Kungundi Industrial Works (P) Ltd. v. CIT High Court

57 ITR 540High Court1965#7059 most cited
16

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2015 to 2023.

Also referred to as

Kungundi Industrial Works v CIT · 57 ITR 540 · section 43(6)(c) · section 55(2) · substance over form · section 49 · transferee company · section 43(6) · transferor company · dcf method · section 55 · section 43(1) · going concern · commercial rights

Issues it is cited on

section 43(6)(c)section 55(2)substance over formsection 49transferee companysection 43(6)transferor companydcf methodsection 55section 43(1)going concerncommercial rights

Judgments citing Kungundi Industrial Works (P) Ltd. v. CIT High Court

ACIT-2(2)(1), Mmumbai vs. M/S. Jics Logistic Limited, Mumbai

In the result, the appeal of the revenue for assessment year the appeal of the revenue for assessment year the appeal of the revenue for assessment year

ITA 1781/MUM/2023[2017-18]Status: DisposedITAT Mumbai29 Nov 2023AY 2017-18

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Assessment Year: 2011-12 & Assessment Year: 2012-13 &

For Appellant: Mr. Satyaprakash Singh

…radesh der such circumstances the Andhra Pradesh High Court in the case of Kungundi Industrial Works (P) Ltd. v. CIT High Court in the case of Kungundi Industrial Works (P) Ltd. v. CIT High Court in the case of Kungundi Industrial Works (P) Ltd. v. CIT [1965] 57 ITR 540 (AP) and the Calcutta High Court in the case of CIT v. [1965] 57 ITR 540 (AP) and the Calcutta High Court in the case of CIT v. [1965] 57 ITR 540 (AP) and the Calcutta High Court in the case of CIT v. Jogta Coal Co. Ltd. [1965! 25 ITR 89 (Cal, and the Supreme Court in the Jogta Coal Co. Ltd. [1965! 25 ITR 89 (Cal, and the Supreme Court in the Jogt…

ACIT-2(2)(1), Mmumbai vs. M/S. Jics Logistic Limited, Mumbai

In the result, the appeal of the revenue for assessment year the appeal of the revenue for assessment year the appeal of the revenue for assessment year

ITA 1780/MUM/2023[2016-14]Status: DisposedITAT Mumbai29 Nov 2023AY 2016-14

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Assessment Year: 2011-12 & Assessment Year: 2012-13 &

For Appellant: Mr. Satyaprakash Singh

…radesh der such circumstances the Andhra Pradesh High Court in the case of Kungundi Industrial Works (P) Ltd. v. CIT High Court in the case of Kungundi Industrial Works (P) Ltd. v. CIT High Court in the case of Kungundi Industrial Works (P) Ltd. v. CIT [1965] 57 ITR 540 (AP) and the Calcutta High Court in the case of CIT v. [1965] 57 ITR 540 (AP) and the Calcutta High Court in the case of CIT v. [1965] 57 ITR 540 (AP) and the Calcutta High Court in the case of CIT v. Jogta Coal Co. Ltd. [1965! 25 ITR 89 (Cal, and the Supreme Court in the Jogta Coal Co. Ltd. [1965! 25 ITR 89 (Cal, and the Supreme Court in the Jogt…

ACIT-2(2)(1), Mmumbai vs. M/S. Jics Logistic Limited, Mumbai

In the result, the appeal of the revenue for assessment year the appeal of the revenue for assessment year the appeal of the revenue for assessment year

ITA 1779/MUM/2023[2012-13]Status: DisposedITAT Mumbai29 Nov 2023AY 2012-13

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Assessment Year: 2011-12 & Assessment Year: 2012-13 &

For Appellant: Mr. Satyaprakash Singh

…radesh der such circumstances the Andhra Pradesh High Court in the case of Kungundi Industrial Works (P) Ltd. v. CIT High Court in the case of Kungundi Industrial Works (P) Ltd. v. CIT High Court in the case of Kungundi Industrial Works (P) Ltd. v. CIT [1965] 57 ITR 540 (AP) and the Calcutta High Court in the case of CIT v. [1965] 57 ITR 540 (AP) and the Calcutta High Court in the case of CIT v. [1965] 57 ITR 540 (AP) and the Calcutta High Court in the case of CIT v. Jogta Coal Co. Ltd. [1965! 25 ITR 89 (Cal, and the Supreme Court in the Jogta Coal Co. Ltd. [1965! 25 ITR 89 (Cal, and the Supreme Court in the Jogt…

