Mumbai in Digital Electronics Ltd. v. CIT

49 SOT 65Income Tax Appellate Tribunal2012#25110 most cited

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2017 to 2022.

Judgments citing Mumbai in Digital Electronics Ltd. v. CIT

Infinity Infotech Parks Ltd., Kolkata vs. PCIT-1, Kolkata

In the result, the appeal of the assessee is allowed

ITA 32/KOL/2022[2017-18]Status: DisposedITAT Kolkata18 Apr 2022AY 2017-18

Bench: Shri A. T. Varkey, Jm & Shri Rajesh Kumar, Am ]

Section 143(3)Section 263Section 32Section 43(6)Section 50Section 72

…of brought forward business losses against deemed short term capital gains arising on sale of building, plant and machinery. This was by following the decision of its Co-ordinate Bench in Digital Electronics Ltd. v. Addl. CIT [2011] 16 taxmann.com 316/[2012] 49 SOT 65. (Mum.) (URO) In Digital Electronics Ltd's case (supra) the Tribunal held that under section 72 of the Act, the loss under the head 'profits and gains of business or profession' can be carried forward and the same can be set off against profits of any business or profession. It is not the requirement of section 72 of the Act that such gain or profi…

M/S Hirsch Bracelet India Private Limited, Bangalore vs. Assistant Commissioner of Income Tax Circle-3(1)(2), Bangalore

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

ITA 3392/BANG/2018[2015-16]Status: DisposedITAT Bangalore03 Jul 2019AY 2015-16

Bench: Shri N.V. Vasudevan & Shri B.R. Baskaranassessment Year : 2015-16

For Appellant: Shri R.S.V.S. Pavan Kumar, Advocate

Section 143(3)Section 32(2)Section 50

…e as short-term capital gain under the head "Capital gains" is an income in nature of income of business and the assessee can claim set off of unabsorbed business losses against such income. Decision of the ITAT Mumbai in Digital Electronics Ltd VS CIT (2012) 49 SOT 65 was cited in support. However, in the assessment order, no set off was given for the brought forward business loss. 27. The following are the brought forward business loss and unabsorbed depreciation of the assessee:- Business Unabsorbed Asst.year Total Loss Loss Depreciation 2009-10 1345567 2227027 3572594 9925008 (includes loss on Capital Gains…

ITO WD 1(1)(3), Mumbai vs. Eminent Travels P.Ltd, Mumbai

In the result, appeal of the Revenue is dismissed

ITA 5782/MUM/2016[2010-11]Status: DisposedITAT Mumbai26 Apr 2017AY 2010-11

Bench: Shri G.S.Pannu & Shri C.N.Prasadincome-Tax Officer, Ward -1(1)(3), Room No.531A, Aaykar Bhavan,M.K.Road, Mumbai 400 020 ...... Appellant Vs. M/S. Eminent Travels Pvt. Ltd., 501, Arihant Apartment, M.V.Pandloskar Marg, Vile Parle(E)Mumbai -400 057 Pan: Aaace 2507M .... Respondent

For Appellant: Shri M.C. Omi NingshenFor Respondent: Dr. K.Shivram &

Section 143(3)Section 50Section 72

…so long as the gain is on account of any business carried on by the assessee, such set-off could not be denied. In coming to such a decision, the CIT(A) has relied upon the decision of the Mumbai Tribunal in the case of Digital Electronics Ltd. vs. CIT(2012) 49 SOT 65 (Mum). Against such a decision of the CIT(A), Revenue is in appeal before us. 4. Before us, the Ld. Departmental Representative reiterated the stand of the Assessing Officer that on account of section 50 of the Act, gain arising on transfer of a depreciable asset was deemed to be short term capital gain and, therefore, in terms of section 72 of th…