Gujarat Ginning & Manufacturing Company v. Commissioner of Income Tax

205 ITR 314Reported decision1994#19816 most cited

judgments rely on this decision, according to BharatTax’s citation analysis of 358,219 Indian tax judgments — from 2016 to 2018.

Judgments citing Gujarat Ginning & Manufacturing Company v. Commissioner of Income Tax

M/S. Cosmopolis Construction, Pune vs. Income-Tax Officer, Ward - 1(1), Pune

The appeal of the assessee are allowed

ITA 231/PUN/2018[2014-15]Status: DisposedITAT Pune12 Sept 2018AY 2014-15

Bench: Shri D. Karunakara Rao, Am & Shri Vikas Awasthy, Jm

For Appellant: Shri Neelesh KhandelwalFor Respondent: Dr. Vivek Aggarwal

Section 32Section 80I

…sing from business asset has to be assessed under the head Business Income and not under any other head. The ld. AR submitted that the Hon‟ble Gujarat High Court in the case of Gujarat Ginning & Manufacturing Company Vs. Commissioner of Income Tax reported as 205 ITR 314 has held that whether property should be taxed under the head „profits and gains from business or profession‟ or „income from house property‟ it depends upon the intention of parties while acquiring the property. It is predominantly a matter of intention which may be drawn from the relevant facts. In the present case the intention of the assessee…

M/S. Cosmopolis Construction, Pune vs. Income-Tax Officer, Ward - 1(1), Pune

The appeal of the assessee are allowed

ITA 230/PUN/2018[2013-14]Status: DisposedITAT Pune12 Sept 2018AY 2013-14

Bench: Shri D. Karunakara Rao, Am & Shri Vikas Awasthy, Jm

For Appellant: Shri Neelesh KhandelwalFor Respondent: Dr. Vivek Aggarwal

Section 32Section 80I

ITO 2(3)(2), Mumbai vs. Strategic Capital Corporation P. Ltd, Mumbai

In the result, this appeal by the revenue stands dismissed

ITA 641/MUM/2016[2011-12]Status: DisposedITAT Mumbai12 Apr 2018AY 2011-12

Bench: Shri Shamim Yahya, Am & Shri Ram Lal Negi, Jm आयकर अपील सं./I.T.A. No.641/Mum/2016 ("नधा"रण वष" / Assessment Year: 2011-12) Ito-2(3)(2), M/S Strategic Capital Corporation Pvt. Ltd. Room No.581A, बनाम/ 44, Mint Road, Fort, Aayakar Bhavan, Vs. Mumbai-400020 M.K. Road, Mumbai-400020 "थायी लेखा सं./जीआइआर सं./Pan/Gir No.Aaacs5283Q (अपीलाथ" /Appellant) (""यथ" / Respondent) : अपीलाथ" क" ओर से / Appellant By : Shri V. Justin-Dr ""यथ" क" ओर से/Respondent By : None

For Appellant: Shri V. Justin-DRFor Respondent: None

Section 271(1)Section 274Section 57

…the said decision and further appeal was filed before the Hon. ITAT, Mumbai. On the fact and circumstances of the case reliance is placed on 3 Strategic Capital Corporation the following judicial decisions: i) Gujarat Ginning & Manufacturing Co. Ltd. v/s CIT 205 ITR 314 Baijnath Brijmohan & Sons P Ltd. v/s CIT (Bombay High Court 161 ii) ITR 234 CIT V/s Indian Warehousing Industries Ltd. 258 ITR 93 iii) In view of the above discussion, the rental income is assessed under the head house property and interest income and other income is assessed under the head incomer from other sources. Accordingly, the expenses al…

Sharan Hospitality P. Ltd, Mumbai vs. DCIT Cir 9(3), Mumbai

In the result, the assessee’s appeal is dismissed

ITA 6717/MUM/2012[2009-10]Status: DisposedITAT Mumbai12 Sept 2016AY 2009-10

Bench: Shri Sanjay Arora, Am & Shri Ram Lal Negi, Jm आयकर अपील सं./I.T.A. No. 6717/Mum/2012 ("नधा"रण वष" / Assessment Year: 2009-10) Sharan Hospitality Private Limited Dy. Cit – Circle 9(3) बनाम/ Ground Floor, Gys Infinity, Mumbai Paranjape ‘B’, Scheme, Subhas Road, Vs. Vile Parle (E), Mumbai-57 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. Aagcs 8608 F (अपीलाथ" /Appellant) (""यथ" / Respondent) : अपीलाथ" क" ओर से / Appellant By : Ms. Priyanka Jain ""यथ" क" ओर से/Respondent By : Shri K. Mahondas सुनवाई क" तार"ख / : 26.5.2016 Date Of Hearing घोषणा क" तार"ख / : 12.9.2016 Date Of Pronouncement आदेश / O R D E R Per Sanjay Arora, A. M.: This Is An Appeal By The Assessee Directed Against The Order By The Commissioner Of Income Tax (Appeals)-20, Mumbai (‘Cit(A)’ For Short) Dated 18.9.2012, Dismissing The Assessee’S Appeal Contesting Its Assessment U/S.143(3) Of The Income Tax Act, 1961 (‘The Act’ Hereinafter) For The Assessment Year (A.Y.) 2009- 10 Vide Order Dated 22.12.2011. 2. The Only Issue Arising In This Appeal Is The Correct Amount At Which The Annual Value In Respect Of The Assessee’S Swami Vivekanand (S.V.) Road, Mumbai Property

For Appellant: Ms. Priyanka JainFor Respondent: Shri K. Mahondas

Section 143(3)Section 22Section 23

…vacant for the other part of the year. In other words, where the property or part thereof was not let at all during the entire previous year, no deduction for vacancy allowance is permissible. As held in Gujarat Ginning & Manufacturing Co. Ltd. vs. CIT [1994] 205 ITR 314, 322-23 (Guj), the vacancy allowance cannot be claimed if the property was not let out at all during the previous year concerned. Such view has also been taken in Ram Pershad & Sons vs. CIT [1995] 81 Taxman 332, 334 (Del). Allowance for vacancy is to be deducted from the annual value of the property or part thereof in proportion to and to the ext…