ACIT-2(2)(1), Mmumbai vs. M/S. Jics Logistic Limited, Mumbai

In the result, the appeal of the revenue for assessment year the appeal of the revenue for assessment year the appeal of the revenue for assessment year

ITA 1764/MUM/2023[2018-19]Status: DisposedITAT Mumbai29 Nov 2023AY 2018-19

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Assessment Year: 2011-12 & Assessment Year: 2012-13 &

For Appellant: Mr. Satyaprakash Singh

…radesh der such circumstances the Andhra Pradesh High Court in the case of Kungundi Industrial Works (P) Ltd. v. CIT High Court in the case of Kungundi Industrial Works (P) Ltd. v. CIT High Court in the case of Kungundi Industrial Works (P) Ltd. v. CIT [1965] 57 ITR 540 (AP) and the Calcutta High Court in the case of CIT v. [1965] 57 ITR 540 (AP) and the Calcutta High Court in the case of CIT v. [1965] 57 ITR 540 (AP) and the Calcutta High Court in the case of CIT v. Jogta Coal Co. Ltd. [1965! 25 ITR 89 (Cal, and the Supreme Court in the Jogta Coal Co. Ltd. [1965! 25 ITR 89 (Cal, and the Supreme Court in the Jogt…

ACIT-2(2)(1), Mmumbai vs. M/S. Jics Logistic Limited, Mumbai

In the result, the appeal of the revenue for assessment year the appeal of the revenue for assessment year the appeal of the revenue for assessment year

ITA 1763/MUM/2023[2015-16]Status: DisposedITAT Mumbai29 Nov 2023AY 2015-16

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Assessment Year: 2011-12 & Assessment Year: 2012-13 &

For Appellant: Mr. Satyaprakash Singh

…radesh der such circumstances the Andhra Pradesh High Court in the case of Kungundi Industrial Works (P) Ltd. v. CIT High Court in the case of Kungundi Industrial Works (P) Ltd. v. CIT High Court in the case of Kungundi Industrial Works (P) Ltd. v. CIT [1965] 57 ITR 540 (AP) and the Calcutta High Court in the case of CIT v. [1965] 57 ITR 540 (AP) and the Calcutta High Court in the case of CIT v. [1965] 57 ITR 540 (AP) and the Calcutta High Court in the case of CIT v. Jogta Coal Co. Ltd. [1965! 25 ITR 89 (Cal, and the Supreme Court in the Jogta Coal Co. Ltd. [1965! 25 ITR 89 (Cal, and the Supreme Court in the Jogt…

ACIT-2(2)(1), Mmumbai vs. M/S. Jics Logistic Limited, Mumbai

In the result, the appeal of the revenue for assessment year the appeal of the revenue for assessment year the appeal of the revenue for assessment year

ITA 1762/MUM/2023[2014-15]Status: DisposedITAT Mumbai29 Nov 2023AY 2014-15

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Assessment Year: 2011-12 & Assessment Year: 2012-13 &

For Appellant: Mr. Satyaprakash Singh

…radesh der such circumstances the Andhra Pradesh High Court in the case of Kungundi Industrial Works (P) Ltd. v. CIT High Court in the case of Kungundi Industrial Works (P) Ltd. v. CIT High Court in the case of Kungundi Industrial Works (P) Ltd. v. CIT [1965] 57 ITR 540 (AP) and the Calcutta High Court in the case of CIT v. [1965] 57 ITR 540 (AP) and the Calcutta High Court in the case of CIT v. [1965] 57 ITR 540 (AP) and the Calcutta High Court in the case of CIT v. Jogta Coal Co. Ltd. [1965! 25 ITR 89 (Cal, and the Supreme Court in the Jogta Coal Co. Ltd. [1965! 25 ITR 89 (Cal, and the Supreme Court in the Jogt…

