Treasure Island Resorts (P) Ltd. v. DCIT

78 Taxmann.com 338Income Tax Appellate Tribunal2017#9226 most cited

What is Treasure Island Resorts (P) Ltd. v. DCIT authority for?

Consideration received for the sale of time-share for 99 years is taxable over the years in which the assessee is to provide services and facilities.

12

judgments rely on this decision, according to BharatTax’s citation analysis of 366,314 Indian tax judgments — from 2019 to 2024.

Also referred to as

Treasure Island Resorts (P) Ltd. v. DCIT · 90 ITD 814 · time share sale · 99 years · taxable over the years · provision of services · income recognition · accrual basis · advance receipts

Also reported as

90 ITD 814

Judgments citing Treasure Island Resorts (P) Ltd. v. DCIT

ACIT, Range-I, Lucknow vs. Ci Hospitality Worldwide Private Limited, Lucknow

In the result, the appeal filed by Revenue is allowed and Cross

ITA 449/LKW/2020[2017-18]Status: DisposedITAT Lucknow29 Oct 2024AY 2017-18

Bench: Shri Anadee Nath Misshra & Shri Subhash Malguria

Section 253(3)

…I.T.A. No.449/Lkw/2020 1 C.O.No.1/Lkw/2021 Assessment year:2017-18 IN THE INCOME TAX APPELLATE TRIBUNAL LUCKNOW BENCH ‘B’, LUCKNOW BEFORE SHRI ANADEE NATH MISSHRA, ACCOUNTANT MEMBER AND SHRI SUBHASH MALGURIA, JUDICIAL MEMBER I.T.A. No.449/Lkw/2020 Assessment Year: 2017-18 A.C.I.T., Vs. CI Hospitality Worldwide Pvt. Ltd., Range-1, 6/893, Vikas Nagar, Lucknow. Lucknow. PAN:AAGCC3460R (Appellant) (Respondent) C.O. No.1/Lkw/2021 (in I.T.A. No.449/Lkw/2020) Assessment Year: 2017-18 CI Hospitality Worldwide Pvt. Vs. A.C.I.T., Ltd., 6/893, Vikas Nagar, Range-1, Lucknow. Lucknow. PAN:AAGCC3460R (Appellant) (Respond…

T. Sheshagiri Rao, Income Tax Officer, Ward-16(3, Hyderabad vs. Mytrah Wind Developers Private Limited, Hyderabad

In the result, the appeal of Revenue is dismissed

ITA 758/HYD/2020[2014-15]Status: DisposedITAT Hyderabad05 Jan 2023AY 2014-15

Bench: Shri R.K. Panda & Shri Laliet Kumarassessment Year: 2014-15 Income Tax Officer, Vs. M/S. Mytrah Wind Developers Private Limited, Ward – 16(3), Gachibowli, Hyderabad. Hyderabad. Pan : Aaicm1274H. (Appellant) (Respondent) Assessee By: Shri K.C. Devdas, C.A. Revenue By: Shri Rajendra Kumar – Cit Dr 28.12.2022 Date Of Hearing: Date Of Pronouncement: 05.01.2023

For Appellant: Shri K.C. Devdas, C.AFor Respondent: Shri Rajendra Kumar – CIT DR
Section 115JSection 142(1)Section 143(1)Section 143(2)Section 143(3)

…td S C.I.T. vs. Nagri Mills Co. Ltd Bombay 33 681(SC) 6 C.I.T. vs. Aditya Builders Bombay 378 75(Bombay) 7 Berger Paints India Ltd vs. C.I T. Supreme Court 266 99(SC) 15 Reliance is also placed on the decision of Hyderabad B bench of the Tribunal reported in 90 ITD 814 in the case of Treasure Island resorts private limited vs Deputy commissioner of Income Tax reported in 90 ITD 814 which finds a place at page 48 to 56 of the precedence paper book filed on 28/12/2022, relating to time recently the Telangana High Court in Mylan Laboratories held that the co-ordinate bench decision was binding and was to be followe…

The ACIT, Bharuch Circle, Bharuch vs. Bharuch Enviro Infrastructure Ltd., Ankleshwar

