CIT v. Vimal Lalchand Mutha (187 ITR 613)

PHULCHAND RAMGOPAL AGARWAL LEGAL HEIR MR.PRADEEP AGARWAL,MUMBAI vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE 3(3), MUMBAI

In the result, appeal of the assessee is dismissed

ITA 2960/MUM/2025[2018-19]Status: DisposedITAT Mumbai06 Aug 2025AY 2018-19

Bench: SHRI SANDEEP GOSAIN (Judicial Member), SHRI PRABHASH SHANKAR (Accountant Member)

For Appellant: Shri Shankarlal Jain & Shri Satish KumarFor Respondent: Shri R A Dhyani, (CIT-DR)

…rticular form or be on a stamp paper or registered. It is also argued that for purpose of capital gains, date of allotment be date of acquisition, for determination of LTCA/STCA or benefit of investment u/s 54, 54F as held in the case of Vimal Chandlal Gupta, 187 ITR 613,Richa Bagadia 175 ITD 552, Mum, Keyur Hemant Shah 199 TTJ 388 Mum. Reliance is also placed on Shri Praveen. Gupta 137 TTJ 0307 (Delhi). 5. The ld.DR has placed reliance on the orders of authorities below. P a g e | 5 A.Y. 2018-19 Phulchand Ramgopal Agarwal, L/H – Mr. Pradeep Agarwal, Mumbai 6. We have carefully considered all the relevant fac…

NISHA SUMAN JAIN,MUMBAI vs. DCIT 24(2), MUMBAI

In the result, appeal filed by the assessee for assessment year 2010-2011

ITA 42/MUM/2015[2010-11]Status: DisposedITAT Mumbai25 Apr 2019AY 2010-11

Bench: Shri Shamim Yahya (Am) & Shri Ram Lal Negi (Jm) Assessment Year: 2010-11 Smt. Nisha Suman Jain, The Dcit 24(2), Yash Trading Co., Gr. Floor, C-13, Pratyaksha Kar Bhawan, Jain Estate, Jakharia Road, Bkc, Bandra (E), Malad (W), Vs. Mumbai - 400051 Mumbai - 400064 Pan: Abppj3004M (Appellant) (Respondent) Assessee By : Shri Bhupendra Shah (Ar) Revenue By : Shri D.G. Pansari (Dr) Date Of Hearing: 01/02/2019 Date Of Pronouncement: 25/04/2019

For Appellant: Shri Bhupendra Shah (AR)For Respondent: Shri D.G. Pansari (DR)

Section 143Section 2Section 40

…e is long term capital gain. The Ld. counsel relied on the decision of the Hon’ble jurisdictional Assessment Year: 2010-11 High Court rendered in the case of Pr. CIT vs. Vembu Vaidyanathan ITA No. 1459 of 2016 and in the case of CIT vs. Vimal Lalchand Mutha 187 ITR 613, decision of the Mumbai Tribunal in the case of Sh. Umashankar P Mishra vs. DCIT, ITA No. 5653/Mum/2016, Smt. Vandana Mishra vs. DCIT, ITA No. 5652/Mum/2016, Bhagwan J Tahillani HUF vs. ITO, ITA No. 1070/Mum/2015 and the other cases to substantiate the contention of the assessee. 13. On the other hand, the Ld. DR supporting the order passed by t…

TINA KAPOOR,MUMBAI vs. ITO 26(2)(1), MUMBAI

In the result, the appeal is partly allowed

ITA 5663/MUM/2016[2011-12]Status: DisposedITAT Mumbai09 Feb 2018AY 2011-12

Bench: Shri D.T. Garasia () & Shri N.K. Pradhan () Assessment Year: 2011-12 Ms. Tina Kapoor Ito-26(2)(1) Flat No. 4, Sanghi House, 94, Aayakar Bhavan, M.K. Vs. Nepean Sea Road, Road Mumbai-400006 Mumbai-400020. Pan No. Aelpk9444F Appellant Respondent Assessee By : Mr. Nitesh Joshi, Ar Revenue By : Mr. V. Justin, Sr. Dr Date Of Hearing : 16/11/2017 Date Of Pronouncement : 09/02/2018

