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“Section 46(2)”

Section References (mined)Section 46Section 46(2)10 judgments

The decision most relied on for Section 46(2) is CIT v. Mysore Sugar Co. Ltd. (46 ITR 649), cited in 120 judgments on BharatTax.

Leading authorities on Section 46(2)

CIT v. Mysore Sugar Co. Ltd.
46 ITR 649 · 1962 · Supreme Court
120
citing judgments

When advances extended in the normal course of business operations become irrecoverable and are written off, these amounts are allowable as a business loss or revenue expenditure.

CIT v. Gujarat Maritime Board
295 ITR 561 · 2007 · Supreme Court
98
citing judgments

A statutory corporation undertaking activities that generate income qualifies as a charitable entity under Section 2(15) if its dominant object is general public utility and it is legally obligated to apply its income solely for that purpose, even if the activities appear to be in the nature of trade or business. Such an entity is entitled to registration under Section 12A and exemptions under Section 11.

Pradeep Kumar Biswas v. Indian Institute of Chemical Biology
5 SCC 111 · 2002 · Reported
93
citing judgments

The legal form or ostensible autonomy of an entity does not prevent it from being classified as 'State' or 'authority' under Article 12 if it functions as an instrumentality of the Government, thereby attracting constitutional accountability under Part III.

(CIT v. Surat Art Silk Cloth Manufacturer's Association
2 SCC 31 · 1980 · Reported
35
citing judgments

For a trust to be considered charitable, its dominant intent must be charitable, even if it engages in non-charitable activities that generate incidental profits. These profits must be reinvested to further the dominant charitable object.

ITA Nos.162, 164, 165, 167 & 168 of 2002 Page 24 of 51 in CIT v. SS Ahluwalia
138 ITR 391 · 1982 · High Court
34
citing judgments

An appellate tribunal ought to remand a matter rather than set aside assessments entirely when jurisdiction is in question.

Seshasayee Steels (P.) Ltd. v. CIT
421 ITR 46 · 2020 · Supreme Court
33
citing judgments

Handing over possession under a Joint Development Agreement (JDA) does not constitute a 'transfer' under Section 2(47)(v) of the Income Tax Act, 1961, read with Section 53A of the Transfer of Property Act.

Aurora Educational Society v. CCIT
20 Taxmann.com 46 · 2012 · Reported
31
citing judgments

The scope and amplitude of Section 10(23C)(vi) of the Income-tax Act and its applicable provisos, rules, and forms are the subject of examination in relation to applications for approval.

Karnataka Industrial Area Development Board v. ADIT(E)
121 Taxmann.com 88 · 2020 · High Court
25
citing judgments

When an assessee is engaged in charitable activity for the advancement of objects of general public utility, the proviso to Section 2(15) of the Income Tax Act, 1961, will not be applicable.

Judgments citing Section 46(2)

Deputy Commissioner of Income Tax, Central Circle-3(2), Kolkata vs. Ravi Modi, Kolkata

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

ITA 1673/KOL/2024[2019-20]Status: DisposedITAT Kolkata19 Dec 2024AY 2019-20

Bench: Shri Rajesh Kumar&Shri Pradip Kumar Choubey]

Section 143(2)Section 153ASection 2Section 45Section 46Section 48

order and thereafter hold thus: “In respect of the above discussions, it is evident that for giving effect to the fiction enacted under Section 46(2), the necessary requirements were existing in the instant case and the fiction 4 I.T.A. Nos. 1672 & 1673/Kol/2024 Assessment Years: 2018-19 & 2019-20 Ravi ... held by the AO. I therefore cannot agree with the contentions of the AO, owing to the reasons that Section 46(2) of the Income Tax Act stipulates that an assessee shall be chargeable to income tax under the head capital gains in respect of the money so received

Deputy Commissioner of Income Tax, Central Circle-3(2), Kolkata vs. Ravi Modi, Kolkata

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

ITA 1672/KOL/2024[2018-19]Status: DisposedITAT Kolkata19 Dec 2024AY 2018-19

Bench: Shri Rajesh Kumar&Shri Pradip Kumar Choubey]

Section 143(2)Section 153ASection 2Section 45Section 46Section 48

order and thereafter hold thus: “In respect of the above discussions, it is evident that for giving effect to the fiction enacted under Section 46(2), the necessary requirements were existing in the instant case and the fiction 4 I.T.A. Nos. 1672 & 1673/Kol/2024 Assessment Years: 2018-19 & 2019-20 Ravi ... held by the AO. I therefore cannot agree with the contentions of the AO, owing to the reasons that Section 46(2) of the Income Tax Act stipulates that an assessee shall be chargeable to income tax under the head capital gains in respect of the money so received

