DCIT v. Summit Securities Ltd.

12 Taxmann.com 372Reported decision2011#5586 most cited

What is DCIT v. Summit Securities Ltd. authority for?

The net worth of a business, when computed for capital gains purposes in a slump sale, can be negative, and this negative value should be considered in the calculation rather than presumed to be NIL.

21

judgments rely on this decision, according to BharatTax’s citation analysis of 366,314 Indian tax judgments — from 2017 to 2025.

Also referred to as

DCIT v. Summit Securities Ltd. · Section 50B · slump sale · capital gains computation · negative net worth · calculation of net worth

Sections most often in play

Section 11USection 11UASection 132Section 133(6)Section 139(1)Section 142(1)Section 143(2)Section 143(3)

Issues it is cited on

recognised provident fundsection 50bsection 43b(f)approved gratuity fundsection 40a(9)section 211wholly and exclusively for businesssection 35dslump salesection 32(1)(ii)domestic companyfull value of consideration

Judgments citing DCIT v. Summit Securities Ltd.

Fedex Express Tranportation and Supply Chain Services (India) P.Ltd, Mumbai vs. Pr CIT 9, Mumbai

In the result, the appeal of the assessee is allowed

ITA 3621/MUM/2016[2011-12]Status: DisposedITAT Mumbai17 Nov 2017AY 2011-12

Bench: D.T. Garasia & Shri Rajesh Kumarassessment Year: 2011-12 Fedex Express Transportation The Principal Commissioner Of & Supply Chain Services Income Tax – 9 Room No.214, 2Nd Floor, (India) Private Limited Boomerang, Unit No.801, Aayakar Bhavan, M. K. Road, Vs. Wing-A, 8Th Floor, Mumbai - 400020 Chandivali Farm Road, Andheri (East) Mumbai - 400072 Pan: Aabcf6516A (Appellant) (Respondent) Present For: Assessee By : Shri Jitendra Jain Revenue By : Shri S. Padmaja (Cit-Dr) Date Of Hearing : 15.09.2017 Date Of Pronouncement : 17.11.2017 O R D E R

For Appellant: Shri Jitendra JainFor Respondent: Shri S. Padmaja (CIT-DR)
Section 119Section 139(5)Section 263

…IN THE INCOME TAX APPELLATE TRIBUNAL, MUMBAI BENCH “F”, MUMBAI BEFORE D.T. GARASIA, JUDICIAL MEMBER AND SHRI RAJESH KUMAR, ACCOUNTANT MEMBER Assessment Year: 2011-12 Fedex Express Transportation The Principal Commissioner of and Supply Chain Services Income Tax – 9 Room No.214, 2nd Floor, (India) Private Limited Boomerang, Unit No.801, Aayakar Bhavan, M. K. Road, Vs. Wing-A, 8th Floor, Mumbai - 400020 Chandivali Farm Road, Andheri (East) Mumbai - 400072 PAN: AABCF6516A (Appellant) (Respondent) Present for: Assessee by : Shri Jitendra Jain Revenue by : Shri S. Padmaja (CIT-DR) Date of Hearing : 15.09.2017 Date of…