DCIT v. Summit Securities Ltd. ( DCIT v. Summit Securities Ltd.

Gati Kintetsu Express Private Limited, Mumbai vs. Dy.Commissioner of Income, Cirlce 14(1)(2)Tax, Mumbai

In the result, In the result, appeal for AY 2013-14 is allowed partly for 14 is allowed partly for statistical purposes, purposes, appeal for AY 2014-15 is partly allowed, is partly allowed, appeal...

Bench: Shri Om Prakash Kant () & Shri Sandeep Singh Karhail ()

…upon the decision of the Hon’ble Special Bench in placed reliance upon the decision of the Hon’ble Special Bench in placed reliance upon the decision of the Hon’ble Special Bench in the case of DCIT v. Summit Securities Ltd. ( DCIT v. Summit Securities Ltd. (135 ITD 99) 135 ITD 99) wherein the Hon’ble Special Bench has held that negative figure of network the Hon’ble Special Bench has held that negative figure of network the Hon’ble Special Bench has held that negative figure of network should be considered should be considered for working out of capital gain for working out of capital gain in case of slump sale…

Gati Kintetsu Express Private Limited, Maharashtra and Mumbai vs. Dy. Commissioner of Income Tax, Circle 14(1)(2), Mumbai, Maharashtra and Mumbai

In the result, In the result, appeal for AY 2013-14 is allowed partly for 14 is allowed partly for statistical purposes, purposes, appeal for AY 2014-15 is partly allowed, is partly allowed, appeal...

Bench: Shri Om Prakash Kant () & Shri Sandeep Singh Karhail ()

…upon the decision of the Hon’ble Special Bench in placed reliance upon the decision of the Hon’ble Special Bench in placed reliance upon the decision of the Hon’ble Special Bench in the case of DCIT v. Summit Securities Ltd. ( DCIT v. Summit Securities Ltd. (135 ITD 99) 135 ITD 99) wherein the Hon’ble Special Bench has held that negative figure of network the Hon’ble Special Bench has held that negative figure of network the Hon’ble Special Bench has held that negative figure of network should be considered should be considered for working out of capital gain for working out of capital gain in case of slump sale…

Gati Kintetsu Express Private Limited, Maharashtra and Mumbai vs. Dy. Commissioner of Income Tax, Circle 14(1)(2), Mumbai, Maharashtra and Mumbai

In the result, In the result, appeal for AY 2013-14 is allowed partly for 14 is allowed partly for statistical purposes, purposes, appeal for AY 2014-15 is partly allowed, is partly allowed, appeal...

Bench: Shri Om Prakash Kant () & Shri Sandeep Singh Karhail ()

…upon the decision of the Hon’ble Special Bench in placed reliance upon the decision of the Hon’ble Special Bench in placed reliance upon the decision of the Hon’ble Special Bench in the case of DCIT v. Summit Securities Ltd. ( DCIT v. Summit Securities Ltd. (135 ITD 99) 135 ITD 99) wherein the Hon’ble Special Bench has held that negative figure of network the Hon’ble Special Bench has held that negative figure of network the Hon’ble Special Bench has held that negative figure of network should be considered should be considered for working out of capital gain for working out of capital gain in case of slump sale…

Gati Kintetsu Express Private Limited, Mumbai vs. Dy Commissioner of Income Tax, Circle 14(1)(2), Mumbai

In the result, In the result, appeal for AY 2013-14 is allowed partly for 14 is allowed partly for statistical purposes, purposes, appeal for AY 2014-15 is partly allowed, is partly allowed, appeal...

