Manali Investments v. ACIT

Mangmo Textiles P.Ltd, Mumbai vs. ITO 8(2)(3), Mumbai

…term capital assets, that a deeming provision could not be extended beyond the purpose for which it was enacted, that the prescription of section 50 was to be extended only up to the computation of capital gains. He referred to the case of Manali Investments (139 TTJ 411) and held that capital gain in the case under consideration had arisen from the transfer of an asset which was held for a period of more than three years,that the disputed amount would retain the character of LTCG for all other provisions and would qualify for set off against the brought forward losses from the long-term capital assets,that as pe…

Skf India Ltd, Mumbai vs. Asst CIT 4(3)4, Mumbai

In the result, the appeal filed by the Revenue is dismissed and the appeals filed by the assessee are allowed

Bench: Shri Rajendra & Shri C.N. Prasadआयकर अपील सं /I.Ta No.7092/Mum/2013 ("नधा"रण वष" / Assessment Year:2002-03 M/S. Skf India Ltd., The Acit-4(3), बनाम/ (Formerly Known As Skf Aayakar Bhavan, Vs. Bearings India Ltd) Mumbai-400 020 Mahatama Gandhi Memorial Bldg., Netaji Subhash Road, Mumbai-400 002 Appellant Respondent आयकर अपील सं /I.Ta No.3558/Mum/2012 ("नधा"रण वष" / Assessment Year:2005-06 M/S. Skf India Ltd., The Acit-4(3), बनाम/ (Formerly Known As Skf Aayakar Bhavan, Vs. Bearings India Ltd) Mumbai-400 020 Mahatama Gandhi Memorial Bldg., Netaji Subhash Road, Mumbai-400 002 आयकर अपील सं /I.Ta No.7093/Mum/2013 ("नधा"रण वष" / Assessment Year:2004-05 M/S. Skf India Ltd., The Acit-4(3), बनाम/ (Formerly Known As Skf Aayakar Bhavan, Vs. Bearings India Ltd) Mumbai-400 020 Mahatama Gandhi Memorial Bldg., Netaji Subhash Road, Mumbai-400 002 आयकर अपील सं /I.Ta No.6989/Mum/2013 ("नधा"रण वष" / Assessment Year:2004-05

…more than 3 years. While coming to such conclusion, the Tribunal considered the decision of the Bombay High Court in the case of CIT Vs Ace Builders (P). Ltd., (281 ITR 410) and also the decision of the Mumbai Bench in the case of Manali Investments Vs ACIT (139 TTJ 411). Therefore, the Ld. Counsel for the assessee vehemently submits that the legal contention raised by the assessee has been accepted in one of the decision of the Tribunal holding that for tax purposes the property which was held for more than 3 years should be considered as Long term capital gain. Therefore, the Ld. Counsel for the assessee submi…

Skf Inida Ltd( Since May 19 2004 Name Has Been Changed From Skf Bearing India Ltd), Mumbai vs. DCIT RG 4(3), Mumbai

In the result, the appeal filed by the Revenue is dismissed and the appeals filed by the assessee are allowed

Bench: Shri Rajendra & Shri C.N. Prasadआयकर अपील सं /I.Ta No.7092/Mum/2013 ("नधा"रण वष" / Assessment Year:2002-03 M/S. Skf India Ltd., The Acit-4(3), बनाम/ (Formerly Known As Skf Aayakar Bhavan, Vs. Bearings India Ltd) Mumbai-400 020 Mahatama Gandhi Memorial Bldg., Netaji Subhash Road, Mumbai-400 002 Appellant Respondent आयकर अपील सं /I.Ta No.3558/Mum/2012 ("नधा"रण वष" / Assessment Year:2005-06 M/S. Skf India Ltd., The Acit-4(3), बनाम/ (Formerly Known As Skf Aayakar Bhavan, Vs. Bearings India Ltd) Mumbai-400 020 Mahatama Gandhi Memorial Bldg., Netaji Subhash Road, Mumbai-400 002 आयकर अपील सं /I.Ta No.7093/Mum/2013 ("नधा"रण वष" / Assessment Year:2004-05 M/S. Skf India Ltd., The Acit-4(3), बनाम/ (Formerly Known As Skf Aayakar Bhavan, Vs. Bearings India Ltd) Mumbai-400 020 Mahatama Gandhi Memorial Bldg., Netaji Subhash Road, Mumbai-400 002 आयकर अपील सं /I.Ta No.6989/Mum/2013 ("नधा"रण वष" / Assessment Year:2004-05

…more than 3 years. While coming to such conclusion, the Tribunal considered the decision of the Bombay High Court in the case of CIT Vs Ace Builders (P). Ltd., (281 ITR 410) and also the decision of the Mumbai Bench in the case of Manali Investments Vs ACIT (139 TTJ 411). Therefore, the Ld. Counsel for the assessee vehemently submits that the legal contention raised by the assessee has been accepted in one of the decision of the Tribunal holding that for tax purposes the property which was held for more than 3 years should be considered as Long term capital gain. Therefore, the Ld. Counsel for the assessee submi…

Greaves Cotton Ltd (Formerly Known As Greaves Ltd), Mumbai vs. ITO WD 6(3)(1), Mumbai

In the result, appeal of the assessee is partly allowed

Bench: Shri G S Pannu & Shri Amit Shuklaita

…as section 54EC the capital gain has to be treated as long term capital gain, if the asset is held for more than three years. The same view has been taken by the Mumbai bench of Tribunal in case of Manali Investments Vs. Assistant Commissioner of Income Tax (139 TTJ 411) in which it has been held that the prescriptions of section 50 are to be extended only to the stage of computation of capital gain and, therefore, capital gain resulting from transfer of depreciable asset which was held for more than three years would retain the character of long term capital gain for the purpose of all other provisions of the A…