Syndicate Bank Ltd. v. Addl. CIT

ASSISTANT COMMISSIONER OF INCOME TAX -16(1), MUMBAI vs. EAGLE FIMS, MUMBAI

In the result, the grounds of

Bench: Shri Pawan Singh& Smt.Renu Jauhri(Physical Hearing)

…reseen here particularly. These films may earn revenue in future. And transfer of such rights by assessee will forfeiture of assesses legal right and of earning revenue. The ld CIT(A) on relying on the decision of Karnataka High Court Syndicate bank Bs ACIT (155 ITR 681) wherein it was held that term ‘capital asset’ has all –embracing connotation and includes every kind of property as generally understood except those are expressly excluded from the definition. It was further held various rights in the films are intangible assets and their cost may be zero and cannot be appeared in the books of account. 8. Bef…

SONAL ASHISH SONI,MUMBAI vs. ITO WARD 30(3)(3) , MUMBAI

In the result, the appeal of the assessee is allowed for statistical purpose

Bench: Shri Aby T. Varkey, Jm आयकर अपील सं/ I.T.A. No.2855/Mum/2022 (निर्धारण वर्ा / Assessment Year: 2016-17) Sonal Ashish Soni बिधम/ Ito, Ward-30(3)(3) C/Om/S Shyam Jewellers Pratyaksha Kar Bhavan, Vs. Shot No. 2-3-4, Guru Nanak C-13, Bandra Kurla Shopping Centre, Shankar Complex, Bandra (E), Lane, Kandivali (W), Mumbai-400051. Mumbai-400067. स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Asgps9276A (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: Shri Nishit Gandhi Revenue By: Shri Anil Gupta सुनवाई की तारीख / Date Of Hearing: 01/03/2023 घोषणा की तारीख /Date Of Pronouncement: 31/03/2023 आदेश / O R D E R Per Aby T. Varkey, Jm: This Is An Appeal Preferred By The Assessee Against The Order Of The Ld. Cit(A)/Nfac, Delhi Dated 13.09.2022 For Ay. 2016-17. 2. The Main Grievance Of The Assessee Is Against The Action Of The Ld. Cit(A) In Confirming Addition Of Rs.7,78,104/- As Against The Addition Of Rs.31,12,145/- Made By The Ao. 3. Brief Facts As Noted By The Ao Are That The Assessee Is An Individual & Derives Income From Salary & Income From House Property & Income From Other Sources. The Assessee Had Filed Return Of Income Declaring Total Income Of Rs.60,680/- On 28.03.2017 For Ay. 2016-17. The Case Was Selected For Limited Scrutiny Under Cass. The Ao Noted That The Assessee Had Purchased An Immovable Property Jointly With Her Family Member For A Value Of Rs.2,11,00,000/-. However, He Noted From The Purchase Agreement That The Circle Rate/

…ct referring to ‘property of any kind’ carries no words of limitation, because it is a wide amplitude and includes every possible interest that a person may hold and enjoy. Our view is fortified by the following decisions:- a. Syndicate Bank Ltd. vs Addl. CIT 155 ITR 681 (Kerala), b. Madthil Brothers vs DCIT (2008) 301 ITR 345 (Madr.) c. CIT vs Tata Services ltd. 122 ITR 594 (Bom.) d. Bafna Charitable Trust vs CIT 230 ITR 864 (Bom.) e. V. Rangaswamy Naidu vs CIT 31 ITR 711 (Mad.) f. Addl. CIT vs Ganpati Raju 119 ITR 715 (AP) g. S. Vaidyanathna Swamy vs CIT 119 ITR 369 (Mad.) h. P. J. Mathew vs ITO 323 ITR 592 (Ke…

