CIT v. Tribhuvandas G. Patel

SYNCHEM CHEMICALS (INDIA) P.LTD,MUMBAI vs. DCIT 10(1), MUMBAI

In the result, the appeal of the revenue is dismissed and appeal of the assessee is allowed

…ance was also placed on the earlier decision of Hon'ble Supreme Court in the case of Tribhuvandas G. Patel vs. CIT reported in 236 ITR 515 (SC) wherein the Hon'ble Supreme Court over ruled the decision of Hon'ble Bombay High Court in the same case reported in 115 ITR 95(Bom). 11.1. Decision of Hon'ble Supreme Court in the case of Sunil Siddharthbhai vs. CIT reported in 156 ITR 509(SC) The Hon'ble Supreme Court in the said case was considering the question of taxability of transfer when a capital asset has been introduced as capital contribution by the partner into the partnership firm. The Court held that when th…

ANIK INDUSTRIES LTD,MUMBAI vs. DCIT CC 40, MUMBAI

The appeal stands allowed

Bench: Shri Saktijit Dey, Jm & Shri Manoj Kumar Aggarwal, Am आयकरअपील सं./ I.T.A. No.7189/Mum/2014 (िनधा"रण वष" / Assessment Year:2010-11) M/S. Anik Industries Ltd. Dcit-Central Circle -40 बनाम/ 610, Tulsiani Chambers Mumbai. Vs. Nariman Point, Mumbai. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaacm-2696-K (अपीलाथ"/Appellant) : (""थ" / Respondent) & आयकरअपील सं./ I.T.A. No.5234/Mum/2016 (िनधा"रण वष" / Assessment Year:2012-13) M/S. Anik Industries Ltd. Dcit-Central Circle -40 बनाम/ 610, Tulsiani Chambers Mumbai. Vs. Nariman Point, Mumbai. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaacm-2696-K (अपीलाथ"/Appellant) : (""थ" / Respondent) अपीलाथ"कीओरसे/ Appellant By : Shri Bhupendra Shah-Ld. Ar ""थ"कीओरसे/Respondent By : Shri Manoj Kumar-Ld. Dr सुनवाईकीतारीख/ : 17/01/2020 Date Of Hearing घोषणाकीतारीख / : 19/03/2020 Date Of Pronouncement

…ilities and prior charges is determined on taking accounts, there is no element of transfer of interest in the partnership assets by the retired partner to the continuing partners. 15. At this stage, it may be noted that in CIT v. Tribhuvandas G. Patel [1978] 115 ITR 95 (Bom.), which was decided by a Division Bench of this Court, under a deed of partnership, the assessee retired from the partnership firm and was inter alia paid an amount of Rs. 4,77,941 as his share in the remaining assets of the firm. The Division Bench of this Court had held that the transaction would have to be regarded as amounting to a trans…

RAHAS INVESTMENT P.LTD,MUMBAI vs. DCIT 10(1), MUMBAI

In the result, appeal of the assessee is dismissed and appeal of the revenue is dismissed

Bench: Shri M.Balaganesh, Am & Shri Amarjit Singh, Jm M/S. Lupin Investments Vs. Deputy Commissioner Of Private Limited (Successor To Income Tax, 10(1) Rahas Investments Private Aayakar Bhavan Limited M.K.Road, 159, Cst Road, Mumbai – 400 020 Kalina, Santacruz(E) Mumbai – 400 098 Pan/Gir No.Aaacr3202L (Appellant) .. (Respondent) Deputy Commissioner Of Vs. M/S. Lupin Investments Private Income Tax, 10(1) Limited (Successor To Rahas Aayakar Bhavan Investments Private Limited M.K.Road, 159, Cst Road, Mumbai – 400 020 Kalina, Santacruz(E) Mumbai – 400 098 Pan/Gir No.Aaacr3202L (Appellant) .. (Respondent) Assessee By Shri Hemen Chandariya Revenue By Shri Padmapani Bora Date Of Hearing 08/11/2019 Date Of Pronouncement 05/02/2020

…ance was also placed on the earlier decision of Hon’ble Supreme Court in the case of Tribhuvandas G. Patel vs. CIT reported in 236 ITR 515 (SC) wherein the Hon’ble Supreme Court over ruled the decision of Hon’ble Bombay High Court in the same case reported in 115 ITR 95(Bom). 11.1. Decision of Hon’ble Supreme Court in the case of Sunil Siddharthbhai vs. CIT reported in 156 ITR 509(SC) The Hon’ble Supreme Court in the said case was considering the question of taxability of transfer when a capital asset has been introduced as capital contribution by the partner into the partnership firm. The Court held that when t…

KRIPA SHANAKAR SINGH,MUMBAI vs. ITO CIR 21(1)(2), MUMBAI

In the result this appeal by the assessee stands allowed

Bench: Shri Shamim Yahya & Shri Ravish Sood

…ed the same argument that the assessee being MLA, the salary & allowance received were exempt u/s 10 and it was under bonafide belief that the receipt towards goodwill from the firm at the time of retirement was not taxable in view of the decisions in case of 115 ITR 95(Bom), 130 ITR 863(Bom) etc. Hence earlier no return was filed. The return was flied only when assessee learnt that the receipt of goodwill was taxable.” However, the Ld. CIT-A was not convinced he held that there has 5. already been the change of law u/s. 55(2), hence assessee’s claim of ignorance of law cannot be accepted. Ld. CIT-A proceeded to…