ACIT-2(2)(1), Mmumbai vs. M/S. Jics Logistic Limited, Mumbai

In the result, the appeal of the revenue for assessment year the appeal of the revenue for assessment year the appeal of the revenue for assessment year

ITA 1761/MUM/2023[2013-14]Status: DisposedITAT Mumbai29 Nov 2023AY 2013-14

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Assessment Year: 2011-12 & Assessment Year: 2012-13 &

For Appellant: Mr. Satyaprakash Singh

…radesh der such circumstances the Andhra Pradesh High Court in the case of Kungundi Industrial Works (P) Ltd. v. CIT High Court in the case of Kungundi Industrial Works (P) Ltd. v. CIT High Court in the case of Kungundi Industrial Works (P) Ltd. v. CIT [1965] 57 ITR 540 (AP) and the Calcutta High Court in the case of CIT v. [1965] 57 ITR 540 (AP) and the Calcutta High Court in the case of CIT v. [1965] 57 ITR 540 (AP) and the Calcutta High Court in the case of CIT v. Jogta Coal Co. Ltd. [1965! 25 ITR 89 (Cal, and the Supreme Court in the Jogta Coal Co. Ltd. [1965! 25 ITR 89 (Cal, and the Supreme Court in the Jogt…

ACIT-2(2)(1), Mmumbai vs. M/S. Jics Logistic Limited, Mumbai

In the result, the appeal of the revenue for assessment year the appeal of the revenue for assessment year the appeal of the revenue for assessment year

ITA 1760/MUM/2023[2011-12]Status: DisposedITAT Mumbai29 Nov 2023AY 2011-12

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Assessment Year: 2011-12 & Assessment Year: 2012-13 &

For Appellant: Mr. Satyaprakash Singh

…radesh der such circumstances the Andhra Pradesh High Court in the case of Kungundi Industrial Works (P) Ltd. v. CIT High Court in the case of Kungundi Industrial Works (P) Ltd. v. CIT High Court in the case of Kungundi Industrial Works (P) Ltd. v. CIT [1965] 57 ITR 540 (AP) and the Calcutta High Court in the case of CIT v. [1965] 57 ITR 540 (AP) and the Calcutta High Court in the case of CIT v. [1965] 57 ITR 540 (AP) and the Calcutta High Court in the case of CIT v. Jogta Coal Co. Ltd. [1965! 25 ITR 89 (Cal, and the Supreme Court in the Jogta Coal Co. Ltd. [1965! 25 ITR 89 (Cal, and the Supreme Court in the Jogt…

M/S. Pik Studios P. Ltd (Formerly Known As Pik Pen Private Limited), Mumbai vs. ITO 8(2)(4), Mumbai

In the result, these appeals by the assessee stand dismissed

ITA 6681/MUM/2018[1999-11]Status: DisposedITAT Mumbai05 Mar 2020AY 1999-11

Bench: Shri Shamim Yahya & Shri Amarjit Singh.

Section 154Section 32Section 43(1)

…nces, it was held that Income Tax Authorities could go behind sale deed and ascertain real value. In the present case, there is no allegation of inflated valuation. Hence,this decision is not applicable. b) Kungundi Industrial Works (Pvt.) Ltd. Vs. CIT (1965) 57 ITR 540 (AP) - this decision is in the context of Proviso to section 10(5)(a) which is similar to Explanation 3 to section 43(1). As hon'ble CIT(A) has stated that AO was not justified in disallowing the appellant's claim as per Explanation 3, this decision is not applicable in the present situation. c) In Nagammal Cotton Mills (Pvt.) Ltd. v. CIT (2002)…

Dharmanandan Diamonds P.Ltd, Mumbai vs. Deputy Commissioner of Income Tax 5(1)(2), Mumbai

In the result, the appeal of the assessee stands allowed

ITA 7478/MUM/2016[2011-12]Status: DisposedITAT Mumbai15 Mar 2019AY 2011-12

Bench: Shri Shamim Yahya, Am & Shri Amarjit Singh, Jm Dharmanandan Diamonds Dcit-5(1)(2) Private Limited Aaykar Bhawan Fe 7011-12, Bharat Diamond M.K.Road Vs. Bourse, Bkc Bandra (East) Mumbai-400 020 Mumbai-400 051