PRANAY GODHA ,MUMBAI vs. ACIT CC 5(2), MUMBAI

In the result we are in agreement with a finding of Ld

…ancore) Pvt Ltd. 184 ITR 461 (Ker.) iii) CIT Vs West Coast Chemicals and Industries Ltd 46 ITR 135 (S.C) IV) CIT Vs Mugni Ram Bangur and Co 57 ITR 299 (S.C) V) West Coast Electric Supply Corporation Ltd Vs CIT 107 ITR 483 (Mad.) vi) Syndicate Bank Ltd Vs CIT 155 ITR 681 (Kar.) vii) Indian Bank Ltd Vs CIT 153 ITR 282 (Mad.) viii) ACIT vs. Savita N. Mandhana & Ors., ITA No. 3900/Mum/2010 ix) Rohitasava Chand Vs. CIT 306 ITR 242 (Del.) x) CIT Vs. Saroj Kumar Poddar 279 ITR 573 (Cal.) xi) CIT Vs. Shiv Raj Gupta 372 ITR 337 (Del.) 13. The jurisdictional ITAT in the case of similar facts, held in the case of Hami Aspi…

MR. JAIPRAKASH A. MISHRA,MUMBAI vs. ITO 22 (1)(4), MUMBAI

In the result, the appeal is allowed

Bench: Shri Saktijit Dey () & Shri N.K. Pradhan () Assessment Year: 2007-08

…the year in which the assessee became the owner of such asset. The ratio laid down in B.N. Vyas vs CIT (1986) 159 ITR 141 (Guj.), CIT vs N.N. Mohan & Sons (2001) 250 ITR 131 (Del.), CIT vs Harbhagwan (1998) 145 CTR (P & H) 332, Syndicate Bank Ltd. vs Addl.CIT 155 ITR 681 (Kar.), Ranchodbhai B. Patel vs CIT 81 ITR 446 (Guj.), CIT vs M. Mr. Jaiprakash A. Mishra 9 Rammaiya Reddy 158 ITR 611 (Kar.), CIT vs Smt. M. Subaida Beebi 160 ITR 557 (Ker.), CIT vs Steel Group Ltd. 131 ITR 234 (Cal.), CIT vs Duncan Brothers & Company Ltd. 209 ITR 44 (Cal.), Arun Suuny vs DCIT (2009) 184 taxman 498 (Ker.) further supports the c…

ROMIEL SAMUEL,MUMBAI vs. ITO 18(3)(3), MUMBAI

In the result, the appeal of assessee is allowed

Bench: Sri Mahavir Singh, Jm & Sri Nk Pradhan, Am

…into its conspectus all the rights associated with the land which will essentially include the development rights which were duly identified by D.C. Regulations. The I.T.A.T. relied upon the decision of Karnataka High Court in the case of Syndicate Bank Ltd. (155 ITR 681) and Bombay High Court in Vijay Flexible Containers (supra) where right to obtain conveyance of the property was held to be a capital asset. The decision in Shakti Insulated was followed by the ITAT Mumbai in ITO vs. SeaMist CHS Ltd.(ITA No.1475/M/07 - A.Y.2003-04) and it was held thatdevelopment rights are capital assets having cost of acquisiti…