In the result, this ground of appeal is allowed for statistical purpose

ITA 1867/AHD/2014[2008-09]Status: DisposedITAT Surat24 Dec 2021AY 2008-09

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini

Section 143(3)Section 254(1)Section 44ASection 80I

…as to reject the method adopted for recognizing the revenue in view of the provision of section 145 of the Act. The Appellant has relied upon the following decisions; The Income Tax Appellate Tribunal in the case of Treasure Island Resorts (P) Ltd. Vs. DCIT ( 90 ITD 814)(HYD) By the Apex Court in the case of Calcutta Co. Ltd Vs. CIT (1959) 37 ITR. I find that the foresaid decisions are correctly support the facts of the instant case and accordingly, relying on the aforesaid submissions of the appellant and facts of the case, I direct the Assessing Officer to treat the amount of Rs.10,34,19,765/- as advance receiv…

Bharuch Enviro Infrastructure Ltd., Bharuch vs. The Dy.CIT., Bharuch Circle, Bharuch

In the result, this ground of appeal is allowed for statistical purpose

ITA 1849/AHD/2014[2008-09]Status: DisposedITAT Surat24 Dec 2021AY 2008-09

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini

Section 143(3)Section 254(1)Section 44ASection 80I

…as to reject the method adopted for recognizing the revenue in view of the provision of section 145 of the Act. The Appellant has relied upon the following decisions; The Income Tax Appellate Tribunal in the case of Treasure Island Resorts (P) Ltd. Vs. DCIT ( 90 ITD 814)(HYD) By the Apex Court in the case of Calcutta Co. Ltd Vs. CIT (1959) 37 ITR. I find that the foresaid decisions are correctly support the facts of the instant case and accordingly, relying on the aforesaid submissions of the appellant and facts of the case, I direct the Assessing Officer to treat the amount of Rs.10,34,19,765/- as advance receiv…

Landbase India Ltd., Gurgaon vs. DCIT, New Delhi

In the result, appeal of the assessee for assessment year 2011-12 is allowed

ITA 4999/DEL/2015[2011-12]Status: DisposedITAT Delhi26 Aug 2019AY 2011-12

Bench: Smt Beena A Pillai & Shri Prashant Maharishi

For Appellant: Shri Rohit Jain, AdvFor Respondent: Shri J. K. Mishra, CIT DR
Section 143(3)Section 147Section 148Section 32(1)

…INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “D”: NEW DELHI BEFORE SMT BEENA A PILLAI, JUDICIAL MEMBER AND SHRI PRASHANT MAHARISHI, ACCOUNTANT MEMBER ITA Nos. Assessment Year 4536/Del/2009 2005-06 4560/Del/2011 2005-06 653/Del/2011 2007-08 4098/Del/2011 2008-09 1516/Del/2014 2009-10 4998/Del/2015 2010-11 4999/Del/2015 2011-12 Landbase India Ltd, The Deputy Commissioner of Vs. 25, Basant Lok, Community Income Tax, Centre, Vasant Vihar, New Delhi Circle-4(1), PAN: AAACI0053F New Delhi (Appellant) (Respondent) ITA No. Assessment Year 5582/Del/2010 2004-05 4721/Del/2009 2005-06 The Deputy Commissioner of Landbase In…

Landbase India Ltd., Gurgaon vs. DCIT, New Delhi

In the result, appeal of the assessee for assessment year 2011-12 is allowed

ITA 4998/DEL/2015[2010-11]Status: DisposedITAT Delhi26 Aug 2019AY 2010-11

Bench: Smt Beena A Pillai & Shri Prashant Maharishi

For Appellant: Shri Rohit Jain, AdvFor Respondent: Shri J. K. Mishra, CIT DR
Section 143(3)Section 147Section 148Section 32(1)

…received  CIT v. Coral Electronics (P) Ltd. : 274 ITR 336 (Mad)  CIT v. Hindustan Computers Ltd. : 233 ITR 366 (All)  ACIT and DCIT vs. Mahindra Holidays and Resorts India Ltd: 131 TTJ 1 (ITAT (SB) - Chennai))  Treasure Island Resorts (P) Ltd. vs. DCIT : 90 ITD 814 (Hyd)  Akash Lavlesh Leisure (P) Ltd v. ITO: 78 taxmann.com 338 (Hyd.)  T.K. International Ltd. v. ACIT : 91 ITD 481 (Cuttack) - Consideration received towards sale of time share for 99 years – held taxable over the years in which assessee was to provide services and facilities As regards (b) above, it is emphatically reiterated that since the…