For Appellant: Shri R.C. Modi &For Respondent: Nishant Samaiya
Section 170Section 47

…on-3 as held in the case of Poulose& Mathen (P) Ltd.(supra), but the fact is that no such Explanation was at all invoked in the present case, An another case law has been cited by the ld.AR i.e.. viz. Kungundi Industrial Works Private Ltd, vs. CIT reported at 57 ITR 540 (AP), wherein the assessee-company was formed from the then existing Registered Firm. The question was that the assets were used by the firm before the company was formed. The shareholders of the company were no other than the old partners of the firm, The Hon’ble Court has observed that there was only change- over in the status of the ownership.…

M/S. Continental Device India Ltd., New Delhi vs. ACIT, New Delhi

In the result, the appeal of the assessee is allowed

ITA 6331/DEL/2014[2010-11]Status: DisposedITAT Delhi23 Nov 2017AY 2010-11

Bench: : Shri Bhavnesh Saini & Shri L.P. Sahu

Section 143(1)Section 43(1)

…In the Income-Tax Appellate Tribunal, Delhi Bench ‘B’, New Delhi Before : Shri Bhavnesh Saini, Judicial Member And Shri L.P. Sahu, Accountant Member ITA No. 6331/Del./2014 Assessment Year: 2010-11 M/s. Continental Device India Ltd., vs. A.C.I.T., Circle 3(1), C-120, Naraina Industrial Area, New Delhi New Delhi. PAN – AAACC 1835E (Appellant) (Respondent) Appellant by Sh. R.K. Kapoor, C.A. Respondent by Sh. Raghunath, Sr. DR Date of Hearing 22.11.2017 Date of Pronouncement 23.11.2017 ORDER Per L.P. Sahu, A.M.: This is an appeal filed by the assessee against the order dated 08.09.2012 of the ld. CIT(A)-VI, N…

M/S. Continental Device India Ltd., New Delhi vs. DCIT, New Delhi

In the result, the appeal of the assessee is allowed

ITA 5623/DEL/2012[2008-09]Status: DisposedITAT Delhi31 Dec 2015AY 2008-09

Bench: Sh. N. K. Saini, Am & Sh. Kuldip Singh, Jm It(Tp)A No. 5623/Del/2012 : Asstt. Year : 2008-09 M/S Continental Device India Ltd., Vs Dy. Commissioner Of Income Tax C-120, Naraina Industrial Area, Circle-3(1), New Delhi-110028 New Delhi (Appellant) (Respondent) Pan No. Aaacc1835E Assessee By : Sh. R. K. Kapoor, Ca Revenue By : Sh. Ravi Jain, Cit Dr Date Of Hearing : 28.10.2015 Date Of Pronouncement : 31.12.2015 Order Per N. K. Saini, Am:

For Appellant: Sh. R. K. Kapoor, CAFor Respondent: Sh. Ravi Jain, CIT DR
Section 143(1)Section 143(3)Section 234DSection 271(1)(c)Section 35(1)Section 43(1)

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘B’, NEW DELHI Before Sh. N. K. Saini, AM And Sh. Kuldip Singh, JM IT(TP)A No. 5623/Del/2012 : Asstt. Year : 2008-09 M/s Continental Device India Ltd., Vs Dy. Commissioner of Income tax C-120, Naraina Industrial Area, Circle-3(1), New Delhi-110028 New Delhi (APPELLANT) (RESPONDENT) PAN No. AAACC1835E Assessee by : Sh. R. K. Kapoor, CA Revenue by : Sh. Ravi Jain, CIT DR Date of Hearing : 28.10.2015 Date of Pronouncement : 31.12.2015 ORDER PER N. K. Saini, AM: This is an appeal by the assessee against the order dated 08.09.2012 of the AO. 2. Following grounds…

