Unimed Technologies Ltd. v. Dy. CIT

73 ITD 150Income Tax Appellate Tribunal2000#3395 most cited

What is Unimed Technologies Ltd. v. Dy. CIT authority for?

A valuation report furnished by the assessee for the cost of assets cannot be ignored if the Assessing Officer has not appointed his own valuer, has not examined the assessee's valuer, and has no other evidence to show the report is unreliable. Similarly, Explanation 3 to Section 43(1) can only be invoked if the Assessing Officer believes the fair market value was inflated to claim excess depreciation.

35

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2015 to 2023.

Also referred to as

Unimed Technologies Ltd. v. Dy. CIT · section 43(1) · written down value · valuation report · registered valuer · Assessing Officer · excess depreciation · cost of assets

Issues it is cited on

section 32aopening wdvsection 43(1)written down valueblock of assetsput to userule 46asection 43breopening of assessmentgenuineness of the transactiontransfersection 147

Judgments citing Unimed Technologies Ltd. v. Dy. CIT

Sbi Capital Markets Ltd, Mumbai vs. Asst CIT Ltu, Mumbai

In the result the, all the appeals of the assesse are partly allowed and the appeal of the revenue is dismissed

ITA 1511/MUM/2014[2005-06]Status: DisposedITAT Mumbai13 Jan 2023AY 2005-06

Bench: Shri Pavan Kumar Gadale & Shri Amarjit Singh, Accountant, Member Ita No.3790 /Mum/2004 (A.Y.1996-97)

…sing company whose business consists of hiring out machinery was entitled to investment allowance u/s 32A of the Income Tax Act. The ld. CIT(A) has also given reference of other decision relied upon by the assessee i.e in the case of United Technologies Ltd. (73 ITD 150) Micro Land Ltd. (61 ITD 446) (Banglore), Kirloskar Investment & Finance Ltd. (67 ITD 504) (Banglore) and Karmchand Thapar & Brothers (66 ITD 39) DGP Windsor (India ) Ltd. (74 TTJ 291) (Mum). The assessee has also submitted before the ld. CIT(A) that explanation 4A added to Sec. 43(1) by the Finance (No.2) Act 1996 on the manner ofdetermination of…

Sbi Capital Markets Ltd., Mumbai vs. A.C.I.T. Ltu, Mumbai

In the result the, all the appeals of the assesse are partly allowed and the appeal of the revenue is dismissed

ITA 2484/MUM/2012[2005-06]Status: DisposedITAT Mumbai13 Jan 2023AY 2005-06

Bench: Shri Pavan Kumar Gadale & Shri Amarjit Singh, Accountant, Member Ita No.3790 /Mum/2004 (A.Y.1996-97)

…sing company whose business consists of hiring out machinery was entitled to investment allowance u/s 32A of the Income Tax Act. The ld. CIT(A) has also given reference of other decision relied upon by the assessee i.e in the case of United Technologies Ltd. (73 ITD 150) Micro Land Ltd. (61 ITD 446) (Banglore), Kirloskar Investment & Finance Ltd. (67 ITD 504) (Banglore) and Karmchand Thapar & Brothers (66 ITD 39) DGP Windsor (India ) Ltd. (74 TTJ 291) (Mum). The assessee has also submitted before the ld. CIT(A) that explanation 4A added to Sec. 43(1) by the Finance (No.2) Act 1996 on the manner ofdetermination of…

Sbi Capital Market Limited, Mumbai vs. Addl. C.I.T. Ltu, Mumbai

In the result the, all the appeals of the assesse are partly allowed and the appeal of the revenue is dismissed

ITA 1839/MUM/2011[2007-08]Status: DisposedITAT Mumbai13 Jan 2023AY 2007-08

Bench: Shri Pavan Kumar Gadale & Shri Amarjit Singh, Accountant, Member Ita No.3790 /Mum/2004 (A.Y.1996-97)