THE DY CIT CIR.1(1), MUMBAI vs. M/S. AEGIS LOGISTICS LTD, MUMBAI

Appeal stands allowed

Bench: S/Sh.Rajendra & C. N. Prasadआयकर अपील सं./Ita/7825/Mum/2004,िनधा"रण वष" /Assessment Year:1999-2000 आयकर अपील सं./Ita/6905/Mum/2006 ,िनधा"रण वष" /Assessment Year:1999-2000 Aegis Logistics Limited Acit, Circle-1(1) 403, Peninsula Chambers, Morarjee Mills Mumbai. Compound,G.K. Marg, Lower Parel(W) Vs. Mumbai-400 013. Pan:Aaaca 3302 N (अपीलाथ" /Appellant) (""यथ" / Respondent) आयकर अपील सं./I.T.A./8372/Mum/2004 ,िनधा"रण वष" /Assessment Year:1999-2000 Acit, Circle-1(1) Vs. Aegis Logistics Limited Mumbai. Mumbai-400013 (अपीलाथ" /Appellant) (""यथ" / Respondent) राज"व क" ओर से / Revenue By: Shri S.K. Mishra-Dr अपीलाथ" क" ओर से /Assessee By: Shri Percy Pardiwala/Ms. Vasanti Patel सुनवाई क" तारीख / Date Of Hearing: 09/02/2017 घोषणा क" तारीख / Date Of Pronouncement:10/03/2017 लेखा लेखा सद"य लेखा लेखा सद"य सद"य, राजे"" सद"य राजे"" राजे"" केकेकेके अनुसार राजे"" अनुसार अनुसार/ Per Rajendra A.M.- अनुसार Challenging The Order Dated 16.6.2004 Of The Cit(A)-I,Mumbai The Assessee & The Assessing Officer(Ao)Have Filed Cross Appeals For The Year Under Consideration.The Assessee Has Also Filed Against The Penalty Imposed U/S.271(1)(C) For The Year Under Appeal.We Will Be Deciding All The Appeals By Single Common Order.Assessee-Company,Engaged In Business Of Manufacturing Of Chemicals,Filed Its Return Of Income,On 31.12.1999,Declaring Total Income Of Rs.5.97Crores.The Ao Completed Assessment U/S.143(3) Of The Act On 28.3.2002 Determin -Ing Its Income At Rs.13.93Crores. During The Course Of Hearing Before Us The Authorised Representative (Ar) Stated That The Assessee Was Not Interested In Pursuing Grounds No1.A, 1.C, 1.D & 1.E. Hence,Same Stand Dismissed, As Not Pressed.

…आयकर अपीलीय अिधकरण, मुंबई “ए” खंडपीठ म" Income-tax Appellate Tribunal -“A”Bench Mumbai सव"ी राजे"",लेखा सद"य एवं सी. एन. "साद, "याियक सद"य Before S/Sh.Rajendra,Accountant Member and C. N. Prasad,Judicial Member आयकर अपील सं./ITA/7825/Mum/2004,िनधा"रण वष" /Assessment Year:1999-2000 आयकर अपील सं./ITA/6905/Mum/2006 ,िनधा"रण वष" /Assessment Year:1999-2000 Aegis Logistics Limited ACIT, Circle-1(1) 403, Peninsula Chambers, Morarjee Mills Mumbai. Compound,G.K. Marg, Lower Parel(W) Vs. Mumbai-400 013. PAN:AAACA 3302 N (अपीलाथ" /Appellant) (""यथ" / Respondent) आयकर अपील सं./I.T.A./8372/Mum/2004 ,िनधा"रण वष" /Assessm…

