CWT v. Vidur V Patel

DCIT 4(3)(2), Mumbai vs. M/S.Shinano Retail Private Limited, Mumbai

In the result, the appeal of the Revenue is dismissed and the cross objection of the assessee is allowed

Bench: Shri Rajesh Kumar & Shri Ram Lal Negiassessment Year: 2012-13

…explained in detail the meaning of capital asset as per section 2(14) of the Act as well as meaning of transfer as per section 2(47) of the Act and held as under after considering the decision of Hon'ble Bombay High Court in the case of CWT vs Vidur V Patel [215 ITR 30]: "9. The next thing that we need to decide is whether or not there was a transfer under section 2(47} or not. Section 2(47) (i) provides that "transfer, in relation to a capital asset, includes (i) the sale, exchange or relinquishment of the asset". There is no dispute that the rights to recover 20 CO No.257/M/2019 M/s. Shinano Retail Pvt. Ltd.…

DCIT Cir 7(1), Mumbai vs. Morarjee Realities Ltd (Now M/S. Peninsula Land Ltd), Mumbai

Appeal stands dismissed

Bench: Hon’Ble Shri Manoj Kumar Aggarwal, Am & Hon’Ble Shri Ravish Sood, Jm (Hearing Through Video Conferencing Mode)

…ld for purposes of business. It thereafter examined the meaning of the word 'property' to conclude that it has a wide connotation to include interest of any kind. It places reliance upon the decision of this Court in the case of CWT v/s. Vidur V. Patel [1995] 215 ITR 30 rendered in the context of Wealth Tax Act, 1957 which while considering the definition of ‘asset’ had occasion to construe the meaning of the word ‘property’. It held the word ‘property’ to include interest of every kind. On the aforesaid basis, the Tribunal held that in the absence of loan being specifically excluded from the definition of capita…

Reliance Natural Resources Ltd, Navi Mumbai vs. Addl CIT RG 7(2), Mumbai

In the result, the appeal is allowed

Bench: Shri Jason P. Boaz & Shri Saktijit Deyreliance Natural Resources Ltd. Addl. Cit, Range 7(2) H Block, 1St Floor, Dhirubhai Room No. 620, 6Th Floor Vs. Ambani Knowledge City Aayakar Bhavan Navi Mumbai 400710 M.K. Road, Mumbai 400020 Pan - Aabcr7656P Appellant Respondent Addl. Cit, Range 7(2) Reliance Natural Resources Ltd. Room No. 620, 6Th Floor H Block, 1St Floor, Dhirubhai Vs. Aayakar Bhavan Ambani Knowledge City M.K. Road, Mumbai 400020 Navi Mumbai 400710 Pan - Aabcr7656P Appellant Respondent

…it is not, nor can it be, anybody’s case is that an advance is covered by the exclusion clause. The question, therefore, arises as to what are the connotations of the expression “property”. Hon’ble Bombay High Court, in the case of CWT Vs Vidur V Patel [1995] 215 ITR 30/79 Taxman 288 had an occasion to consider this question in the context of wealth tax, and this is what Their Lordships had to say: ‘………So far as the meaning of "property" is concerned, it is well-settled that it is a term of widest import and subject to any limitation which the context may require, it signifies every possible interest which a pers…

Addl CIT 7(2), Mumbai vs. Reliance Natural Resources Ltd, Navi Mumbai

In the result, the appeal is allowed

Bench: Shri Jason P. Boaz & Shri Saktijit Deyreliance Natural Resources Ltd. Addl. Cit, Range 7(2) H Block, 1St Floor, Dhirubhai Room No. 620, 6Th Floor Vs. Ambani Knowledge City Aayakar Bhavan Navi Mumbai 400710 M.K. Road, Mumbai 400020 Pan - Aabcr7656P Appellant Respondent Addl. Cit, Range 7(2) Reliance Natural Resources Ltd. Room No. 620, 6Th Floor H Block, 1St Floor, Dhirubhai Vs. Aayakar Bhavan Ambani Knowledge City M.K. Road, Mumbai 400020 Navi Mumbai 400710 Pan - Aabcr7656P Appellant Respondent

…it is not, nor can it be, anybody’s case is that an advance is covered by the exclusion clause. The question, therefore, arises as to what are the connotations of the expression “property”. Hon’ble Bombay High Court, in the case of CWT Vs Vidur V Patel [1995] 215 ITR 30/79 Taxman 288 had an occasion to consider this question in the context of wealth tax, and this is what Their Lordships had to say: ‘………So far as the meaning of "property" is concerned, it is well-settled that it is a term of widest import and subject to any limitation which the context may require, it signifies every possible interest which a pers…

Siemens Nixdorf Informationssysteme Gmbh (Formerly Aisemens Nixdorf Informaitonssysteme Ag, Mumbai vs. DDIT (It) 2(1), Mumbai

In the result, the appeal is allowed

…t is not, nor can it be, anybody’s case is that an advance is covered by the exclusion clause. The question, therefore, arises as to what are the connotations of the expression “property”. Hon’ble Bombay High Court, in the case of CWT Vs Vidur V Patel [(1995) 215 ITR 30 (Bom)] had an occasion to consider this question in the context of wealth tax, and this is what Their Lordships had to say: ………So far as the meaning of "property" is concerned, it is well- settled that it is a term of widest import and subject to any limitation which the context may require, it signifies every possible interest which a person can…