ITO v. United Marine Academy

130 ITD 113Income Tax Appellate Tribunal2011#13386 most cited

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2017 to 2026.

Sections most often in play

Section 43CA Section 50C Section 143(3)Section 37(1)Section 43(6)Section 115JB Section 131 Section 133(6)

Issues it is cited on

section 43(6)section 43c section 43ca full value of consideration block of assets section 48 section 41 stamp duty value section 50c section 50 fair market value section 43

Judgments citing ITO v. United Marine Academy

JEWELEX INDIA PRIAVTE LIMITED,MUMBAI vs. DCIT CIRCLE-14(1)(1), MUMBAI

In the result, the appeal of the assessee is allowed

ITA 5285/MUM/2025[2020-21]Status: DisposedITAT Mumbai05 Jan 2026AY 2020-21

Bench: Shri Narender Kumar Choudhry & Shri Prabhash Shankarjewelex India Private V/S. Deputy Commissioner Of Limited बनाम Income Tax, Circle – 401 Trade Centre, Bandra 14(1)(1), Aayakar Bhavan, Kurla Complex, Bandra Maharishi Karve Marg, (East), Mumbai – 400 098, Mumbai – 400 020, Maharashtra Maharashtra स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aabcj4523H Appellant/अपीलार्थी .. Respondent/प्रतिवादी

For Appellant: Shri Nitesh Joshi, ARFor Respondent: Ms. Kavitha Kaushik, (Sr. DR)

Section 135Section 143(3)Section 37Section 37(1)Section 43(6)(c)Section 80G

…ction 50C of the Act, which is the amount deemed to be received on the sale of the immovable property in case the transfer value is less than the fair market value. The ld. CIT(A) also relied on the decision in the case of ITO vs. United Marine Academy [2011] 130 ITD 113 (Mum), wherein for computing the capital gain on transfer of depreciable asset, the sale consideration is directed to be substituted by the Stamp Duty Valuation of the said depreciable asset. The relevant finding of the ld. CIT(A) is reproduced as under: P a g e | 15 A.Y. 2020-21 Jewelex India Pvt. Ltd., Mumbai 6.5 In view of the above, the moo…

DCIT-2(3)(1), MUMBAI vs. KOTAK MAHINDRA BANK LTD, MUMBAI

In the result, **appeal of the Revenue is dismissed

ITA 4103/MUM/2023[2019-20]Status: DisposedITAT Mumbai07 Jan 2025AY 2019-20

Bench: Shri Sandeep Gosain & Shri Prabhash Shankar**

Section 143(3)Section 144BSection 41(1)

…is concerned, it would be worthwhile to extract the relevant paras of decision given in the context of provisions of section 50 vis-a-vis section 50C of the Act in the case of Special Bench of the Tribunal **in the case of ITO v. United Marine Academy [2011] 130 ITD 113 (Mum)**as below: *"This Special Bench has been constituted by the Hon'ble President, Income-tax Appellate Tribunal to dispose of the appeal filed by the Revenue against the order of the learned Commissioner of Income-tax (Appeals)- XXII, Mumbai dated 20.11.2006 and to answer the following question, which is arising from the grounds raised therei…

KOTAK MAHINDRA BANK LIMITED,MUMBAI vs. DCIT-3(2)(2), ASSESSMENT UNIT, INCOME TAX DEPT, MUMBAI

In the result, appeal of the Revenue is dismissed

ITA 3754/MUM/2023[2019-20]Status: DisposedITAT Mumbai07 Jan 2025AY 2019-20

For Appellant: \nShri Madhur Agrawal a/w Shri Bhargav ParekhFor Respondent: \nShri Biswanath Das (CIT DR)

Section 143(3)Section 144BSection 41(1)

…s concerned,\nit would be worthwhile to extract the relevant paras of decision given in the\ncontext of provisions of section 50 vis-a-vis section 50C of the Act in the\ncase of Special Bench of the Tribunal in the case of ITO v. United\nMarine Academy [2011] 130 ITD 113 (Mum)as below:\n\"This Special Bench has been constituted by the Hon'ble President, Income-tax\nAppellate Tribunal to dispose of the appeal filed by the Revenue against the\norder of the learned Commissioner of Income-tax (Appeals)- XXII, Mumbai\ndated 20.11.2006 and to answer the following question, which is arising from\nthe grounds raised ther…

