Habib Hussain v. CIT

48 ITR 859High Court1963#8107 most cited
14

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2016 to 2024.

Sections most often in play

Section 24(b)Section 48Section 55

Judgments citing Habib Hussain v. CIT

DCIT 3(2)(1), MUMBAI, MUMBAI vs. NEVILLE TULI, MUMBAI

In the result, the appeal filed by the Revenue Department stands dismissed

ITA 3203/MUM/2023[2013-14]Status: DisposedITAT Mumbai26 Nov 2024AY 2013-14

Bench: Shri Narender Kumar Choudhry & Shri Girish Agrawalassessment Year: 2013-14

For Appellant: Shri Porus Kaka, Ld. Senior AdvocateFor Respondent: Shri Preetam kumar Turerao, Ld. SR. AR
Section 24Section 250Section 55

…rt of the actual cost of the plot to the Assessee for the purpose of determining the capital gain? 8.9 The Hon’ble High Court considered the judgment rendered by the Jurisdictional High Court in the case of Habib Hussein vs. Commissioner of Income Tax (1963) 48 ITR 859, 875 (Bom.) wherein it was held as under: “The dictionary meaning of the word “cost” is 'what is laid out or suffered to obtain anything’…. In our opinion, therefore, the meaning of the expression 'actual cost to the Assessee as used in sub-section (5) of section 10 of the Act would be what the Assessee has, in fact, expended or laid out for the…

SHRI RAMESH TRIKAMLAL PADHIYAR,,AHMEDABAD vs. THE DCIT, CIRCLE-3(3),, AHMEDABAD

In the result, the appeal of the assessee is partly allowed

ITA 902/AHD/2018[2013-14]Status: DisposedITAT Ahmedabad12 Mar 2020AY 2013-14

Bench: Shri Rajpal Yadav & Shri Waseem Ahmedassessment Year : 2013-14 Shri Ramesh Trikamlal Padhiyar, The Dy. Commissioner Of 19, Tulsivan Co-Op. Society, Vs Income-Tax, Jivan Park, Vejalpur Road, Circle – 3 (3), Ahmedabad-380051 Ahmedabad [Pan : Ackpp 6965 H] अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee By : Shri P.F. Jain, Ar Revenue By : Shri Dileep Kumar, Sr Dr सुनवाई क" तार"ख/Date Of Hearing : 17/03/2020 घोषणा क" तार"ख /Date Of Pronouncement: 19/03/2020

For Appellant: Shri P.F. Jain, ARFor Respondent: Shri Dileep Kumar, Sr DR
Section 143(2)Section 14ASection 271(1)(c)

…hat the interest paid on the borrowings had to be taken as part of the actual cost of plant and machinery. In holding so, the Hon'ble High Court of Calcutta had followed the judgment of Hon'ble High Court of Bombay in the case of Habib Hussein vs. CIT (1963) (48 ITR 859) in which it was held as under :- "The dictionary meaning of the word 'cost' is 'what is laid out or suffered to obtain anything'..... In our opinion, therefore, the meaning of the expression 'actual cost to the assessee' as used in sub-section(5) of section 10 of the Act would be what the assessee has, in fact, expended or laid out for the purpos…

DCIT CIR 6(1), MUMBAI vs. BHARAT BARREL & DRUMS MFG. CO. LTD, MUMBAI

ITA 2454/MUM/2013[2009-10]Status: DisposedITAT Mumbai30 Oct 2019AY 2009-10

Bench: Sri Mahavir Singh, Jm & Sri Manoj Kumar Aggarwal, Am

For Appellant: Shri N.S. Jangpangi, CIT DRFor Respondent: Shri H.S. Raheja, AR
Section 143(3)Section 48

…ndered in the context of self-generating assets like Goodwill whereas in the present case the asset is not a self- generating. (iv) The Ld. CIT(A) erred in ignoring the principles laid down by the Hon'ble Bombay High Court in the case of Habib Hussein v CIT, 48 ITR 859, 875 (Bom.) wherein it has been held that the dictionary meaning of the word costs is/ that what is laid out or suffered to obtain anything and therefore the cost acquisition, in the context of the provision of sec. 48(ii) is what the assessee paid or suffered to acquire the asset and not its market price." Without prejudice to the main ground of…

