Vatsala Shenoy v. Jt. Commissioner of Income Tax (assessment), Mysore

389 ITR 519Supreme Court of India#24785 most cited
3

judgments rely on this decision, according to BharatTax’s citation analysis of 348,631 Indian tax judgments — from 2019 to 2020.

Judgments citing Vatsala Shenoy v. Jt. Commissioner of Income Tax (assessment), Mysore

Income Tax Officer, Ward-4(5), Hyderabad vs. Shrilekha Business Consultancy Pvt Ltd(Formerly Known As Shrilekha Financial Services Initially and Subsequebtly M/S Shrilekha Business Consultancy ), Hyderabad

In the result, both the appeals of the revenue are dismissed

ITA 1041/HYD/2019[2014-15]Status: DisposedITAT Hyderabad04 Nov 2020AY 2014-15

Bench: Shri C.N.Prasad, Jm & Shri M.Balaganesh, Am & Income Tax Officer, Vs. M/S. Shrilekha Business Consultancy Ward – 4(5) Pvt. Ltd., (Pan No.Aaycs0021L) Hyderabad (Formerly M/S. Shrilekha Financial Services Initially & Subsequently M/S. Shrilekha Business Consultancy, Both Are With Pan:Aacfs9088A 3-6-478, Iv Floor, Anand Estate, Liberty Road, Himayath Nagar Hyderabad Pan/Gir No. Aacfs9088A (Appellant) .. (Respondent)

Section 143(3)Section 45(3)Section 56

…ts inclusion as an asset while computing net wealth under the Wealth Tax Act. 7.8 When the partnership interest is sold for a price it is liable to tax as held by the Supreme Court in Vatsala Shenoy V. Jt. Commissioner of Income Tax (assessment), Mysore (2016 389 ITR 519) 7.9 The partner's interest in a firm is a valuable asset which constitutes adequate consideration and it cannot be restricted to the credit entry in the books except for the purpose of Section 45(3) where the particular statutory provision restricts it artificially. 7.10 From the above, it is abundantly clear that the consideration at the time o…

Income Tax Officer, Ward-4(5), Hyderabad vs. Shrilekha Financial Services (Presently Known As M/S Shrilekha Business Consultancy), Hyderabad

In the result, both the appeals of the revenue are dismissed

ITA 1371/HYD/2018[2015-16]Status: DisposedITAT Hyderabad04 Nov 2020AY 2015-16

Bench: Shri C.N.Prasad, Jm & Shri M.Balaganesh, Am & Income Tax Officer, Vs. M/S. Shrilekha Business Consultancy Ward – 4(5) Pvt. Ltd., (Pan No.Aaycs0021L) Hyderabad (Formerly M/S. Shrilekha Financial Services Initially & Subsequently M/S. Shrilekha Business Consultancy, Both Are With Pan:Aacfs9088A 3-6-478, Iv Floor, Anand Estate, Liberty Road, Himayath Nagar Hyderabad Pan/Gir No. Aacfs9088A (Appellant) .. (Respondent)

Section 143(3)Section 45(3)Section 56

…ts inclusion as an asset while computing net wealth under the Wealth Tax Act. 7.8 When the partnership interest is sold for a price it is liable to tax as held by the Supreme Court in Vatsala Shenoy V. Jt. Commissioner of Income Tax (assessment), Mysore (2016 389 ITR 519) 7.9 The partner's interest in a firm is a valuable asset which constitutes adequate consideration and it cannot be restricted to the credit entry in the books except for the purpose of Section 45(3) where the particular statutory provision restricts it artificially. 7.10 From the above, it is abundantly clear that the consideration at the time o…

Morarjee Realities Ltd. (Now Known As Peninsula Land Ltd.), Mumbai vs. Dy.C.I.T. Circle 6(3), Mumbai

In the result, appeal of the assessee as well as of the Revenue is partly allowed

ITA 2135/MUM/2009[2004-2005]Status: DisposedITAT Mumbai30 Aug 2019AY 2004-2005

Bench: Shri G.S. Pannu & Shri Sandeep Gosain: A.Y : 2004-05

For Appellant: Shri Saurabh SoparkarFor Respondent: Shri Sushilkumar Poddar
Section 143(3)Section 28Section 45

…t, the ld. DR placed reliance on the decision of Hon’ble Calcutta High Court in the case of DPIL Ltd. vs. CIT 386 ITR 539 (Cal) (2016) and 8 Morarjee Realties Ltd. ITA Nos. 2135 & 2343/Mum/2009 decision of Hon’ble Supreme Court in the case of Vastsala Shenoy 389 ITR 519 (SC)(2016) to state that value has been assigned to individual assets and liabilities and therefore transaction could not be treated as slump sale. 9. Per contra, Learned Representative for the assessee pointed out that in all the cases relied upon by the ld. DR, the respective courts have recorded a finding that in the transfer document or agre…

Vatsala Shenoy v. Jt. Commissioner of Income Tax (assessment), Mysore (389 ITR 519) — Cited in 3 Judgments | BharatTax