For Appellant: Mr. Nitesh Joshi, ARFor Respondent: Mr. V. Justin, Sr. DR

Section 139(1)Section 139(4)Section 143(3)Section 54

…49CCH 0043], (ii) Richa Bagrodia v. DCIT [ITA No. 3601/M/2012] dated 22.04.2014, (iii) Meena A Hemnani v. ITO [ITA No. 5998/M/2010] dated 17.01.2014], (iv) ACIT v. Smt. Vandana Rana Roy [ITA No. 6173/M/2011] dated 07.11.2012], (v) CIT v. Vimal Lalchand Mutha 187 ITR 613 (Bom.) and CBDT Circular No. 471 dated 15.10.1986. 6. On the other hand, the Ld. DR supports the order of the Ld. CIT(A) and relies on the order of the Tribunal in ITO v. Shri Sushil Kumar Aggarwal (ITA No. 5720/Mum/2010)- ITAT Mumbai, ACIT v. Shri Jaimal K. Shah (ITA No. 6966/Mum/2010)-ITAT Mumbai and the decision of the Bombay High Court in CIT…

PARADISE TEXTILES P. LTD,MUMBAI vs. DCIT CIR 5(2), MUMBAI

The appeals of the assessee are dismissed

ITA 4473/MUM/2015[2011-12]Status: DisposedITAT Mumbai28 Nov 2017AY 2011-12

Bench: Shri Joginder Singh & Shri G. Manjunatha

Section 143(1)Section 143(2)Section 53A

…the decision from Hon'ble Punjab & Haryana High Court in the case of CIT vs Ved Prakash & Sons (HUF) (1994) 207 ITR 148 (P & H) along with Circular No.471 dated 15/10/1986. Further reliance was placed upon the decision in CIT vs Vimal Lalchand Mutha (1991) 187 ITR 613 and other decisions of the Tribunal and also Hon'ble Gujarat High Court placed on record in the paper book running into 48 pages. 2.1. On the other hand, Shri Rajat Mittal, Ld. DR, strongly defended the impugned order by placing reliance upon a later decision from Hon'ble Delhi High Court in the case of Gulshan Mallik vs CIT (2014) 43 taxma…

PARADISE TEXTILES P.LTD,MUMBAI vs. DCIT CIR 5(2), MUMBAI

The appeals of the assessee are dismissed

ITA 389/MUM/2015[2010-11]Status: DisposedITAT Mumbai28 Nov 2017AY 2010-11

Bench: Shri Joginder Singh & Shri G. Manjunatha

Section 143(1)Section 143(2)Section 53A

…the decision from Hon'ble Punjab & Haryana High Court in the case of CIT vs Ved Prakash & Sons (HUF) (1994) 207 ITR 148 (P & H) along with Circular No.471 dated 15/10/1986. Further reliance was placed upon the decision in CIT vs Vimal Lalchand Mutha (1991) 187 ITR 613 and other decisions of the Tribunal and also Hon'ble Gujarat High Court placed on record in the paper book running into 48 pages. 2.1. On the other hand, Shri Rajat Mittal, Ld. DR, strongly defended the impugned order by placing reliance upon a later decision from Hon'ble Delhi High Court in the case of Gulshan Mallik vs CIT (2014) 43 taxma…

ACIT - 13(3)(1), MUMBAI vs. UMASHANKAR P. MISHRA, MUMBAI

In the result, appeals filed by the assessees are partly allowed and the cross appeal filed by the revenue is dismissed

ITA 6167/MUM/2016[2013-14]Status: DisposedITAT Mumbai02 Aug 2017AY 2013-14

Bench: Shri Rajendra, Am & Shri Ram Lal Negi, Jm आिकर अपील सं./Ita No. 5653/Mum/2016 (धििाारण वर्ा / Assessment Year: 2013-14) Shri Umashankar P. Mishra, Vs. The Dcit-13(3)(1), 27-B, Gopal Vihar Chawl, Mumbai Navgaon, Dahisar (West), Mumbai - 400068 स्थािी लेखा सं./जीआइआर सं./Pan/Gir No. : Aacpm2434L (अपीलाथी /Appellant) .. (प्रत्यथी / Respondent) आिकर अपील सं./Ita No. 5652/Mum/2016 (धििाारण वर्ा / Assessment Year: 2013-14) Smt. Vandana Mishra, Vs. The Dcit-13(3)(1), 27-B, Gopal Vihar Chawl, Mumbai Navgaon, Dahisar (West), Mumbai - 400068 स्थािी लेखा सं./जीआइआर सं./Pan/Gir No. : Acrom5217G (अपीलाथी /Appellant) .. (प्रत्यथी / Respondent) & आिकर अपील सं./Ita No. 6167/Mum/2016 (धििाारण वर्ा / Assessment Year: 2013-14) The Acit-13(3)(1), Vs. Shri Umashankar P. Mishra, Room No. 229, 2Nd Floor, 27-B, Gopal Vihar Chawl, Aayakar Bhavan, Navgaon, Dahisar (West), M.K. Road, Mumbai - 400068 Mumbai - 400068 स्थािी लेखा सं./जीआइआर सं./Pan/Gir No. : Aacpm2434L (अपीलाथी /Appellant) .. (प्रत्यथी / Respondent)