SHRI RAMESHKUMAR TRIKAMLAL PADHIYAR,,AHMEDABAD vs. THE JT.CIT, CIRCLE-7,, AHMEDABAD

In the result, appeal of the assessee is allowed

ITA 322/AHD/2015[2010-11]Status: DisposedITAT Ahmedabad30 Apr 2019AY 2010-11

Bench: Shri Rajpal Yadav & Shri Amarjit Singhआयकर अपील सं./ Ita No.322/Ahd/2015 "नधा"रण वष"/Asstt. Year: 2010-11 Shri Rameshkumar Trikamlal Padhiyar Vs. Jcit, Cir.7 B-604, Prayag Apts., Ahmedabad. Opp: Nirma Vihar School Bodakdev Ahmedabad 380 054. Pan : Ackpp 6965 H

For Appellant: Shri P.F. Jain, ARFor Respondent: Shri Santosh Kannan, Sr.DR
Section 143(2)Section 55Section 55(2)

…ch was actually borrowed to make investment. We have attached herewith the extracts of the assessee's Bank Book, Cash book and ledgers to show the nexus between the loans taken and the investments made as Annexure-B. In the case of Habib Husein Vs. CIT (1963) 48 ITR 859, it was held as under: The dictionary meaning of the word 'cost' is what is laid out or suffered to anything...In our opinion therefore, the meaning of the expression 'actual cost to the assessee' as used in sub-section (5) of section 10 of the Act would be what the assessee has, in fact, expended or laid out for the purpose of acquiring the asset…

SMT. AMITA NARANG,DELHI vs. THE DY COMMISSIONER OF INCOME TAX, JAMMU

In the result, the assessee’s appeal is dismissed

ITA 385/ASR/2016[2007-08]Status: DisposedITAT Amritsar25 Mar 2019AY 2007-08

Bench: Sh. Sanjay Arorai.T.A. No. 385/Asr/2016 Assessment Year: 2007-08

For Appellant: Sh. K. R. Jain (Adv.)For Respondent: Sh. Charan Dass (D.R.)
Section 143(3)Section 45Section 48

…ies to be a cost of acquisition, as the interest cost is claimed to be in the instant case, or cost of improvement, is primarily a matter of fact, being the cost laid down or suffered to obtain anything (Habib Hussein v. CIT 3 Amita Narang v. Dy. CIT [1963] 48 ITR 859 (Bom)). That the cost is to correspond with the common notion thereof, i.e., as understood commercially or which an ordinary man of business will resort to when making computation for his purposes, was reiterated, again in the context of computation of capital gain/loss, by the Apex Court in Dhun Dadabhoy Kapadia v. CIT [1967] 63 ITR 651 (SC). Wha…

ACIT 9(3)(2), MUMBAI vs. FLAMBOYAWER FINANCE P.LTD, MUMBAI

In the result, the appeal Revenue is dismissed and that the CO of the assessee is allowed

ITA 3388/MUM/2016[2012-13]Status: DisposedITAT Mumbai08 Jun 2018AY 2012-13

Bench: Sri Mahavir Singh, Jm & Sri G Manjunatha, Am

For Appellant: Shri Vijay Mehta, ARFor Respondent: Shri Ram Tiwari, DR
Section 143(3)Section 14ASection 253(5)Section 55

…ially necessary for a particular assessee to incur for acquiring a capital asset should be included in this actual cost. In so holding, the Calcutta High Court followed a decision of the Bombay High Court in Habib Hussein v. Commissioner of Income- tax [1963] 48 ITR 859 , 875 (Bom.) in which it was held as follows: "The dictionary meaning of the word 'cost' is 'what is laid out or suffered to obtain anything'.... In our opinion, therefore, the meaning of the expression 'actual cost to the assessee' as used in sub-section (5) of section 10 of the Act would be what the assessee has, in fact, expended or laid out f…

M/S HOUSING & URBAN DEVLOPMENT CORPORATION LTD.,,NEW DELHI vs. ADDL. CIT, NEW DELHI

In the result, both the appeals filed by the Revenue are allowed for statistical purpose

ITA 3366/DEL/2013[2009-10]Status: DisposedITAT Delhi09 Feb 2016AY 2009-10

Bench: H.S. Sidhu & Sh. O.P. Kantsl. No.

