Shashibala Navnitlal v. Commissioner Of Income-Tax, Gujarat

54 ITR 478High Court1964#18128 most cited

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2016 to 2023.

Judgments citing Shashibala Navnitlal v. Commissioner Of Income-Tax, Gujarat

POWERMATIC PACKAGING PVT. LTD.,,CHENNAI vs. ITO, CORPORATE WARD - 5 (2),, CHENNAI

The appeal stand partly allowed in terms of our above order

ITA 733/CHNY/2020[2016-17]Status: DisposedITAT Chennai12 Jul 2023AY 2016-17

Bench: Shri Manoj Kumar Aggarwal & Shri Manomohan Dasआयकर अपील सं./Ita No.733/Chny/2020 िनधा)रण वष) /Assessment Year: 2016-17

For Appellant: Shri T.N.Seetharaman, Advocate &For Respondent: Shri D. Hema Bhupal, JCIT

Section 115Section 143(3)Section 2(22)(a)Section 2(22)(e)

…ich entails the release of assets to the shareholders will be treated as dividend. 7.7.6 It is also pertinent to mention the principle of the case law as quoted by the appellant. The Hon'ble Gujarat High Court in the case of Shashibala Navnitlal v. CIT (1964) 54 ITR 478 has held that a distribution of assets to fall under the purview of the said section should satisfy the following conditions: • It must be a distribution of accumulated profits • It must be such as entails the release of all or any assets of the Company 7.7.7 As per the facts of the case, the loans written off were receivable by the Company and ac…

M/S SHREE SAIBALAJI SECURITIES PVT LTD,SALEM vs. ACIT CIRCLE 2 , SALEM

ITA 3172/CHNY/2019[2013-14]Status: DisposedITAT Chennai06 Apr 2022AY 2013-14

Bench: Hon’Ble Shri Mahavir Singh & Hon’Ble Shri Manoj Kumar Aggarwal, Am आयकरअपीलसं./ Ita No.1586/Chny/2018 (िनधा"रणवष" / Assessment Year: 2013-14) M/S. Shree Saibalaji Securities Pvt. Ltd. Pr. Cit बनाम No. 241-F, 1St Floor, 4Th Cross Salem. / Vs. Brindavan Road, Fairlands, Salem – 636 016. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aakcs-2804-F (अपीलाथ"/Appellant) : (""थ" / Respondent) & आयकरअपीलसं./ Ita No.3172/Chny/2019 (िनधा"रणवष" / Assessment Year: 2013-14) M/S. Shree Saibalaji Securities Pvt. Ltd. Acit बनाम No. 241-F, 1St Floor, 4Th Cross Circle -2, / Vs. Brindavan Road, Fairlands, Salem – 636 016. Salem. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aakcs-2804-F (अपीलाथ"/Appellant) : (""थ" / Respondent) अपीलाथ"कीओरसे/ Appellant By : Shri. T. Vasudevan (Advocate) –Ld. Ar ""थ"कीओरसे/Respondent By : Shri. M. Rajan (Cit) & Shri. P. Sajit Kumar (Jcit) – Ld. Drs सुनवाईकीतारीख/ : 06-04-2022 Date Of Hearing घोषणाकीतारीख / : 06-04-2022 Date Of Pronouncement आदेश / O R D E R Manoj Kumar Aggarwal () 1. Aforesaid Appeals By Assessee For Assessment Year (Ay) 2013-14 Arises Out Of Separate Orders. In Ita No.1586/Chny/2018, The Assessee

For Appellant: Shri. T. Vasudevan (Advocate) –Ld. ARFor Respondent: Shri. M. Rajan (CIT) &

Section 115Section 143(3)Section 2(22)(a)Section 2(22)(b)Section 263

…reframed by Ld. AO on 19.12.2018. During the course of assessment proceedings, the assessee reiterated that bonus do not entail release of assets and placed reliance on the decision of Hon’ble High Court of Gujarat in the case of Shashibala Navnital V/s CIT (54 ITR 478). However, rejecting the same, Ld. AO computed Dividend Distribution Tax u/s 115-O on amount of Rs.45 Lacs and raised a demand against the assessee. The stand of Ld. AO, upon confirmation by Ld. CIT(A), is in further appeal before us. Our findings and Adjudication 5. Upon careful consideration of material facts, it could be gathered that the asses…

SELECT INFRASTRUCTURE PVT. LTD.,,NEW DELHI vs. ADDL. CIT, NEW DELHI

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

ITA 3751/DEL/2013[2008-09]Status: DisposedITAT Delhi04 Oct 2017AY 2008-09

Bench: Shri G. D. Agrawal & Shri Amit Shukla

For Appellant: Shri Ajay Vohra, Sr. AdvocateFor Respondent: Shri S. S. Rana, CIT (DR)

Section 143(3)Section 14ASection 22Section 24

…st has to be seen from the point of view of payment to a sister concern in the nature of advance for non-business purpose. He placed reliance upon the following decisions:- (1) Kantilal Manilal v. CIT [1961] 41 ITR 275 (SC). (2) Shashibala Navnitlal vs. CIT, 54 ITR 478 (Guj.) 29. On the other hand, the ld. Sr. Counsel for the assessee, Shri Ajay Vohra, strongly relied upon the order of the ld. CIT(A) and submitted that payment of interest cannot be reckoned as loan or advance and, therefore, the ld. CIT(A) has rightly deleted the addition by saying that it cannot be taxed as deemed dividend. 30. After consider…

M/S H.B.LEASING & FINANCE CO. vs. THE COMMISSIONER OF INCOME TAX

ITA/612/2004HC Delhi12 Jan 2017

Bench: HON'BLE MR. JUSTICE S. RAVINDRA BHAT,HON'BLE MR. JUSTICE NAJMI WAZIRI

Section 16(2)Section 2Section 80Section 80M

…re the concerned date. The ITAT had relied upon the judgment in CIT Vs Jamndas Sriniwas Pvt. Ltd , reported in [1970] 76 ITR 656 for interpretation of the expression “distribution”; the judgment in Shashibala Navnitlal. Vs Commissioner Of Income-Tax, Gujarat. 54 ITR 478 (Guj) and the judgment in Punjab Distilling Industries Ltd. Vs. CIT 57 ITR 2. In that case the Court had held that “distribution” meant in the context of dividend “to give to several persons” and that the word connotes “something actual and not notional”. In view of this clear proposition of law enunciated by larger bench of five judges in Punjab…

ITO 8(1)(2), MUMBAI vs. SHAILESH D. SHAH, MUMBAI

In the result the appeal filed by the revenue is dismissed

ITA 7126/MUM/2013[2010-11]Status: DisposedITAT Mumbai26 Oct 2016AY 2010-11

Bench: Shri B.R. Baskaran (Am)& Ramlal Negi (Jm)

Section 2Section 2(22)Section 2(22)(a)

…entail the release of assets by the company to the shareholders. This issue has been dealt with in a number of judicial pronouncements, and the following passages from the decision of Hon'ble Gujarat High Court in the case of Sashibala Navnitlal v. CIT (1964) 54 ITR 478 (Guj), lucidly explains the legal position : "As observed by Hidayatullah J. in CIT v. Dalmia Investment Co. Ltd. (1964) 52 ITR 567 (SC) after the accumulated profits are converted into capital and bonus shares are issued credited as fully paid up "the company employs that money not as reserves of profit, but as its proper capital issued to and c…