…sing company whose business consists of hiring out machinery was entitled to investment allowance u/s 32A of the Income Tax Act. The ld. CIT(A) has also given reference of other decision relied upon by the assessee i.e in the case of United Technologies Ltd. (73 ITD 150) Micro Land Ltd. (61 ITD 446) (Banglore), Kirloskar Investment & Finance Ltd. (67 ITD 504) (Banglore) and Karmchand Thapar & Brothers (66 ITD 39) DGP Windsor (India ) Ltd. (74 TTJ 291) (Mum). The assessee has also submitted before the ld. CIT(A) that explanation 4A added to Sec. 43(1) by the Finance (No.2) Act 1996 on the manner ofdetermination of…

Sbi Capital Markets Ltd, Mumbai vs. ACIT Ltu, Mumbai

In the result the, all the appeals of the assesse are partly allowed and the appeal of the revenue is dismissed

ITA 5144/MUM/2009[2006-07]Status: DisposedITAT Mumbai13 Jan 2023AY 2006-07

Bench: Shri Pavan Kumar Gadale & Shri Amarjit Singh, Accountant, Member Ita No.3790 /Mum/2004 (A.Y.1996-97)

…sing company whose business consists of hiring out machinery was entitled to investment allowance u/s 32A of the Income Tax Act. The ld. CIT(A) has also given reference of other decision relied upon by the assessee i.e in the case of United Technologies Ltd. (73 ITD 150) Micro Land Ltd. (61 ITD 446) (Banglore), Kirloskar Investment & Finance Ltd. (67 ITD 504) (Banglore) and Karmchand Thapar & Brothers (66 ITD 39) DGP Windsor (India ) Ltd. (74 TTJ 291) (Mum). The assessee has also submitted before the ld. CIT(A) that explanation 4A added to Sec. 43(1) by the Finance (No.2) Act 1996 on the manner ofdetermination of…

M/S. Sbi Capital Markets Ltd, Mumbai vs. The ACIT Cir 4(2), Mumbai

In the result the, all the appeals of the assesse are partly allowed and the appeal of the revenue is dismissed

ITA 7268/MUM/2008[2003-2004]Status: DisposedITAT Mumbai13 Jan 2023AY 2003-2004

Bench: Shri Pavan Kumar Gadale & Shri Amarjit Singh, Accountant, Member Ita No.3790 /Mum/2004 (A.Y.1996-97)

…sing company whose business consists of hiring out machinery was entitled to investment allowance u/s 32A of the Income Tax Act. The ld. CIT(A) has also given reference of other decision relied upon by the assessee i.e in the case of United Technologies Ltd. (73 ITD 150) Micro Land Ltd. (61 ITD 446) (Banglore), Kirloskar Investment & Finance Ltd. (67 ITD 504) (Banglore) and Karmchand Thapar & Brothers (66 ITD 39) DGP Windsor (India ) Ltd. (74 TTJ 291) (Mum). The assessee has also submitted before the ld. CIT(A) that explanation 4A added to Sec. 43(1) by the Finance (No.2) Act 1996 on the manner ofdetermination of…

M/S. Sbi Capital Markets Ltd., Mumbai vs. DCIT Cir. 4(2), Mumbai

In the result the, all the appeals of the assesse are partly allowed and the appeal of the revenue is dismissed

ITA 2345/MUM/2007[2003-2004]Status: DisposedITAT Mumbai13 Jan 2023AY 2003-2004

Bench: Shri Pavan Kumar Gadale & Shri Amarjit Singh, Accountant, Member Ita No.3790 /Mum/2004 (A.Y.1996-97)

…sing company whose business consists of hiring out machinery was entitled to investment allowance u/s 32A of the Income Tax Act. The ld. CIT(A) has also given reference of other decision relied upon by the assessee i.e in the case of United Technologies Ltd. (73 ITD 150) Micro Land Ltd. (61 ITD 446) (Banglore), Kirloskar Investment & Finance Ltd. (67 ITD 504) (Banglore) and Karmchand Thapar & Brothers (66 ITD 39) DGP Windsor (India ) Ltd. (74 TTJ 291) (Mum). The assessee has also submitted before the ld. CIT(A) that explanation 4A added to Sec. 43(1) by the Finance (No.2) Act 1996 on the manner ofdetermination of…

