Hari Brothers Pvt. Ltd. v. ITO

ACIT 17(1), Mumbai vs. Mahindra & Mahindra Employees Stock Option Trust, Mumbai

In the result, both the appeals of the Revenue are dismissed

…mployer company to its employees, represents a property which is valuable and inheritable, and hence becomes capital asset. The Hon‟ble Bench relied upon the judgment of Delhi Bench of Punjab & Haryana High Court in the case of Hari Brothers Pvt. Ltd. vs. ITO 52 ITR 399, wherein it was held that right to subscribe for shares of company is also a capital asset. On exercising the option, the assessee gets shares, which is only conversion of one capital asset into other capital assets. Similar view has been followed by Honb‟le Delhi Bench ITAT in the case of Abhiram Seth vs JCIT 150 TTJ 228 (Delhi) and many other ca…

ACIT-17(1), Mumbai vs. Mahindra & Mahindra Employees Stock Option Trust., Mumbai

In the result, both the appeals of the Revenue are dismissed

…mployer company to its employees, represents a property which is valuable and inheritable, and hence becomes capital asset. The Hon‟ble Bench relied upon the judgment of Delhi Bench of Punjab & Haryana High Court in the case of Hari Brothers Pvt. Ltd. vs. ITO 52 ITR 399, wherein it was held that right to subscribe for shares of company is also a capital asset. On exercising the option, the assessee gets shares, which is only conversion of one capital asset into other capital assets. Similar view has been followed by Honb‟le Delhi Bench ITAT in the case of Abhiram Seth vs JCIT 150 TTJ 228 (Delhi) and many other ca…

Elder It Solutions P.Ltd, Mumbai vs. Pr CIT 4, Mumbai

In the result appeal of the assessee is allowed

…rt in the case of R.K.Palshikar, HUF, 172 ITR 311, wherein it was held that contractual right, leasehold rights are capital asset. Further reliance was placed on the decision of Hon‟ble Punjab & Haryana High Court in the case of Hari Brothers Private Limited, 52 ITR 399, wherein it was held that right to subscribe the shares are capital assets. 24. In view of the above judicial pronouncements, it was submitted before the AO that acquisition of right by the assessee for Revival of Dormant Subscribers of Reliance Communications Ltd. is a capital asset within the meaning of sec. 2(14) of the Act. Reliance was also p…

Mahindra & Mahindra Employees Stock Option Trust, Mumbai vs. Addl CIT RG 12(2), Mumbai

In the result, ground no.4 is allowed for statistical purposes

Bench: Shri Joginder Singh, Jm & Shri R.C.Sharma, Am आमकय अऩीर सिं./Ita No.2389/Mum/2015 (नििाारण वषा / Assessment Year :2010-2011) Mahindra & Mahindra Adcit, Range-12(2), Employees‟ Stock Option Mumbai-20 Trust, Gateway Building, Apollo Bunder, Mumbai- 400001 स्थामी रेखा सिं./ जीआइआय सिं./ Pan/Gir No. : Aahfm 9583 B (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. यनधावरयती की ओर से /Assessee By : Shri H.P.Mahajani याजस्र् की ओर से /Revenue By : Shri N.P.Singh सुनर्ाई की तायीख / Date Of Hearing : 04/08/2015 घोषणा की तायीख/Date Of Pronouncement 21/10/2015 आदेश / O R D E R Per R.C.Sharma, Am The Present Appeal Is Filed Against The Order Of Cit(A) -28, Mumbai, Dated 26-3-2015 For A.Y.2011-12. 2. During The Course Of Hearing The Assessee Has Filed Concise Grounds Of Appeal. These Have Been Considered By Us For The Adjudication Of This Appeal & Are Reproduced Hereunder :-

…mployer company to its employees, represents a property which is valuable and inheritable, and hence becomes capital asset. The Hon‟ble Bench relied upon the judgment of Delhi Bench of Punjab & Haryana High Court in the case of Hari Brothers Pvt. Ltd. vs. ITO 52 ITR 399, wherein it was held that right to subscribe for shares of company is also a capital asset. On exercising the option, the assessee gets shares, which is only conversion of one capital asset into other capital assets. Similar view has been followed by Honb‟le Delhi Bench ITAT in the case of Abhiram Seth vs JCIT 150 TTJ 228 (Delhi) and many other ca…