KAUSHALYA R SAMPAT,MUMBAI vs. ITO 19(3)(2), MUMBAI

In the result, the appeal of assessee is allowed

Bench: Sri Mahavir Singh, Jm & Sri N.K. Pradhan, Am Mrs. Kaushalya R. Sampat Income Tax Officer, Flat No.1A, Hill Top Society, 9(3)(2),Piramal Chambers, Pali Hill Road, Bandra(W) Vs. Lalbaug,Mumbai-400012 Mumbai-400050 Pan No.Aaqps06609F Appellant .. Respondent Assessee By .. Shri. K.Gopal, Ar Revenue By .. Shri. M.V. Rajguru, Dr Date Of Hearing .. 05-01-2017 Date Of Pronouncement .. 05-01-2017 O R D E R Per Mahavir Singh, Jm:

…154 (Bom) has held as under:- “3. In the impugned order, the Tribunal does refer to the decision of this Court in the matter of N.A. Mody (supra) and states that it follows the decision of this Court in the matter of CIT V/s. Tribhuvandas G. Patel reported in 115 ITR 95 and the same has been reversed by the Apex Court in Tribhuvandas G. Patel V/s. CIT reported in 263 ITR 515. This Court in the matter of Prashant S. Joshi (supra) has also referred to the decision of Tribuvandas G. Patel (supra) rendered by this Court and its reversal by the Apex Court. Moreover, the decision of this Court in the case of Prashant S…

RAMESH BUILDERS,MUMBAI vs. ITO 12(1)(1), MUMBAI

In the result, the appeal filed by the assessee-Ramesh Builders(India) in ITA N0

Bench: Shri Saktijit Dey & Shri Ramit Kocharआयकर अपील सं./I.T.A. No.1797/Mum/2012 ("नधा"रण वष" / Assessment Year : 2007-08) Ramesh Builders (India), Income Tax बनाम/ 9, Dhiraj Chambers, Officer,12(1)(2),Aayakar V. 9, Hazarimal Somani Marg, Bhavan,M.K. Road, Fort,Mumbai – 400001. Mumbai. "थायी लेखा सं./Pan : Aaafr4655E .. (अपीलाथ" /Appellant) (""यथ" / Respondent)

…ered in the matter of Prashant S. Johsi (supra). 3. In the impugned order, the Tribunal does refer to the this Court in the matter of N.A. Modi (supra) and states that it follows the decision of this Court in the matter of CIT v. Tribhuvandas G. Patel [1978] 115 ITR 95 (Bom.) and the same has been reversed by the Apex Court in Tribhuvandas G. Patel v. CIT [1999] ITA 1797/Mum/2012 & 31 ITA 1798/Mum/2012 236 ITR 515. This Court in the matter of Prashant S. Joshi (supra) has also referred to the decision of Tribuvandas G. Patel (supra) rendered by this Court and its reversal by the Apex Court. Moreover, the dec…

RAMESH BUILDERS (INDIA),MUMBAI vs. ITO 12(1)(2), MUMBAI

In the result, the appeal filed by the assessee-Ramesh Builders(India) in ITA N0

Bench: Shri Saktijit Dey & Shri Ramit Kocharआयकर अपील सं./I.T.A. No.1797/Mum/2012 ("नधा"रण वष" / Assessment Year : 2007-08) Ramesh Builders (India), Income Tax बनाम/ 9, Dhiraj Chambers, Officer,12(1)(2),Aayakar V. 9, Hazarimal Somani Marg, Bhavan,M.K. Road, Fort,Mumbai – 400001. Mumbai. "थायी लेखा सं./Pan : Aaafr4655E .. (अपीलाथ" /Appellant) (""यथ" / Respondent)

…ered in the matter of Prashant S. Johsi (supra). 3. In the impugned order, the Tribunal does refer to the this Court in the matter of N.A. Modi (supra) and states that it follows the decision of this Court in the matter of CIT v. Tribhuvandas G. Patel [1978] 115 ITR 95 (Bom.) and the same has been reversed by the Apex Court in Tribhuvandas G. Patel v. CIT [1999] ITA 1797/Mum/2012 & 31 ITA 1798/Mum/2012 236 ITR 515. This Court in the matter of Prashant S. Joshi (supra) has also referred to the decision of Tribuvandas G. Patel (supra) rendered by this Court and its reversal by the Apex Court. Moreover, the dec…

ANANT B. TAWADE,MUMBAI vs. ITO 17(3)(1), MUMBAI

Bench: Shri Amit Shukla & Shri Ramit Kocharआयकर अपील सं./I.T.A. No. 6362/Mum/2012 ("नधा"रण वष" / Assessment Year : 2008-09) Shri Anand B. Tawade, Ito – 17(3)(1), बनाम/ 106, Roop Rayon Mill Piramal Chambers, V. Compound, Lalbaug, Near Datt Mandir, Mumbai. Jijamata Nagar, Kalachowki, Mumbai – 400 033. "थायी लेखा सं./Pan : Acdpt 9937A (अपीलाथ" /Appellant) .. (""यथ" / Respondent)

….e.f. 1.4.1988. Thus the A.O. observed that there was a transfer within the meaning of ITA 6362/Mum/2012 6 section 2(47) of the Act giving rise to capital gain exigible to tax. The AO relied upon following judgments :- 1. CIT v. Tribhuvandas G Patel (1978) 115 ITR 95(Bom.) 2. CIT v. H R Aslot (1978) 115 ITR 255(Bom.) 3. N A Mody v. CIT (1986) 162 ITR 420(Bom.) 4. Shevantibhai C. Mehta v. ITO, Pune-Tibunal. Thus, the goodwill amount of Rs. 75,53,858/- received by the assessee is treated as long term capital gain and charged to tax by the A.O., vide assessment order dated 29-12-2011 passed by the AO u/s 147 r.…