M/S. Continental Device India Ltd., New Delhi vs. Addl. CIT, New Delhi

In the result, all the appeals are partly allowed

ITA 316/DEL/2013[2009-10]Status: DisposedITAT Delhi16 Oct 2015AY 2009-10

Bench: Shri N.K. Saini & Shri A.T. Varkey

For Appellant: Shri Pardeep Dinodia & R.K. Kapoor, CAsFor Respondent: Smt. Parwinder Kaur, Senior DR
Section 143(1)Section 143(2)Section 35(1)Section 43(1)

…o the book value of the assets also shows that the claim is not arbitrary or unreasonable or irrational, particularly when supported by registered valuer’s report furnished by the assessee. Likewise, is the case of Kungundi Industrial Works Pvt. Ltd. vs. CIT 57 ITR 540 wherein too, it was a case of conversion of firm into company and not a transfer by the public limited company to the private limited company. It was noticed that the shares allotted in the same proportionate to the shareholders as the shares held by the partners in the partnership firm. It was thus held that both the entities are distinct and…

M/S Continental Device India Ltd., New Delhi vs. DCIT, New Delhi

In the result, all the appeals are partly allowed

ITA 1319/DEL/2011[2006-07]Status: DisposedITAT Delhi16 Oct 2015AY 2006-07

Bench: Shri N.K. Saini & Shri A.T. Varkey

For Appellant: Shri Pardeep Dinodia & R.K. Kapoor, CAsFor Respondent: Smt. Parwinder Kaur, Senior DR
Section 143(1)Section 143(2)Section 35(1)Section 43(1)

…o the book value of the assets also shows that the claim is not arbitrary or unreasonable or irrational, particularly when supported by registered valuer’s report furnished by the assessee. Likewise, is the case of Kungundi Industrial Works Pvt. Ltd. vs. CIT 57 ITR 540 wherein too, it was a case of conversion of firm into company and not a transfer by the public limited company to the private limited company. It was noticed that the shares allotted in the same proportionate to the shareholders as the shares held by the partners in the partnership firm. It was thus held that both the entities are distinct and…

M/S Continental Device India Ltd., New Delhi vs. ACIT, New Delhi

In the result, all the appeals are partly allowed

ITA 5656/DEL/2010[2007-08]Status: DisposedITAT Delhi16 Oct 2015AY 2007-08

Bench: Shri N.K. Saini & Shri A.T. Varkey

For Appellant: Shri Pardeep Dinodia & R.K. Kapoor, CAsFor Respondent: Smt. Parwinder Kaur, Senior DR
Section 143(1)Section 143(2)Section 35(1)Section 43(1)

…o the book value of the assets also shows that the claim is not arbitrary or unreasonable or irrational, particularly when supported by registered valuer’s report furnished by the assessee. Likewise, is the case of Kungundi Industrial Works Pvt. Ltd. vs. CIT 57 ITR 540 wherein too, it was a case of conversion of firm into company and not a transfer by the public limited company to the private limited company. It was noticed that the shares allotted in the same proportionate to the shareholders as the shares held by the partners in the partnership firm. It was thus held that both the entities are distinct and…

M/S Continental Device India Ltd., New Delhi vs. Addl. CIT, New Delhi

In the result, all the appeals are partly allowed

ITA 134/DEL/2009[2005-06]Status: DisposedITAT Delhi16 Oct 2015AY 2005-06

Bench: Shri N.K. Saini & Shri A.T. Varkey

For Appellant: Shri Pardeep Dinodia & R.K. Kapoor, CAsFor Respondent: Smt. Parwinder Kaur, Senior DR
Section 143(1)Section 143(2)Section 35(1)Section 43(1)

…o the book value of the assets also shows that the claim is not arbitrary or unreasonable or irrational, particularly when supported by registered valuer’s report furnished by the assessee. Likewise, is the case of Kungundi Industrial Works Pvt. Ltd. vs. CIT 57 ITR 540 wherein too, it was a case of conversion of firm into company and not a transfer by the public limited company to the private limited company. It was noticed that the shares allotted in the same proportionate to the shareholders as the shares held by the partners in the partnership firm. It was thus held that both the entities are distinct and…

Kungundi Industrial Works (P) Ltd. v. CIT High Court (57 ITR 540) — Cited in 16 Judgments | BharatTax