Co. Ltd. (supra) and Zuari Estate Development Co. Ltd. & Investment Co. (P.) Ltd. v. JR. Kanekar, DCIT

271 ITR 269High Court2004#11442 most cited
9

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2017 to 2021.

Issues it is cited on

section 54(1)section 54esection 55asection 54ecsection 13(2)long-term capital assetsection 53asection 53within four yearsfresh tangible materialsection 55circle rate

Judgments citing Co. Ltd. (supra) and Zuari Estate Development Co. Ltd. & Investment Co. (P.) Ltd. v. JR. Kanekar, DCIT

SH. VALMIK THAPAR,NEW DELHI vs. ACIT, NEW DELHI

Appeals are disposed of by this common order as indicated above

ITA 5767/DEL/2015[2007-08]Status: DisposedITAT Delhi11 Jun 2021AY 2007-08

Bench: Hon’Ble Justice P.P. Bhatt & Shri Prashant Maharishi(Through Video Conferencing) Shri Valmik Thapar, Vs. Acit, 19, Kautilya Marg, Circle-53(1), New Delhi New Delhi (Appellant) (Respondent) Shri Valmik Thapar, Vs. Dcit, M/S. R. N. Khanna & Company, Ca, Circle-32(1), 14-15F, Shivam House, Connaught New Delhi Place, New Delhi Pan: Aacpt7098K (Appellant) (Respondent) Acit, Vs. Shri Valmik Thapar, Circle-53(1), 19, Kautilya Marg, New Delhi New Delhi Pan: Aacpt7098K (Appellant) (Respondent) Assessee By : Shri Salil Agarwal, Senior Advocate Along With Shri Shailesh Gupta, Shri Mahur Agarwal, Advocates Revenue By: Shri H. K. Choudhary, Cit Dr Date Of Hearing 11/06/2021 (Last Hearing) Date Of Pronouncement 11/06/2021. O R D E R Per Prashant Maharishi, A. M. 1. These Are Three Appeals For Two Assessment Years Pertaining To One Assessee, Mr. Valmik Thapar, A Resident, Individual [Assessee]. Assessee Filed Ita Number

For Appellant: Shri Salil AgarwalFor Respondent: Shri H. K. Choudhary, CIT DR
Section 143Section 147Section 54Section 54E

…ment 32.1 The Supreme Court in Zuari Estate Development & Investment Co. Ltd. (supra) was dealing with an appeal by the Revenue against the decision of the Bombay High Court in Zuari Estate Development & Investment Co. (P.) Ltd. v. J.R. Kanekar, Dy. CIT[2004] 271 ITR 269/139 Taxman 209. 32.2 The facts in brief were that the Assessee filed its return for the AY 1991-92 which was accepted under Section 143 (1) of the Act. Subsequently, the AO came to learn that there was a sale agreement dated 19th June 1984 entered into between the Assessee and Bank of Maharashtra to sell a building on the condition that the sale…

ACIT, NEW DELHI vs. SH. VALMIK THAPAR, NEW DELHI

Appeals are disposed of by this common order as indicated above

ITA 6726/DEL/2014[2010-11]Status: DisposedITAT Delhi11 Jun 2021AY 2010-11

Bench: Hon’Ble Justice P.P. Bhatt & Shri Prashant Maharishi(Through Video Conferencing) Shri Valmik Thapar, Vs. Acit, 19, Kautilya Marg, Circle-53(1), New Delhi New Delhi (Appellant) (Respondent) Shri Valmik Thapar, Vs. Dcit, M/S. R. N. Khanna & Company, Ca, Circle-32(1), 14-15F, Shivam House, Connaught New Delhi Place, New Delhi Pan: Aacpt7098K (Appellant) (Respondent) Acit, Vs. Shri Valmik Thapar, Circle-53(1), 19, Kautilya Marg, New Delhi New Delhi Pan: Aacpt7098K (Appellant) (Respondent) Assessee By : Shri Salil Agarwal, Senior Advocate Along With Shri Shailesh Gupta, Shri Mahur Agarwal, Advocates Revenue By: Shri H. K. Choudhary, Cit Dr Date Of Hearing 11/06/2021 (Last Hearing) Date Of Pronouncement 11/06/2021. O R D E R Per Prashant Maharishi, A. M. 1. These Are Three Appeals For Two Assessment Years Pertaining To One Assessee, Mr. Valmik Thapar, A Resident, Individual [Assessee]. Assessee Filed Ita Number