M/S. Sbi Capital Markets Ltd., Mumbai vs. DCIT Cir. 4(2), Mumbai

In the result the, all the appeals of the assesse are partly allowed and the appeal of the revenue is dismissed

ITA 1088/MUM/2007[2001-2002]Status: DisposedITAT Mumbai13 Jan 2023AY 2001-2002

Bench: Shri Pavan Kumar Gadale & Shri Amarjit Singh, Accountant, Member Ita No.3790 /Mum/2004 (A.Y.1996-97)

…sing company whose business consists of hiring out machinery was entitled to investment allowance u/s 32A of the Income Tax Act. The ld. CIT(A) has also given reference of other decision relied upon by the assessee i.e in the case of United Technologies Ltd. (73 ITD 150) Micro Land Ltd. (61 ITD 446) (Banglore), Kirloskar Investment & Finance Ltd. (67 ITD 504) (Banglore) and Karmchand Thapar & Brothers (66 ITD 39) DGP Windsor (India ) Ltd. (74 TTJ 291) (Mum). The assessee has also submitted before the ld. CIT(A) that explanation 4A added to Sec. 43(1) by the Finance (No.2) Act 1996 on the manner ofdetermination of…

M/S. Sbi Capital Markets Ltd., Mumbai vs. DCIT Cir. 4(2), Mumbai

In the result the, all the appeals of the assesse are partly allowed and the appeal of the revenue is dismissed

ITA 7538/MUM/2005[1996-1997]Status: DisposedITAT Mumbai13 Jan 2023AY 1996-1997

Bench: Shri Pavan Kumar Gadale & Shri Amarjit Singh, Accountant, Member Ita No.3790 /Mum/2004 (A.Y.1996-97)

…sing company whose business consists of hiring out machinery was entitled to investment allowance u/s 32A of the Income Tax Act. The ld. CIT(A) has also given reference of other decision relied upon by the assessee i.e in the case of United Technologies Ltd. (73 ITD 150) Micro Land Ltd. (61 ITD 446) (Banglore), Kirloskar Investment & Finance Ltd. (67 ITD 504) (Banglore) and Karmchand Thapar & Brothers (66 ITD 39) DGP Windsor (India ) Ltd. (74 TTJ 291) (Mum). The assessee has also submitted before the ld. CIT(A) that explanation 4A added to Sec. 43(1) by the Finance (No.2) Act 1996 on the manner ofdetermination of…

M/S. Sbi Capital Markets Ltd., Mumbai vs. CIT (A)-IV, Mumbai

In the result the, all the appeals of the assesse are partly allowed and the appeal of the revenue is dismissed

ITA 7264/MUM/2005[2002-2003]Status: DisposedITAT Mumbai13 Jan 2023AY 2002-2003

Bench: Shri Pavan Kumar Gadale & Shri Amarjit Singh, Accountant, Member Ita No.3790 /Mum/2004 (A.Y.1996-97)

…sing company whose business consists of hiring out machinery was entitled to investment allowance u/s 32A of the Income Tax Act. The ld. CIT(A) has also given reference of other decision relied upon by the assessee i.e in the case of United Technologies Ltd. (73 ITD 150) Micro Land Ltd. (61 ITD 446) (Banglore), Kirloskar Investment & Finance Ltd. (67 ITD 504) (Banglore) and Karmchand Thapar & Brothers (66 ITD 39) DGP Windsor (India ) Ltd. (74 TTJ 291) (Mum). The assessee has also submitted before the ld. CIT(A) that explanation 4A added to Sec. 43(1) by the Finance (No.2) Act 1996 on the manner ofdetermination of…

DCIT Cir. 4(2), Mumbai vs. M/S. S.B.I Capital Markets Ltd., Mumbai

In the result the, all the appeals of the assesse are partly allowed and the appeal of the revenue is dismissed

ITA 6729/MUM/2004[2001-2002]Status: DisposedITAT Mumbai13 Jan 2023AY 2001-2002

Bench: Shri Pavan Kumar Gadale & Shri Amarjit Singh, Accountant, Member Ita No.3790 /Mum/2004 (A.Y.1996-97)