3A COMPOSITES INDIA PRIVATE LIMIED ,MUMBAI vs. ACIT, CIRCLE 11(3)(1), MUMBAI

ITA 4096/MUM/2024[2017-18]Status: DisposedITAT Mumbai21 Nov 2024AY 2017-18

Bench: Shri Om Prakash Kant, Am & Shri Rahul Chaudhary, Jm

Section 115JSection 143(3)Section 43(6)Section 50C

…ction 50C of the Act, which is the amount deemed to be received on the sale of the immovable property in case the transfer value is less than the fair market value. The ld. CIT(A) also relied on the decision in the case of ITO vs. United Marine Academy [2011] 130 ITD 113 (Mum), wherein for computing the capital gain on transfer of depreciable asset, the sale consideration is directed to be substituted by the Stamp Duty Valuation of the said depreciable asset. The relevant finding of the ld. CIT(A) is reproduced as under: 6.5 In view of the above, the moot point of adjudication here is that the amount to be reduce…

ITO, WARD-16(2), HYDERABAD, HYDERABAD vs. PADMA VAMSI TEXTILE MARKET PVT. LTD., HYDERABAD, HYDERABAD

In the result, appeal of the revenue is allowed for statistical purposes

ITA 1456/HYD/2016[2007-08]Status: DisposedITAT Hyderabad03 May 2019AY 2007-08

Bench: Smt. P. Madhavi Devi & Shri S. Rifaur Rahmanassessment Year: 2007-08 Income-Tax Officer, Vs. Padma Vamsi Textile Market Ward – 16(2), Hyderabad. Pvt. Ltd., Hyderabad. Pan – Aadcp 3957F (Appellant) (Respondent) Revenue By : Smt. Komali Krishna Assessee By : Shri B. Satyanarayana Murthy Date Of Hearing : 23-04-2019 Date Of Pronouncement : 03-05-2019

For Appellant: Shri B. Satyanarayana MurthyFor Respondent: Smt. Komali Krishna

Section 147Section 148Section 50Section 50ASection 50C

…w ground, which may be necessary.” 5. Before us, ld. DR submitted that CIT(A) erred in holding that section 50C does not apply to depreciable asset and she relied on the special bench decision of the ITAT, Mumbai in the case of ITO Vs. United Marine Academy, 130 ITD 113 (Mum.) (SB). 6. The ld. AR, on the other hand, submitted that section 50C applies to depreciable assets also and agreed with the submissions of the ld. DR. Further, he submitted that no doubt, AO adopted fair market value of the property at Rs. 1,05,51,320/- and he brought to our notice, WDV value of the assets, which is Rs. 1,02,01,998/- as on…

ABHIDEEP CHEMICALS P.LTD,MUMBAI vs. PR CIT 14, MUMBAI

In the result, appeal of the assessee is dismissed

ITA 797/MUM/2016[2011-12]Status: DisposedITAT Mumbai15 May 2017AY 2011-12

Bench: Shri R.C.Sharma, Am & Shri Ravish Sood, Jm M/S. Abhideep Chemicals Vs. Pr Cit – 14, Mumbai – 400 Pvt. Ltd., 503, Keshava Bkc 020 Bandra (E), Mumbai – 400051 Pan/Gir No. Aaaca5336N Appellant) .. Respondent)

Section 263Section 50Section 50CSection 54

…IN THE INCOME TAX APPELLATE TRIBUNAL “A”, BENCH MUMBAI BEFORE SHRI R.C.SHARMA, AM & SHRI RAVISH SOOD, JM M/s. Abhideep Chemicals Vs. PR CIT – 14, Mumbai – 400 Pvt. Ltd., 503, Keshava BKC 020 Bandra (E), Mumbai – 400051 PAN/GIR No. AAACA5336N Appellant) .. Respondent) Assessee by Shri Pankaj Toprani Revenue by Shri S. Deshpande Date of Hearing 17/03/2017 Date of Pronouncement 15/05/2017 आदेश / O R D E R PER R.C.SHARMA (A.M): The present appeal is filed against Pr. CIT's order dated 27th January, 2016 passed under section 263 of the Income Tax Act, 1961 ("the Act"), revising assessment order dated 13th March,…

RAPTAKOS BRETT AND CO.LTD,MUMBAI vs. ADDL CIT 5(3), MUMBAI

In the result, appeal filed by the assessee is allowed

ITA 578/MUM/2015[2011-12]Status: DisposedITAT Mumbai23 Feb 2017AY 2011-12

Bench: Shri B.R. Baskaran (Am)& Sandeep Gosain (Jm)

Section 14ASection 234BSection 50C

…aidas Cursondas & Company (154 ITD 521). Learned AR further submitted that the learned CIT(A) has placed reliance on the decision rendered by Special bench of Mumbai ITAT in the case of ITO Vs. United Maritime 5 M/s. Raptakos Brett & Co. Ltd. Academy (2011) 130 ITD 113 to decide the issue against the assessee. However in the case of Bhaidas Cursondas & Company (supra), the coordinate Bench has also considered the decision of the Special bench (supra) and has held that provisions of section 50C will not have application when WDV is computed in terms of section 43(6) of the Act. 11. On the contrary, learned Depa…