurla Complex, Bandra East Mumbai – 400 051 Pan/Gir No. Aaat16786P (Appellant) .. (Respondent) The Ito-23(1)(2) Vs. M/S. Indian Corporate Loan Room No.18 Securities Trust Series Iii Matru Mandir 2009 Grant Road Il & Fs Financial Centre Mumbai – 400 007 Plot No.C-22, G Block Bandra Kurla Complex, Bandra East Mumbai – 400 051 Pan/Gir No. Aaat17440L (Appellant) .. (Respondent) The Ito-23(1)(2) Vs. M/S. Indian Corporate Loan Room No.18 Securities Trust Series Matru Mandir 2008 Series 36 Grant Road Il & Fs Financial Centre Mumbai – 400 007 Plot No.C-22, G Block Bandra Kurla Complex, Bandra East Mumbai – 400 051 Pan/Gir No. Aaat16925L (Appellant) .. (Respondent) आदेश / O R D E R Per Bench: These Appeals In Ita No.4789/Mum/2017, 4791/Mum/2017 & 4794/Mum/2017 For A.Y.2010-11 Arise Out Of The Order By The Ld. Commissioner Of Income Tax (Appeals)-32, Mumbai In Appeal No.Cit(A)- 32/It-604/23(1)(2)/2015-16, Cit(A)-32/It-48/19(3)(2)/2012-13 & Cit(A)-32/It-483/Ito-19(3)(4)/12-13 Respectively Dated 24/04/2017 (Ld. Cit(A) In Short) Against The Order Of Assessment Passed U/S.143(3) Of The Income Tax Act, 1961 (Hereinafter Referred To As Act) Dated 26/02/2016, 31/10/2012 Respectively By The Ld. Income Tax Officer – 23(1)(2) & 19(3)(2) Respectively, Mumbai (Hereinafter Referred To As Ld. Ao).

…ng title can be created by voluntary act of parties:— (i) CIT v. C. N. Patuck[1961] 71 ITR 713 (Bom.) (ii) Rajkot District Gopalak Co-op. Milk Producers' Union Ltd. v. CIT [1993] 204 ITR 590/[1994] 77 Taxman 346 (Guj.) (iii) CIT v. Tollygunge Club Ltd. [1977] 107 ITR 776 (SC) (iv) CIT v. A. Tosh & Sons (P.) Ltd. [1987] 166 ITR 867/30 Taxman 516 (Cal.) (v) CIT v. Raja Ram Jaiswal[1992] 195 ITR 834/[1991] 57 Taxman 225 (All.) 8.3 Per contra, the learned senior standing counsel for Revenue, relying on various judicial pronouncements, emphatically contested the assessee's claim of diversion of income by overriding ti…

ITO 19(3)(2), Mumbai vs. Indian Corporate Loan Securitization Trust 2008 Series 14I, Mumbai

In the result, Revenue’s appeal for A

Bench: Shri Jason P. Boaz & Shri Sandeep Goasinindian Corporate Loan Securitisation Income Tax Officer-9(3)(2) Trust- 2008 Series 14 Mumbai C/O. Il & Fs Trust Co. Ltd. Vs. 10Th Floor, “G” Block, Bkc Bandra (E), Mumbai 400051 Pan – Aaati6786P Appellant Respondent Income Tax Officer-(23)1)(2) Indian Corporate Loan [Erstwhile Ito-19(3)(2)] Securitisation Trust- 2008 Series 14 Room No. 108, Matru Mandir Vs. C/O. Il & Fs Trust Co. Ltd. Tardeo Road, Grant Road 10Th Floor, “G” Block, Bkc Mumbai 400007 Bandra (E), Mumbai 400051 Pan – Aaati6786P Appellant Respondent

…s held that overriding title can be created by voluntary act of parties: - (i) CIT vs. C. N. Patuck (71 ITR 713) (Bom.) (ii) Rajkot District Gopalak Co-operative Milk Producers Union Ltd. vs. CIT (204 ITR 590) at 594 (Guj.) (iii) CIT vs. Tollygunge Club Ltd. (107 ITR 776) (SC) (iv) CIT vs. A. Tosh & Sons (P.) Ltd. (Cal.) (166 ITR 867) (v) CIT vs. Raja Ram Jaiswal (All.) (195 ITR 834) 8.3 Per contra, the learned senior standing counsel for Revenue, relying on various judicial pronouncements, emphatically contested the assessee’s claim of diversion of income by overriding title. It was submitted that the interest i…