Bench: Shri Om Prakash Kant () & Shri Sandeep Singh Karhail ()

…upon the decision of the Hon’ble Special Bench in placed reliance upon the decision of the Hon’ble Special Bench in placed reliance upon the decision of the Hon’ble Special Bench in the case of DCIT v. Summit Securities Ltd. ( DCIT v. Summit Securities Ltd. (135 ITD 99) 135 ITD 99) wherein the Hon’ble Special Bench has held that negative figure of network the Hon’ble Special Bench has held that negative figure of network the Hon’ble Special Bench has held that negative figure of network should be considered should be considered for working out of capital gain for working out of capital gain in case of slump sale…

Gati Kintetsu Express Pvt. Ltd, Maharashtra and Mumbai vs. Dy. Commissioner of Income Tax, Circle 14(1)(2), Mumbai, Maharashtra and Mumbai

Bench: Shri Om Prakash Kant () & Shri Sandeep Singh Karhail ()

…gain in case of the slump sale by treating the negative net worth as taxable u/s 50B(2) of the Act. In this regard, the Ld. counsel for the assessee placed reliance upon the decision of the Hon'ble Special Bench in the case of DCIT v. Summit Securities Ltd. (135 ITD 99) wherein the Hon'ble Special Bench has held that negative figure of network should be considered for working out of capital gain in case of slump sale. Therefore, the allegation of the Ld. AO as well as the Ld. CIT(A) that no consideration has been paid is incorrect. 9.13 In relation to the allegation of the Ld. AO and Ld. CIT(A) that the holding…

Afl P.Ltd, Mumbai vs. Asst CIT Cen Cir 13, Mumbai

The appeal of the assessee is partly allowed in terms of our aforesaid observations

Bench: Shri R.C. Sharma, Am & Shri Ravish Sood, Jm आयकर अपील सं./I.T.A. No.5697/Mum/2014 (निर्धारण वर्ा / Assessment Year: 2011-12,) Afl Private Limited The Acit, Central Circle 13 Afl House, Lok Bharati 10Th Floor, Cgo Building, बिधम/ Complex, Marol Maroshi Mumbai. Road, Andheri (E), Vs. Mumbai- 400 059. स्थायीलेखासं./जीआइआरसं./Pan/Gir No. Aabca2213P (अपीलाथी /Appellant) (प्रत्यथी / Respondent) :

…P a g e | 1 IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH, MUMBAI BEFORE SHRI R.C. SHARMA, AM AND SHRI RAVISH SOOD, JM आयकर अपील सं./I.T.A. No.5697/Mum/2014 (निर्धारण वर्ा / Assessment Year: 2011-12,) AFL Private Limited The ACIT, Central Circle 13 AFL House, Lok Bharati 10th Floor, CGO Building, बिधम/ Complex, Marol Maroshi Mumbai. Road, Andheri (E), Vs. Mumbai- 400 059. स्थायीलेखासं./जीआइआरसं./PAN/GIR No. AABCA2213P (अपीलाथी /Appellant) (प्रत्यथी / Respondent) : अपीलाथी की ओर से/ Appellant by : Shri Nitesh Joshi & Sunil S. Jhunjhunwala. प्रत्यथी की ओर से/Respondentby : Shri. Saurabh Kumar, Sr. A.R सुनवाई की…

Cyfast Enterprises P.Ltd, Mumbai vs. DCIT Cir 10(3), Mumbai

The appeal of the Revenue is allowed

Bench: Shri Joginder Singh & Shri N.K. Pradhanassessment Year:2011-12 Cyfast Enterprises Pvt. Ltd. Dcit, Afl House, Circle-10(3), बनाम/ Lok Bharati Complex, Aayakar Bhavan, Vs. Marol Maroshi Road, M.K. Road, Andheri (East), Mumbai-400020 Mumbai-400059 ("नधा"रती /Assessee) (राज"व /Revenue) P.A. No. Aaacu4945K "नधा"रती क" ओर से / Assessee By Shri Nitesh Joshi & Shri Sunil Jhunjhunwala राज"व क" ओर से / Revenue By Shri Anandi Verma-Cit-Dr

…2,94,597/- offered by the assessee in its computation of income. 2. At the outset, Shri Anadi Verma, Ld. CIT-DR, claimed that the impugned issue is covered against the assessee by the decision of the Mumbai Special Bench in the case of Summit Securities Ltd, 135 ITD 99 (SB)(Mum. Trib.); ITA No.4977/Mum/2009, order dated 07/03/2012, wherein, it was held that negative net worth could not be ignored while working out the capital gains in cases involving slump sale u/s 50B of the Income Tax Act, 1961 (hereinafter the Act). This factual matrix was not controverted by Shri Nitesh Joshi, ld. counsel for the assessee.…