Gujarat in Artex Mfg. Co. v. CIT

131 ITR 559High Court1981#22381 most cited
3

judgments rely on this decision, according to BharatTax’s citation analysis of 366,314 Indian tax judgments — from 2018 to 2019.

Judgments citing Gujarat in Artex Mfg. Co. v. CIT

Unisol Infraservices P.Ltd, Mumbai vs. DCIT Cir 13(1)(1), Mumbai

In the result, the appeal of the assessee is allowed

ITA 7416/MUM/2016[2012-13]Status: DisposedITAT Mumbai04 Oct 2019AY 2012-13

Bench: Sri Mahavir Singh, Jm & Sri M Balaganesh, Am आयकर अपील सुं./ Ita No. 7416/Mum/2016 (यिर्ाारण वर्ा / Assessment Year 2012-13) Unisol Infraservices Pvt. Ltd The Dy. Commissioner Of Income 1St Floor, Gemstar Commercial Tax, Circle-13(1)(1), Mumbai Complex, Ramchandra Lane बनाम/ Extension Kanchapada, Malad Vs. (West), Mumbai-400 064 (अपीलार्थी / Appellant) (प्रत्यर्थी/ Respondent) स्र्थायी लेखा सुं./Pan No. Aabcr7857A अपीलार्थी की ओर े / Appellant By : Shri Jd Mistry, Ar प्रत्यर्थी की ओर े / Respondent By : Shri Rajeev Gubgotra, Dr ुिवाई की तारीख / Date Of Hearing: 23.07.2019 घोर्णा की तारीख / Date Of Pronouncement : 04.10.2019

For Appellant: Shri JD Mistry, ARFor Respondent: Shri Rajeev Gubgotra, DR
Section 143(3)Section 50

…) is not applicable. But the liability under s. 41(2) is limited to the amount of surplus to the extent of difference between the written 10 | P a g e ITA No.7416 /Mum/2016 down value and the actual cost— Artex M/b. Co, vs. CIT (1981) 21 CTR (Guj) 31: (1981) 131 ITR 559 (Gui): TC 29R.221 set aside on this point set aside on this point. Conclusion In case of transfer of business as a going concern with all assets and liabilities for a slump price, there being evidence that plant, machinery and deadstock were got revalued by a valuer though not separately shown in the agreement of transfer, S. 41(2) will apply. 4.…

Addl CIT 1(1), Mumbai vs. Bennett Coleman & Co Ltd, Mumbai

Appeal of the Revenue is dismissed as above

ITA 3537/MUM/2012[2008-09]Status: DisposedITAT Mumbai08 Jan 2018AY 2008-09

Bench: Shri D.T. Garasia & Shri Rajesh Kumarassessment Year: 2008-09 M/S. Bennett Coleman & Addl. Commissioner Of Co. Ltd., Income Tax, The Time Of India Bldg., Range – 1(1), Vs. Dr. D.N. Road, Room No.538, Mumbai – 400 001 Aayakar Bhavan, Pan: Aaacb4373Q M.K. Marg, Mumbai – 400 020 (Appellant) (Respondent) Assessment Year: 2008-09

For Appellant: Shri S. Venkataraman, A.RFor Respondent: Shri Purushottam Kumar, D.R
Section 10(34)Section 14A

…x on the surplus as business profit under section 44 thereupon the assessee sought a reference to the High Court which hel4havour of the assessee that no balancing charge was taxable. Against the decision of the High Court of Gujarat in Artex Mfg. Co. vs. CIT 131 ITR 559 (Guj): TC 20R.165, the Revenue came in appeal before the Supreme Court which decided the appeal in favour of the Revenue by reversing the judgment of the Gujarat High Court and by holding that- "In the present case, however, it was the admitted case of the assessee before the Income-tax Officer that the plant, machinery and dead stock had been r…

Bennett Coleman & Co. Ltd, Mumbai vs. Asst CIT RG 1(1), Mumbai

Appeal of the Revenue is dismissed as above

ITA 3298/MUM/2012[2008-09]Status: DisposedITAT Mumbai08 Jan 2018AY 2008-09

Bench: Shri D.T. Garasia & Shri Rajesh Kumarassessment Year: 2008-09 M/S. Bennett Coleman & Addl. Commissioner Of Co. Ltd., Income Tax, The Time Of India Bldg., Range – 1(1), Vs. Dr. D.N. Road, Room No.538, Mumbai – 400 001 Aayakar Bhavan, Pan: Aaacb4373Q M.K. Marg, Mumbai – 400 020 (Appellant) (Respondent) Assessment Year: 2008-09

For Appellant: Shri S. Venkataraman, A.RFor Respondent: Shri Purushottam Kumar, D.R
Section 10(34)Section 14A

…x on the surplus as business profit under section 44 thereupon the assessee sought a reference to the High Court which hel4havour of the assessee that no balancing charge was taxable. Against the decision of the High Court of Gujarat in Artex Mfg. Co. vs. CIT 131 ITR 559 (Guj): TC 20R.165, the Revenue came in appeal before the Supreme Court which decided the appeal in favour of the Revenue by reversing the judgment of the Gujarat High Court and by holding that- "In the present case, however, it was the admitted case of the assessee before the Income-tax Officer that the plant, machinery and dead stock had been r…

Gujarat in Artex Mfg. Co. v. CIT (131 ITR 559) — Cited in 3 Judgments | BharatTax