Section 139(5)Section 143(1)Section 143(2)Section 14A

…ual” is ‘existing in fact’ or ‘fact as opposed to imaginary or past state of things’. The dictionary meaning of the word cost is what is laid out or suffered to obtain anything. The Hon’ble High Court of Bombay in the case of Habib Hussain Vs. CIT reported in 48 ITR 859 and the Hon’ble High Court of Calcutta in the case of CIT Vs Lothian Jute Mills Co Ltd reported in 66 ITR 630 has defined the actual cost to the assessee as what the assessee has in fact, expended, or laid out for the purpose of acquiring the asset. In the facts of the case the actual cost of the properties acquired on the basis of agreements can’…

M/S HOUSING & URBAN DEVLOPMENT CORPORATION LTD.,,NEW DELHI vs. ADDL. CIT, NEW DELHI

In the result, both the appeals filed by the Revenue are allowed for statistical purpose

ITA 3365/DEL/2013[2008-09]Status: DisposedITAT Delhi09 Feb 2016AY 2008-09

Bench: H.S. Sidhu & Sh. O.P. Kantsl. No.

Section 139(5)Section 143(1)Section 143(2)Section 14A

…ual” is ‘existing in fact’ or ‘fact as opposed to imaginary or past state of things’. The dictionary meaning of the word cost is what is laid out or suffered to obtain anything. The Hon’ble High Court of Bombay in the case of Habib Hussain Vs. CIT reported in 48 ITR 859 and the Hon’ble High Court of Calcutta in the case of CIT Vs Lothian Jute Mills Co Ltd reported in 66 ITR 630 has defined the actual cost to the assessee as what the assessee has in fact, expended, or laid out for the purpose of acquiring the asset. In the facts of the case the actual cost of the properties acquired on the basis of agreements can’…

ACIT, NEW DELHI vs. M/S. HOUSING & URBAN DEVELOPMENT CORP. LTD. (HUDCO), NEW DELHI

In the result, both the appeals filed by the Revenue are allowed for statistical purpose

ITA 1562/DEL/2012[2007-08]Status: DisposedITAT Delhi09 Feb 2016AY 2007-08

Bench: H.S. Sidhu & Sh. O.P. Kantsl. No.

Section 139(5)Section 143(1)Section 143(2)Section 14A

…ual” is ‘existing in fact’ or ‘fact as opposed to imaginary or past state of things’. The dictionary meaning of the word cost is what is laid out or suffered to obtain anything. The Hon’ble High Court of Bombay in the case of Habib Hussain Vs. CIT reported in 48 ITR 859 and the Hon’ble High Court of Calcutta in the case of CIT Vs Lothian Jute Mills Co Ltd reported in 66 ITR 630 has defined the actual cost to the assessee as what the assessee has in fact, expended, or laid out for the purpose of acquiring the asset. In the facts of the case the actual cost of the properties acquired on the basis of agreements can’…

ACIT, NEW DELHI vs. M/S. HOUSING & URBAN DEVELOPMENT CORP. LTD. (HUDCO), NEW DELHI

In the result, both the appeals filed by the Revenue are allowed for statistical purpose

ITA 1561/DEL/2012[2006-07]Status: DisposedITAT Delhi09 Feb 2016AY 2006-07

Bench: H.S. Sidhu & Sh. O.P. Kantsl. No.

Section 139(5)Section 143(1)Section 143(2)Section 14A

…ual” is ‘existing in fact’ or ‘fact as opposed to imaginary or past state of things’. The dictionary meaning of the word cost is what is laid out or suffered to obtain anything. The Hon’ble High Court of Bombay in the case of Habib Hussain Vs. CIT reported in 48 ITR 859 and the Hon’ble High Court of Calcutta in the case of CIT Vs Lothian Jute Mills Co Ltd reported in 66 ITR 630 has defined the actual cost to the assessee as what the assessee has in fact, expended, or laid out for the purpose of acquiring the asset. In the facts of the case the actual cost of the properties acquired on the basis of agreements can’…

M/S. HOUSING & URBAN DEVELOPMENT CORPORATION LTD.,NEW DELHI vs. ADDL. CIT, NEW DELHI

In the result, both the appeals filed by the Revenue are allowed for statistical purpose

ITA 1168/DEL/2012[2007-08]Status: DisposedITAT Delhi09 Feb 2016AY 2007-08

Bench: H.S. Sidhu & Sh. O.P. Kantsl. No.