…sing company whose business consists of hiring out machinery was entitled to investment allowance u/s 32A of the Income Tax Act. The ld. CIT(A) has also given reference of other decision relied upon by the assessee i.e in the case of United Technologies Ltd. (73 ITD 150) Micro Land Ltd. (61 ITD 446) (Banglore), Kirloskar Investment & Finance Ltd. (67 ITD 504) (Banglore) and Karmchand Thapar & Brothers (66 ITD 39) DGP Windsor (India ) Ltd. (74 TTJ 291) (Mum). The assessee has also submitted before the ld. CIT(A) that explanation 4A added to Sec. 43(1) by the Finance (No.2) Act 1996 on the manner ofdetermination of…

Sbi Capital Markets Ltd., Mumbai vs. DCIT Range 4(2), Mumbai

In the result the, all the appeals of the assesse are partly allowed and the appeal of the revenue is dismissed

ITA 4248/MUM/2004[2000-01]Status: DisposedITAT Mumbai13 Jan 2023AY 2000-01

Bench: Shri Pavan Kumar Gadale & Shri Amarjit Singh, Accountant, Member Ita No.3790 /Mum/2004 (A.Y.1996-97)

…sing company whose business consists of hiring out machinery was entitled to investment allowance u/s 32A of the Income Tax Act. The ld. CIT(A) has also given reference of other decision relied upon by the assessee i.e in the case of United Technologies Ltd. (73 ITD 150) Micro Land Ltd. (61 ITD 446) (Banglore), Kirloskar Investment & Finance Ltd. (67 ITD 504) (Banglore) and Karmchand Thapar & Brothers (66 ITD 39) DGP Windsor (India ) Ltd. (74 TTJ 291) (Mum). The assessee has also submitted before the ld. CIT(A) that explanation 4A added to Sec. 43(1) by the Finance (No.2) Act 1996 on the manner ofdetermination of…

Sbi Capital Markets Ltd., Mumbai vs. JCIT Special Range, Mumbai

In the result the, all the appeals of the assesse are partly allowed and the appeal of the revenue is dismissed

ITA 4246/MUM/2004[98-99]Status: DisposedITAT Mumbai13 Jan 2023

Bench: Shri Pavan Kumar Gadale & Shri Amarjit Singh, Accountant, Member Ita No.3790 /Mum/2004 (A.Y.1996-97)

…sing company whose business consists of hiring out machinery was entitled to investment allowance u/s 32A of the Income Tax Act. The ld. CIT(A) has also given reference of other decision relied upon by the assessee i.e in the case of United Technologies Ltd. (73 ITD 150) Micro Land Ltd. (61 ITD 446) (Banglore), Kirloskar Investment & Finance Ltd. (67 ITD 504) (Banglore) and Karmchand Thapar & Brothers (66 ITD 39) DGP Windsor (India ) Ltd. (74 TTJ 291) (Mum). The assessee has also submitted before the ld. CIT(A) that explanation 4A added to Sec. 43(1) by the Finance (No.2) Act 1996 on the manner ofdetermination of…

M/S. Sbi Capital Markets Ltd vs. The Jt CIT Sr-27

In the result the, all the appeals of the assesse are partly allowed and the appeal of the revenue is dismissed

ITA 3791/MUM/2004[1997-1998]Status: DisposedITAT Mumbai13 Jan 2023AY 1997-1998

Bench: Shri Pavan Kumar Gadale & Shri Amarjit Singh, Accountant, Member Ita No.3790 /Mum/2004 (A.Y.1996-97)

…sing company whose business consists of hiring out machinery was entitled to investment allowance u/s 32A of the Income Tax Act. The ld. CIT(A) has also given reference of other decision relied upon by the assessee i.e in the case of United Technologies Ltd. (73 ITD 150) Micro Land Ltd. (61 ITD 446) (Banglore), Kirloskar Investment & Finance Ltd. (67 ITD 504) (Banglore) and Karmchand Thapar & Brothers (66 ITD 39) DGP Windsor (India ) Ltd. (74 TTJ 291) (Mum). The assessee has also submitted before the ld. CIT(A) that explanation 4A added to Sec. 43(1) by the Finance (No.2) Act 1996 on the manner ofdetermination of…

