Venkata Narain & Sons (1967) 63 ITR 638 (SC), Malagaon Electricity Company Pvt. Ltd. v. CIT

JAYANT MANILAL GANDHY,MUMBAI vs. ASST CIT CIR 16(2), MUMBAI

The appeal of the assessee is allowed

Bench: Shri Joginder Singh & Shri Rajendraassessment Year-2005-06 Jayant Manilal Gandhy, Acit, Delux Apartment, Circle-16(2), बनाम/ Altamount Road, Matru Mandir Bldg. Vs. Mumbai-400026 Nana Chowk, Mumbai-400007 Pan No. Afupg3313H ("नधा"रती /Assessee) (राज"व /Revenue)

…len Mills Ltd. vs ITO 236 ITR 34, Consolidated Photo and Finvest Ltd. vs ACIT 281 ITR 394 (Del.), Kantamani Venkata Narain & Sons (1967) 63 ITR 638 (SC), Malagaon Electricity Company Pvt. Ltd. vs CIT 78 ITR 466 (SC), CIT vs Manoranjan Pictures Corporation 228 ITR 202 (Del.) and various other decisions as mentioned in the impugned order, dismissed the appeal of the assessee. 2.6. The assessee is aggrieved and is in further appeal before this Tribunal. If the observation made in the assessment order, leading to addition made to the total income, conclusion drawn in the impugned order, material available on…

DCIT- CC-44, MUMBAI vs. JIK INDUSTRIES LTD., MUMBAI

In the result, appeal of revenue is dismissed

…आयकर अपीऱीय अधिकरण, म ुंबई न्यायपीठ ‘जे’, म ुंबई । IN THE INCOME TAX APPELLATE TRIBUNAL “J”, BENCH MUMBAI BEFORE SHRI R.C.SHARMA, AM & SHRI RAM LAL NEGI, JM आमकय अऩीर सं./ITA No.4922/Mum/2013 (नििाारण वषा / Assessment Year :2001-02) DCIT-CC-44, Mumbai-20 Vs. JIK Industries Limited (Formerly Known as M/s Krishna Finstock Limited), 16, Gundecha Chembers, N.M.Road, Fort, Mumbai स्थामी रेखा सं./ जीआइआय सं./ PAN/GIR No. : AABCJ 2982 J (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. याजस्व की ओर से /Revenue by : Ms. Rajeshwari Motwani ननधाारयती की ओर से /Assessee by : Shri Neelkanth Khandelwal सुनवाई की तायीख / Date o…

DCIT 13(1), MUMBAI vs. MOHAMED HUSSAIN UMER MERCHANT, MUMBAI

In the result, the appeal filed by the revenue is dismissed

Bench: S/Shri B.R.Baskaran, Am & Pawan Singh, Jm आयकर अपील सं./I.T.A. No.4469/Mum/ 2010 ("नधा"रण वष" / Assessment Year: 2007-08)

…वष" / Assessment Year: 2007-08) alone would merit adequate ground for rejecting the plea of the assessee. Then the assessing officer placed reliance on the decision rendered by Hon’ble Delhi High Court in the case of Manoranjan Pictures Corpn Pvt Ltd (1997)(228 ITR 202)(Delhi), wherein it was held that where a retiring partner in a partnership firm realises his interest and such interest in essence relates to the extinguishment of a right to receive the income from business of partnership firm, it has to be treated as revenue receipt. Accordingly, the AO held that the amount of Rs.2.50 crores received by the as…