For Appellant: Bhupendra ShahFor Respondent: Sh. B.S. Bist

Section 143Section 54

…quire property and not building which is residential house, the appellant is not entitled to deduction u/s 54 of the Act. Relying upon the judgments of Hon’ble Bombay High Court passed in CIT Vs. Tata Services Ltd. 122 ITR 594 and CIT Vs. Vimal Lalchand Mutha 187 ITR 613 and decision of Mumbai Tribunal rendered in Anita D. Kanjani, [2017]79 taxmann.com 67(Mumbai Tribunal) submitted that as per the settled law holding period in case of under construction property must be reckoned from the date of allotment and the asset/right acquire in under constructions property/building shall be the capital asset within the me…

UMASHANKAR MISHRA,MUMBAI vs. DCIT 13(3)(1), MUMBAI

In the result, appeals filed by the assessees are partly allowed and the cross appeal filed by the revenue is dismissed

ITA 5653/MUM/2016[2013-14]Status: DisposedITAT Mumbai02 Aug 2017AY 2013-14

Bench: Shri Rajendra, Am & Shri Ram Lal Negi, Jm आिकर अपील सं./Ita No. 5653/Mum/2016 (धििाारण वर्ा / Assessment Year: 2013-14) Shri Umashankar P. Mishra, Vs. The Dcit-13(3)(1), 27-B, Gopal Vihar Chawl, Mumbai Navgaon, Dahisar (West), Mumbai - 400068 स्थािी लेखा सं./जीआइआर सं./Pan/Gir No. : Aacpm2434L (अपीलाथी /Appellant) .. (प्रत्यथी / Respondent) आिकर अपील सं./Ita No. 5652/Mum/2016 (धििाारण वर्ा / Assessment Year: 2013-14) Smt. Vandana Mishra, Vs. The Dcit-13(3)(1), 27-B, Gopal Vihar Chawl, Mumbai Navgaon, Dahisar (West), Mumbai - 400068 स्थािी लेखा सं./जीआइआर सं./Pan/Gir No. : Acrom5217G (अपीलाथी /Appellant) .. (प्रत्यथी / Respondent) & आिकर अपील सं./Ita No. 6167/Mum/2016 (धििाारण वर्ा / Assessment Year: 2013-14) The Acit-13(3)(1), Vs. Shri Umashankar P. Mishra, Room No. 229, 2Nd Floor, 27-B, Gopal Vihar Chawl, Aayakar Bhavan, Navgaon, Dahisar (West), M.K. Road, Mumbai - 400068 Mumbai - 400068 स्थािी लेखा सं./जीआइआर सं./Pan/Gir No. : Aacpm2434L (अपीलाथी /Appellant) .. (प्रत्यथी / Respondent)

For Appellant: Bhupendra ShahFor Respondent: Sh. B.S. Bist

Section 143Section 54

…quire property and not building which is residential house, the appellant is not entitled to deduction u/s 54 of the Act. Relying upon the judgments of Hon’ble Bombay High Court passed in CIT Vs. Tata Services Ltd. 122 ITR 594 and CIT Vs. Vimal Lalchand Mutha 187 ITR 613 and decision of Mumbai Tribunal rendered in Anita D. Kanjani, [2017]79 taxmann.com 67(Mumbai Tribunal) submitted that as per the settled law holding period in case of under construction property must be reckoned from the date of allotment and the asset/right acquire in under constructions property/building shall be the capital asset within the me…

SRI. LAXMIDAS BAPUDAS DARBAR,BAGALKOT vs. ITO, BAGALKOT

In the result, the appeal by the assessee is partly allowed

ITA 731/BANG/2014[2006-07]Status: DisposedITAT Bangalore26 Aug 2015AY 2006-07

Bench: Shri N.V. Vasudevan & Shri Abraham P. Georgeassessment Year : 2006-07

For Appellant: Shri S. Parthasarathi, AdvocateFor Respondent: Shri Sunil Kumar Agarwala, Jt. CIT(DR)

…In CIT v/s. Vijay Flexible Containers 186 ITR 693(Bom), it was held that giving up of the right to obtain conveyance of immovable property amounts to transfer of a capital asset. Similar ruling was also rendered in the case of CIT V/s. Vimal Lalchand Mutha 187 ITR 613(Bom). In this case, the assessee had entered into an agreement for the sale of a flat in November, 1997 and had executed a formal agreement in December, 1978. She transferred her right, title and interest in the flat by an agreement to ‘C’ in April, 1983. The question before the Hon’ble High Court was as to whether the Tribunal was right in holdi…

CIT v. Vimal Lalchand Mutha

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