M/S. Sbi Capital Markets Ltd vs. The ACIT RG-4(3)(3)

In the result the, all the appeals of the assesse are partly allowed and the appeal of the revenue is dismissed

ITA 3790/MUM/2004[1996-1997]Status: DisposedITAT Mumbai13 Jan 2023AY 1996-1997

Bench: Shri Pavan Kumar Gadale & Shri Amarjit Singh, Accountant, Member Ita No.3790 /Mum/2004 (A.Y.1996-97)

…sing company whose business consists of hiring out machinery was entitled to investment allowance u/s 32A of the Income Tax Act. The ld. CIT(A) has also given reference of other decision relied upon by the assessee i.e in the case of United Technologies Ltd. (73 ITD 150) Micro Land Ltd. (61 ITD 446) (Banglore), Kirloskar Investment & Finance Ltd. (67 ITD 504) (Banglore) and Karmchand Thapar & Brothers (66 ITD 39) DGP Windsor (India ) Ltd. (74 TTJ 291) (Mum). The assessee has also submitted before the ld. CIT(A) that explanation 4A added to Sec. 43(1) by the Finance (No.2) Act 1996 on the manner ofdetermination of…

Alta Leasing & Finance Limited, Mumbai vs. Dy CIT Circle 6 (1), Mumbai

In the result the appeal of the revenue stand dismissed

ITA 801/MUM/2003[1996-97]Status: DisposedITAT Mumbai27 Sept 2022AY 1996-97

Bench: Shri Vikas Awasthy & Shri Amarjit Singh

For Appellant: H.P. MahajaniFor Respondent: Samruddhi Hande

…ing company whose business consists of hiring out machinery was entitled to investment allowance u/s 32A of the Income Tax Act. The ld. CIT(A) has also given reference of other decision relied upon by the assessee i.e in the case of United Technologies Ltd. ( 73 ITD 150) Micro Land Ltd. (61 ITD 446) ( Banglore), Kirloskar Investment & Finance Ltd. ( 67 ITD 504) ( Banglore) and Karmchand Thapar & Brothers (66 ITD 39) DGP Windsor (India ) Ltd. ( 74 TTJ 291) ( Mum). The assessee has also submitted before the ld. CIT(A) that explanation 4A added to Sec. 43(1) by the Finance (No.2) Act 1996 on the manner 6 Appeals 24…

DCIT, Cir 6(1), Mumbai vs. Alta Leasing & Finance Ltd, Mumbai

In the result the appeal of the revenue stand dismissed

ITA 1806/MUM/2003[1996-97]Status: DisposedITAT Mumbai27 Sept 2022AY 1996-97

Bench: Shri Vikas Awasthy & Shri Amarjit Singh

For Appellant: H.P. MahajaniFor Respondent: Samruddhi Hande

…ing company whose business consists of hiring out machinery was entitled to investment allowance u/s 32A of the Income Tax Act. The ld. CIT(A) has also given reference of other decision relied upon by the assessee i.e in the case of United Technologies Ltd. ( 73 ITD 150) Micro Land Ltd. (61 ITD 446) ( Banglore), Kirloskar Investment & Finance Ltd. ( 67 ITD 504) ( Banglore) and Karmchand Thapar & Brothers (66 ITD 39) DGP Windsor (India ) Ltd. ( 74 TTJ 291) ( Mum). The assessee has also submitted before the ld. CIT(A) that explanation 4A added to Sec. 43(1) by the Finance (No.2) Act 1996 on the manner 6 Appeals 24…