For Appellant: Shri Salil AgarwalFor Respondent: Shri H. K. Choudhary, CIT DR
Section 143Section 147Section 54Section 54E

…ment 32.1 The Supreme Court in Zuari Estate Development & Investment Co. Ltd. (supra) was dealing with an appeal by the Revenue against the decision of the Bombay High Court in Zuari Estate Development & Investment Co. (P.) Ltd. v. J.R. Kanekar, Dy. CIT[2004] 271 ITR 269/139 Taxman 209. 32.2 The facts in brief were that the Assessee filed its return for the AY 1991-92 which was accepted under Section 143 (1) of the Act. Subsequently, the AO came to learn that there was a sale agreement dated 19th June 1984 entered into between the Assessee and Bank of Maharashtra to sell a building on the condition that the sale…

SHRI VALMIK THAPAR,NEW DELHI vs. DCIT, NEW DELHI

Appeals are disposed of by this common order as indicated above

ITA 6346/DEL/2014[2010-11]Status: DisposedITAT Delhi11 Jun 2021AY 2010-11

Bench: Hon’Ble Justice P.P. Bhatt & Shri Prashant Maharishi(Through Video Conferencing) Shri Valmik Thapar, Vs. Acit, 19, Kautilya Marg, Circle-53(1), New Delhi New Delhi (Appellant) (Respondent) Shri Valmik Thapar, Vs. Dcit, M/S. R. N. Khanna & Company, Ca, Circle-32(1), 14-15F, Shivam House, Connaught New Delhi Place, New Delhi Pan: Aacpt7098K (Appellant) (Respondent) Acit, Vs. Shri Valmik Thapar, Circle-53(1), 19, Kautilya Marg, New Delhi New Delhi Pan: Aacpt7098K (Appellant) (Respondent) Assessee By : Shri Salil Agarwal, Senior Advocate Along With Shri Shailesh Gupta, Shri Mahur Agarwal, Advocates Revenue By: Shri H. K. Choudhary, Cit Dr Date Of Hearing 11/06/2021 (Last Hearing) Date Of Pronouncement 11/06/2021. O R D E R Per Prashant Maharishi, A. M. 1. These Are Three Appeals For Two Assessment Years Pertaining To One Assessee, Mr. Valmik Thapar, A Resident, Individual [Assessee]. Assessee Filed Ita Number

For Appellant: Shri Salil AgarwalFor Respondent: Shri H. K. Choudhary, CIT DR
Section 143Section 147Section 54Section 54E

…ment 32.1 The Supreme Court in Zuari Estate Development & Investment Co. Ltd. (supra) was dealing with an appeal by the Revenue against the decision of the Bombay High Court in Zuari Estate Development & Investment Co. (P.) Ltd. v. J.R. Kanekar, Dy. CIT[2004] 271 ITR 269/139 Taxman 209. 32.2 The facts in brief were that the Assessee filed its return for the AY 1991-92 which was accepted under Section 143 (1) of the Act. Subsequently, the AO came to learn that there was a sale agreement dated 19th June 1984 entered into between the Assessee and Bank of Maharashtra to sell a building on the condition that the sale…

DEPUTY COMMISSIONER OF INCOME-TAX,, PUNE vs. M/S. SECO TOOLS INDIA PVT. LTD.,, PUNE

In the result, the Cross Objections of assessee are allowed and appeals of Revenue are dismissed