Landbase India Ltd., New Delhi vs. DCIT, New Delhi

In the result, appeal of the assessee for assessment year 2011-12 is allowed

ITA 4560/DEL/2011[2005-06]Status: DisposedITAT Delhi26 Aug 2019AY 2005-06

Bench: Smt Beena A Pillai & Shri Prashant Maharishi

For Appellant: Shri Rohit Jain, AdvFor Respondent: Shri J. K. Mishra, CIT DR
Section 143(3)Section 147Section 148Section 32(1)

…INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “D”: NEW DELHI BEFORE SMT BEENA A PILLAI, JUDICIAL MEMBER AND SHRI PRASHANT MAHARISHI, ACCOUNTANT MEMBER ITA Nos. Assessment Year 4536/Del/2009 2005-06 4560/Del/2011 2005-06 653/Del/2011 2007-08 4098/Del/2011 2008-09 1516/Del/2014 2009-10 4998/Del/2015 2010-11 4999/Del/2015 2011-12 Landbase India Ltd, The Deputy Commissioner of Vs. 25, Basant Lok, Community Income Tax, Centre, Vasant Vihar, New Delhi Circle-4(1), PAN: AAACI0053F New Delhi (Appellant) (Respondent) ITA No. Assessment Year 5582/Del/2010 2004-05 4721/Del/2009 2005-06 The Deputy Commissioner of Landbase In…

M/S Landbase India Ltd., Gurgaon vs. ACIT, New Delhi

In the result, appeal of the assessee for assessment year 2011-12 is allowed

ITA 138/DEL/2016[2012-13]Status: DisposedITAT Delhi26 Aug 2019AY 2012-13

Bench: Smt Beena A Pillai & Shri Prashant Maharishi

For Appellant: Shri Rohit Jain, AdvFor Respondent: Shri J. K. Mishra, CIT DR
Section 143(3)Section 147Section 148Section 32(1)

…INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “D”: NEW DELHI BEFORE SMT BEENA A PILLAI, JUDICIAL MEMBER AND SHRI PRASHANT MAHARISHI, ACCOUNTANT MEMBER ITA Nos. Assessment Year 4536/Del/2009 2005-06 4560/Del/2011 2005-06 653/Del/2011 2007-08 4098/Del/2011 2008-09 1516/Del/2014 2009-10 4998/Del/2015 2010-11 4999/Del/2015 2011-12 Landbase India Ltd, The Deputy Commissioner of Vs. 25, Basant Lok, Community Income Tax, Centre, Vasant Vihar, New Delhi Circle-4(1), PAN: AAACI0053F New Delhi (Appellant) (Respondent) ITA No. Assessment Year 5582/Del/2010 2004-05 4721/Del/2009 2005-06 The Deputy Commissioner of Landbase In…

Landbase India Ltd., New Delhi vs. DCIT, New Delhi

In the result, appeal of the assessee for assessment year 2011-12 is allowed

ITA 653/DEL/2011[2007-08]Status: DisposedITAT Delhi26 Aug 2019AY 2007-08

Bench: Smt Beena A Pillai & Shri Prashant Maharishi

For Appellant: Shri Rohit Jain, AdvFor Respondent: Shri J. K. Mishra, CIT DR
Section 143(3)Section 147Section 148Section 32(1)

…INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “D”: NEW DELHI BEFORE SMT BEENA A PILLAI, JUDICIAL MEMBER AND SHRI PRASHANT MAHARISHI, ACCOUNTANT MEMBER ITA Nos. Assessment Year 4536/Del/2009 2005-06 4560/Del/2011 2005-06 653/Del/2011 2007-08 4098/Del/2011 2008-09 1516/Del/2014 2009-10 4998/Del/2015 2010-11 4999/Del/2015 2011-12 Landbase India Ltd, The Deputy Commissioner of Vs. 25, Basant Lok, Community Income Tax, Centre, Vasant Vihar, New Delhi Circle-4(1), PAN: AAACI0053F New Delhi (Appellant) (Respondent) ITA No. Assessment Year 5582/Del/2010 2004-05 4721/Del/2009 2005-06 The Deputy Commissioner of Landbase In…