DCIT.Cir.6 (1), Mumbai vs. M/S Alta Leasing & Finance Ltd, Mumbai

In the result the appeal of the revenue stand dismissed

ITA 3686/MUM/2002[1997-98]Status: DisposedITAT Mumbai27 Sept 2022AY 1997-98

Bench: Shri Vikas Awasthy & Shri Amarjit Singh

For Appellant: H.P. MahajaniFor Respondent: Samruddhi Hande

…ing company whose business consists of hiring out machinery was entitled to investment allowance u/s 32A of the Income Tax Act. The ld. CIT(A) has also given reference of other decision relied upon by the assessee i.e in the case of United Technologies Ltd. ( 73 ITD 150) Micro Land Ltd. (61 ITD 446) ( Banglore), Kirloskar Investment & Finance Ltd. ( 67 ITD 504) ( Banglore) and Karmchand Thapar & Brothers (66 ITD 39) DGP Windsor (India ) Ltd. ( 74 TTJ 291) ( Mum). The assessee has also submitted before the ld. CIT(A) that explanation 4A added to Sec. 43(1) by the Finance (No.2) Act 1996 on the manner 6 Appeals 24…

Alta Leasing & Finance Ltd, Mumbai vs. Addl, CIT Cent. Cir 6(1), Mumbai

In the result the appeal of the revenue stand dismissed

ITA 3634/MUM/2002[1998-99]Status: DisposedITAT Mumbai27 Sept 2022AY 1998-99

Bench: Shri Vikas Awasthy & Shri Amarjit Singh

For Appellant: H.P. MahajaniFor Respondent: Samruddhi Hande

…ing company whose business consists of hiring out machinery was entitled to investment allowance u/s 32A of the Income Tax Act. The ld. CIT(A) has also given reference of other decision relied upon by the assessee i.e in the case of United Technologies Ltd. ( 73 ITD 150) Micro Land Ltd. (61 ITD 446) ( Banglore), Kirloskar Investment & Finance Ltd. ( 67 ITD 504) ( Banglore) and Karmchand Thapar & Brothers (66 ITD 39) DGP Windsor (India ) Ltd. ( 74 TTJ 291) ( Mum). The assessee has also submitted before the ld. CIT(A) that explanation 4A added to Sec. 43(1) by the Finance (No.2) Act 1996 on the manner 6 Appeals 24…

Alta Leasing & Finance Ltd, Mumbai vs. Jt CIT Spl RG 17, Mumbai

In the result the appeal of the revenue stand dismissed

ITA 3633/MUM/2002[1997-98]Status: DisposedITAT Mumbai27 Sept 2022AY 1997-98

Bench: Shri Vikas Awasthy & Shri Amarjit Singh

For Appellant: H.P. MahajaniFor Respondent: Samruddhi Hande

…ing company whose business consists of hiring out machinery was entitled to investment allowance u/s 32A of the Income Tax Act. The ld. CIT(A) has also given reference of other decision relied upon by the assessee i.e in the case of United Technologies Ltd. ( 73 ITD 150) Micro Land Ltd. (61 ITD 446) ( Banglore), Kirloskar Investment & Finance Ltd. ( 67 ITD 504) ( Banglore) and Karmchand Thapar & Brothers (66 ITD 39) DGP Windsor (India ) Ltd. ( 74 TTJ 291) ( Mum). The assessee has also submitted before the ld. CIT(A) that explanation 4A added to Sec. 43(1) by the Finance (No.2) Act 1996 on the manner 6 Appeals 24…

M/S. V.V.V. & Sons Edible Oils Ltd., Virudhunagar vs. DCIT, Central-1, Madurai

In the result, the appeals of the assessee in ITA Nos

ITA 2281/CHNY/2019[2016-17]Status: DisposedITAT Chennai05 Aug 2022AY 2016-17

Bench: Shri Mahavir Singhand Shri G. Manjunatha

For Appellant: Shri P. G. Sekar, C.A ""For Respondent: Dr. S. Palani Kumar,CIT
Section 143(3)

…) had no application to the case as the main purpose of the transfer of assets was not reduction of tax liability. The decision is relevant. The other decision of the Tribunal in the case of Unimed Technologies Ltd. vs. Dy. CIT (2000) 69 TTJ (Ahd) 25 : (2000) 73 ITD 150 (Ahd) is also considered relevant as in above case, valuation report furnished by the assessee in support of cost of the assets acquired was accepted by the Tribunal, as AO did not appoint his own valuer nor thought it necessary to examine assessee’s valuer. In the absence of any other valuation report and there being no other evidence to show tha…