ITA 813/PUN/2017[2003-04]Status: DisposedITAT Pune01 Aug 2019AY 2003-04

Bench: Ms. Sushma Chowla, Jm & Shri Anil Chaturvedi, Am आयकर अपीऱ सं. / Ita Nos.812 & 813/Pun/2017 यििाारण वषा / Assessment Years : 2002-03 & 2003-04

For Appellant: Shri Nikhil PathakFor Respondent: Shri Sudhendu Das
Section 143(1)Section 143(3)Section 147Section 148Section 36(1)(iii)

…to assessment year 2007-08 & 2009-10, order dated 21.12.2017 and different decisions of Hon’ble Bombay High Court and Hon’ble Apex Court and also referred to decision in Zuari Estate Development Co. Ltd. & Investment Co. (P.) Ltd. Vs. JR. Kanekar, DCIT (2004) 271 ITR 269 (Bom) and then referred to the ratio laid down by the Hon’ble Bombay High Court in Khubchandani Healthparks (P.) Ltd. Vs. ITO reported in 68 taxmann.com 91 (Bom) for the proposition that before invoking the provisions of section 148 of the Act, the Assessing Officer must have reason to believe that income chargeable to tax had escaped assessment,…

RAGBIRSINGH MALIKSINGH RAJPAL,,PUNE vs. DEPUTY COMMISSIONER OF INCOME-TAX,,

In the result, the appeal of assessee is allowed

ITA 1100/PUN/2016[2007-08]Status: HeardITAT Pune04 Apr 2019AY 2007-08

Bench: Ms. Sushma Chowla, Jm & Shri Anil Chaturvedi, Am आयकर अपीऱ सं. / Ita No.1100/Pun/2016 यििाारण वषा / Assessment Year : 2007-08

For Appellant: Shri Nikhil PathakFor Respondent: Shri Ashok Babu
Section 139(1)Section 139(4)Section 143(2)Section 143(3)Section 147Section 148Section 194ISection 2Section 54FSection 56

…Vs. Rajesh Jhaveri Stock Brokers (P) Ltd. (supra) and also the decision of the Hon‟ble Apex Court in DCIT Vs. Zuari Estate Development & Investment Co. Ltd. (supra) and Zuari Estate Development Co. Ltd. & Investment Co. (P.) Ltd. Vs. JR. Kanekar, DCIT (2004) 271 ITR 269 (Bom). In both the cases, assessment was completed by way of intimation under section 143(1) of the Act and it was observed that in both the cases, the Hon'ble Apex Court reiterated that where the assessment has been completed by intimation under section 143(1) of the Act, there can be no question of change of opinion. This is the first finding o…

THE DCIT-3(1), INDORE vs. KUMARI SHEETAL GARG, INDORE

In the result Ground No. 1& 2 of the

ITA 254/IND/2017[2008-09]Status: DisposedITAT Indore10 Jan 2019AY 2008-09

Bench: Hon'Ble Kul Bharat & Hon'Ble Manish Boradassessment Year 2008-09 Dcit-3(1), Kumari Sheetal Garg, Indore Vs. 8/2, New Palasia, Indore (Appellant) (Respondent ) Pan No.Afhpg9179G Revenue By Shri K.C. Selvamani, Sr.Dr Assessee By Shri S.S. Solanki, Ca Date Of Hearing 07.01.2019 Date Of Pronouncement 10.01.2019 O R D E R

Section 143(3)Section 147Section 2Section 53ASection 54F

…under the Taxation Laws Amendment Act 1984 with effect from 1.4.1985 and the Finance Bill 1987 with effect from 1988. Sheetal Garg In the decision reported in Zuari Estate Development and Investment Co. P. Ltd. Vs. J.R. Kanekar, Deputy CIT (Assessment) [2004J 271 ITR 269 (8 the Bombay High Court considered the effect of section 2(47) which was amended from March 1, 1988. The Bombay High Court held that for the transaction to amount to "transfer" within the meaning of section 2(47), the minimum requirements are that there has to be an agreement between the parties signed by the parties; it should be in writing; it…