M/S. AEGIS LOGISTICS LTD.,MUMBAI vs. ACIT CIR. 1(1), MUMBAI

Appeal stands allowed

Bench: S/Sh.Rajendra & C. N. Prasadआयकर अपील सं./Ita/7825/Mum/2004,िनधा"रण वष" /Assessment Year:1999-2000 आयकर अपील सं./Ita/6905/Mum/2006 ,िनधा"रण वष" /Assessment Year:1999-2000 Aegis Logistics Limited Acit, Circle-1(1) 403, Peninsula Chambers, Morarjee Mills Mumbai. Compound,G.K. Marg, Lower Parel(W) Vs. Mumbai-400 013. Pan:Aaaca 3302 N (अपीलाथ" /Appellant) (""यथ" / Respondent) आयकर अपील सं./I.T.A./8372/Mum/2004 ,िनधा"रण वष" /Assessment Year:1999-2000 Acit, Circle-1(1) Vs. Aegis Logistics Limited Mumbai. Mumbai-400013 (अपीलाथ" /Appellant) (""यथ" / Respondent) राज"व क" ओर से / Revenue By: Shri S.K. Mishra-Dr अपीलाथ" क" ओर से /Assessee By: Shri Percy Pardiwala/Ms. Vasanti Patel सुनवाई क" तारीख / Date Of Hearing: 09/02/2017 घोषणा क" तारीख / Date Of Pronouncement:10/03/2017 लेखा लेखा सद"य लेखा लेखा सद"य सद"य, राजे"" सद"य राजे"" राजे"" केकेकेके अनुसार राजे"" अनुसार अनुसार/ Per Rajendra A.M.- अनुसार Challenging The Order Dated 16.6.2004 Of The Cit(A)-I,Mumbai The Assessee & The Assessing Officer(Ao)Have Filed Cross Appeals For The Year Under Consideration.The Assessee Has Also Filed Against The Penalty Imposed U/S.271(1)(C) For The Year Under Appeal.We Will Be Deciding All The Appeals By Single Common Order.Assessee-Company,Engaged In Business Of Manufacturing Of Chemicals,Filed Its Return Of Income,On 31.12.1999,Declaring Total Income Of Rs.5.97Crores.The Ao Completed Assessment U/S.143(3) Of The Act On 28.3.2002 Determin -Ing Its Income At Rs.13.93Crores. During The Course Of Hearing Before Us The Authorised Representative (Ar) Stated That The Assessee Was Not Interested In Pursuing Grounds No1.A, 1.C, 1.D & 1.E. Hence,Same Stand Dismissed, As Not Pressed.

…आयकर अपीलीय अिधकरण, मुंबई “ए” खंडपीठ म" Income-tax Appellate Tribunal -“A”Bench Mumbai सव"ी राजे"",लेखा सद"य एवं सी. एन. "साद, "याियक सद"य Before S/Sh.Rajendra,Accountant Member and C. N. Prasad,Judicial Member आयकर अपील सं./ITA/7825/Mum/2004,िनधा"रण वष" /Assessment Year:1999-2000 आयकर अपील सं./ITA/6905/Mum/2006 ,िनधा"रण वष" /Assessment Year:1999-2000 Aegis Logistics Limited ACIT, Circle-1(1) 403, Peninsula Chambers, Morarjee Mills Mumbai. Compound,G.K. Marg, Lower Parel(W) Vs. Mumbai-400 013. PAN:AAACA 3302 N (अपीलाथ" /Appellant) (""यथ" / Respondent) आयकर अपील सं./I.T.A./8372/Mum/2004 ,िनधा"रण वष" /Assessm…

DCIT CIR 3(1), MUMBAI vs. VEMBU VAIDYANATHAN, MUMBAI

The appeal of the Revenue is dismissed

Bench: Shri Joginder Singh & Shri Ramit Kocharassessment Year: 2009-10 Dcit, Shri Vembu Vaidyanathan, Circle-3(1), B-1602, Beaumonde बनाम/ Room No.607, 6Th Floor, Apartments, Appa Saheb Vs. Aayakar Bhavan, Marathe Marg, Prabhadevi, Mumbai-400020 Mumbai-400028 (राज"व /Revenue) ("नधा"रती /Assessee) Pan. No.Aaipv5796J Shri B. Yadagiri-Dr राज"व क" ओर से / Revenue By "नधा"रती क" ओर से / Assessee By Shri Vijay C. Kothari

…ct referring to ‘property of any kind’ carries no words of limitation, because it is a wide amplitude and includes every possible interest that a person may hold and enjoy. Our view is fortified by the following decisions:- a. Syndicate Bank Ltd. vs Addl. CIT 155 ITR 681 (Kerala), b. Madthil Brothers vs DCIT (2008) 301 ITR 345 (Madr.) 7 Vembu Vaidyanathan c. CIT vs Tata Services ltd. 122 ITR 594 (Bom.) d. Bafna Charitable Trust vs CIT 230 ITR 864 (Bom.) e. V. Rangaswamy Naidu vs CIT 31 ITR 711 (Mad.) f. Addl. CIT vs Ganpati Raju 119 ITR 715 (AP) g. S. Vaidyanathna Swamy vs CIT 119 ITR 369 (Mad.) h. P. J. Mathew…