ACIT, New Delhi vs. M/S. Landbase India Ltd., New Delhi

In the result, appeal of the assessee for assessment year 2011-12 is allowed

ITA 4849/DEL/2011[2005-06]Status: DisposedITAT Delhi26 Aug 2019AY 2005-06

Bench: Smt Beena A Pillai & Shri Prashant Maharishi

For Appellant: Shri Rohit Jain, AdvFor Respondent: Shri J. K. Mishra, CIT DR
Section 143(3)Section 147Section 148Section 32(1)

…received  CIT v. Coral Electronics (P) Ltd. : 274 ITR 336 (Mad)  CIT v. Hindustan Computers Ltd. : 233 ITR 366 (All)  ACIT and DCIT vs. Mahindra Holidays and Resorts India Ltd: 131 TTJ 1 (ITAT (SB) - Chennai))  Treasure Island Resorts (P) Ltd. vs. DCIT : 90 ITD 814 (Hyd)  Akash Lavlesh Leisure (P) Ltd v. ITO: 78 taxmann.com 338 (Hyd.)  T.K. International Ltd. v. ACIT : 91 ITD 481 (Cuttack) - Consideration received towards sale of time share for 99 years – held taxable over the years in which assessee was to provide services and facilities As regards (b) above, it is emphatically reiterated that since the…

Sgdc India P. Ltd., New Delhi vs. DCIT, Circle- 24(2), Delhi

In the result, all the three appeals filed by the assessee are allowed

ITA 405/DEL/2019[2011-12]Status: DisposedITAT Delhi28 Jun 2019AY 2011-12

Bench: Shri R.K. Panda & Ms Suchitra Kamble

For Appellant: Shri R.S. Singhvi, CAFor Respondent: Shri P.V. Gupta, Sr. DR
Section 143(1)Section 143(2)Section 143(3)Section 148

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH : A : NEW DELHI BEFORE SHRI R.K. PANDA, ACCOUNTANT MEMBER AND MS SUCHITRA KAMBLE, JUDICIAL MEMBER ITA Nos.403, 404 & 405/Del/2019 Assessment Years: 2009-10 to 2011-12 SGDC India Pvt. Ltd., Vs DCIT, (Formerly known as M/s Silverglades Circle-24(2), Gold Development Co. Pvt. Ltd.), Delhi. C-8/1-A, Vasant Vihar, New Delhi. PAN: AAJCS2432C (Appellant) (Respondent) Assessee by : Shri R.S. Singhvi, CA Revenue by : Shri P.V. Gupta, Sr. DR Date of Hearing : 22.04.2019 Date of Pronouncement : 28.06.2019 ORDER PER R.K. PANDA, AM: The above three appeals filed by the assess…

Sgdc India P. Ltd., New Delhi vs. DCIT, Circle- 24(2), Delhi

In the result, all the three appeals filed by the assessee are allowed

ITA 403/DEL/2019[2009-10]Status: DisposedITAT Delhi28 Jun 2019AY 2009-10

Bench: Shri R.K. Panda & Ms Suchitra Kamble

For Appellant: Shri R.S. Singhvi, CAFor Respondent: Shri P.V. Gupta, Sr. DR
Section 143(1)Section 143(2)Section 143(3)Section 148

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH : A : NEW DELHI BEFORE SHRI R.K. PANDA, ACCOUNTANT MEMBER AND MS SUCHITRA KAMBLE, JUDICIAL MEMBER ITA Nos.403, 404 & 405/Del/2019 Assessment Years: 2009-10 to 2011-12 SGDC India Pvt. Ltd., Vs DCIT, (Formerly known as M/s Silverglades Circle-24(2), Gold Development Co. Pvt. Ltd.), Delhi. C-8/1-A, Vasant Vihar, New Delhi. PAN: AAJCS2432C (Appellant) (Respondent) Assessee by : Shri R.S. Singhvi, CA Revenue by : Shri P.V. Gupta, Sr. DR Date of Hearing : 22.04.2019 Date of Pronouncement : 28.06.2019 ORDER PER R.K. PANDA, AM: The above three appeals filed by the assess…