DEPUTY DIRECTOR OF INCOME-TAX,, PUNE vs. SANDVIK A B.,, PUNE

ITA 623/PUN/2014[2005-06]Status: DisposedITAT Pune05 Jun 2018AY 2005-06

Bench: Ms. Sushma Chowla, Jm & Shri D. Karunakara Rao, Am आयकर अपीऱ सं. / Ita No.608/Pun/2014 यििाारण वषा / Assessment Year :2006-07

For Appellant: S/Shri Nikhil Pathak & S. SrinivasFor Respondent: S/Shri Rajeev Kumar, CIT & Ajay Modi, JCIT
Section 143(3)Section 144C(13)Section 148Section 151(2)

…Vs. Rajesh Jhaveri Stock Brokers (P) Ltd. (supra) and also the decision of the Hon’ble Apex Court in DCIT Vs. Zuari Estate Development & Investment Co. Ltd. (supra) and Zuari Estate Development Co. Ltd. & Investment Co. (P.) Ltd. Vs. JR. Kanekar, DCIT (2004) 271 ITR 269 (Bom). In both the cases, assessment was completed by way of intimation under section 143(1) of the Act and it was observed that in both the cases, the Hon'ble Apex Court reiterated that where the assessment has been completed by intimation under section 143(1) of the Act, there can be no question of change of opinion. This is the first finding o…

DEPUTY DIRECTOR OF INCOME-TAX vs. SANDVIK A B.,, PUNE

ITA 608/PUN/2014[2006-07]Status: DisposedITAT Pune05 Jun 2018AY 2006-07

Bench: Ms. Sushma Chowla, Jm & Shri D. Karunakara Rao, Am आयकर अपीऱ सं. / Ita No.608/Pun/2014 यििाारण वषा / Assessment Year :2006-07

For Appellant: S/Shri Nikhil Pathak & S. SrinivasFor Respondent: S/Shri Rajeev Kumar, CIT & Ajay Modi, JCIT
Section 143(3)Section 144C(13)Section 148Section 151(2)

…Vs. Rajesh Jhaveri Stock Brokers (P) Ltd. (supra) and also the decision of the Hon’ble Apex Court in DCIT Vs. Zuari Estate Development & Investment Co. Ltd. (supra) and Zuari Estate Development Co. Ltd. & Investment Co. (P.) Ltd. Vs. JR. Kanekar, DCIT (2004) 271 ITR 269 (Bom). In both the cases, assessment was completed by way of intimation under section 143(1) of the Act and it was observed that in both the cases, the Hon'ble Apex Court reiterated that where the assessment has been completed by intimation under section 143(1) of the Act, there can be no question of change of opinion. This is the first finding o…

SANGEETA JAGDISH KENY,MUMBAI vs. ITO WD 26(1)(1), MUMBAI

In the result, appeal of the assessee is allowed, as above

ITA 2097/MUM/2017[2009-10]Status: DisposedITAT Mumbai30 Oct 2017AY 2009-10

Bench: Shri G.S. Pannu: A.Y : 2009-10

For Appellant: Shri Deepak TralshawalaFor Respondent: Ms. N. Hemalatha
Section 143(3)Section 2(47)(iv)Section 2(47)(v)Section 50CSection 54

…is merely an advance and cannot be considered as an amount exigible to Capital Gains. Reliance was placed on the judgment of the Hon’ble High Court of Bombay in the case of Zauri Estate Development and Investment Co. Pvt.Ltd.,vs.DCIT (Assessment) and another, 271 ITR 269 (Bom.) 11. On this aspect, the ld. DR has relied upon the stand of the lower authorities in support of the case of the Revenue. 12. I have carefully considered the rival aspects and find that the assessee has a prima facie case based on the reasoning upheld by the Hon'ble Bombay High Court in the case of Zuari Estate Development and Investment…

Co. Ltd. (supra) and Zuari Estate Development Co. Ltd. & Investment Co. (P.) Ltd. v. JR. Kanekar, DCIT (271 ITR 269) — Cited in 9 Judgments | BharatTax