Section 139(5)Section 143(1)Section 143(2)Section 14A

…ual” is ‘existing in fact’ or ‘fact as opposed to imaginary or past state of things’. The dictionary meaning of the word cost is what is laid out or suffered to obtain anything. The Hon’ble High Court of Bombay in the case of Habib Hussain Vs. CIT reported in 48 ITR 859 and the Hon’ble High Court of Calcutta in the case of CIT Vs Lothian Jute Mills Co Ltd reported in 66 ITR 630 has defined the actual cost to the assessee as what the assessee has in fact, expended, or laid out for the purpose of acquiring the asset. In the facts of the case the actual cost of the properties acquired on the basis of agreements can’…

M/S. HOUSING & URBAN DEVELOPMENT CORPORATION LTD.,NEW DELHI vs. ADDL. CIT, NEW DELHI

In the result, both the appeals filed by the Revenue are allowed for statistical purpose

ITA 1167/DEL/2012[2006-07]Status: DisposedITAT Delhi09 Feb 2016AY 2006-07

Bench: H.S. Sidhu & Sh. O.P. Kantsl. No.

Section 139(5)Section 143(1)Section 143(2)Section 14A

…ual” is ‘existing in fact’ or ‘fact as opposed to imaginary or past state of things’. The dictionary meaning of the word cost is what is laid out or suffered to obtain anything. The Hon’ble High Court of Bombay in the case of Habib Hussain Vs. CIT reported in 48 ITR 859 and the Hon’ble High Court of Calcutta in the case of CIT Vs Lothian Jute Mills Co Ltd reported in 66 ITR 630 has defined the actual cost to the assessee as what the assessee has in fact, expended, or laid out for the purpose of acquiring the asset. In the facts of the case the actual cost of the properties acquired on the basis of agreements can’…

M/S. HOUSING & URBAN DEVELOPMENT CORPORATION LTD.,NEW DELHI vs. ADDL. CIT, NEW DELHI

In the result, both the appeals filed by the Revenue are allowed for statistical purpose

ITA 1166/DEL/2012[2005-06]Status: DisposedITAT Delhi09 Feb 2016AY 2005-06

Bench: H.S. Sidhu & Sh. O.P. Kantsl. No.

Section 139(5)Section 143(1)Section 143(2)Section 14A

…ual” is ‘existing in fact’ or ‘fact as opposed to imaginary or past state of things’. The dictionary meaning of the word cost is what is laid out or suffered to obtain anything. The Hon’ble High Court of Bombay in the case of Habib Hussain Vs. CIT reported in 48 ITR 859 and the Hon’ble High Court of Calcutta in the case of CIT Vs Lothian Jute Mills Co Ltd reported in 66 ITR 630 has defined the actual cost to the assessee as what the assessee has in fact, expended, or laid out for the purpose of acquiring the asset. In the facts of the case the actual cost of the properties acquired on the basis of agreements can’…

M/S. HOUSING AND URBAN DEVELOPMENT CORPORATION LTD (HUDCO),NEW DELHI vs. DCIT, NEW DELHI

In the result, both the appeals filed by the Revenue are allowed for statistical purpose

ITA 4303/DEL/2009[2004-05]Status: DisposedITAT Delhi09 Feb 2016AY 2004-05

Bench: H.S. Sidhu & Sh. O.P. Kantsl. No.

Section 139(5)Section 143(1)Section 143(2)Section 14A

…ual” is ‘existing in fact’ or ‘fact as opposed to imaginary or past state of things’. The dictionary meaning of the word cost is what is laid out or suffered to obtain anything. The Hon’ble High Court of Bombay in the case of Habib Hussain Vs. CIT reported in 48 ITR 859 and the Hon’ble High Court of Calcutta in the case of CIT Vs Lothian Jute Mills Co Ltd reported in 66 ITR 630 has defined the actual cost to the assessee as what the assessee has in fact, expended, or laid out for the purpose of acquiring the asset. In the facts of the case the actual cost of the properties acquired on the basis of agreements can’…