Deputy Commissioner of Income Tax, Central Circle-3(2), Kolkata vs. Shilpi Modi, Kolkata

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

ITA 1671/KOL/2024[2019-20]Status: DisposedITAT Kolkata19 Dec 2024AY 2019-20

Bench: Shri Rajesh Kumar&Shri Pradip Kumar Choubey]

Section 143(2)Section 153ASection 2Section 45Section 46Section 48

order and thereafter hold thus: “In respect of the above discussions, it is evident that for giving effect to the fiction enacted under Section 46(2), the necessary requirements were existing in the instant case and the fiction reached its logical end upon the transfer of the immovable property ... held by the AO. I therefore cannot agree with the contentions of the AO, owing to the reasons that Section 46(2) of the Income Tax Act stipulates that an assessee shall be chargeable to income tax under the head capital gains in respect of the money so received

Deputy Commissioner of Income Tax, Central Circle-3(2), Kolkata vs. Shilpi Modi, Kolkata

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

ITA 1670/KOL/2024[2018-19]Status: DisposedITAT Kolkata19 Dec 2024AY 2018-19

Bench: Shri Rajesh Kumar&Shri Pradip Kumar Choubey]

Section 143(2)Section 153ASection 2Section 45Section 46Section 48

order and thereafter hold thus: “In respect of the above discussions, it is evident that for giving effect to the fiction enacted under Section 46(2), the necessary requirements were existing in the instant case and the fiction reached its logical end upon the transfer of the immovable property ... held by the AO. I therefore cannot agree with the contentions of the AO, owing to the reasons that Section 46(2) of the Income Tax Act stipulates that an assessee shall be chargeable to income tax under the head capital gains in respect of the money so received

Assistant Commissioner of Income Tax Ncc3(1) Chennai, Nungambakkam vs. Shri Venkatesh Meghraj Kathare, Alwarpet

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

ITA 974/CHNY/2024[2014-15]Status: DisposedITAT Chennai20 Sept 2024AY 2014-15

Bench: Shri Mahavir Singhand Shri Manoj Kumar Aggarwalआयकर अपील सं./Ita No.:974/Chny/2024 िनधा"रण वष"/Assessment Year:2014-15 The Assistant Commissioner Shri Venkatesh Meghraj Kathare, Of Income Tax, Vs. New No.205, Old No.128, Non-Corporate Circle 3(1), St. Mary Road, Chennai. Chennai – 600 018. Pan: Aadpk 5251E (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/Appellant By : Ms. R. Anita, Addl.Cit ""यथ" क" ओर से/Respondent By : Shri G. Seetharaman, C.A. सुनवाई क" तारीख/Date Of Hearing : 18.09.2024 घोषणा क" तारीख/Date Of Pronouncement : 20.09.2024 आदेश /O R D E R Per Mahavir Singh: This Appeal By The Revenue Is Arising Out Of The Order Of The Commissioner Of Income Tax (Appeals), National Faceless Appeal Centre In Order No.Itba/Nfac/S/250/2023-24/1061041943(1) Dated 16.02.2024. The Assessment Was Framed By The Assistant Commissioner Of Income-Tax, Non-Corporate Circle 3, Chennai For The Assessment Year 2014-15 U/S. 143(3) Of The Income Tax Act, 1961 (Hereinafter The ‘Act’) Vide Order Dated 30.12.2016. 2. The First Issue In This Appeal Of Revenue Is Against The Order Of Cit(A) Treating The Sale Of Land At Tiruvottiyur High Road As Long Term Capital Gain As Against Assessed By Ao As Short Term Capital Gain. For This, Revenue Has Raised The Following Grounds:- 1) The Cit(A) Has Erred On The Facts Of The Case In Treating The Capital Gains On Sale Of Land At Tiruvottiyur High Road As Long Term Capital Gain Instead Of Short Term Capital Gain Without Appreciating That :

For Appellant: Ms. R. Anita, Addl.CITFor Respondent: Shri G. Seetharaman, C.A
Section 143(3)Section 2Section 2(47)Section 46(2)

first transaction wherein transfer of shares in the form of extinguishment is involved, the same is taxable as per the provisions of section 46(2). The second transaction relates to sale of the said property acquired on extinguishment of shares on liquidation of the company to outside third party ... release deed dated 10.12.2012. The AO during the course of assessment proceedings noted that the assessee in view of the provisions of section 46(2) of the Act sought long term capital gain for this transfer in his hand in assessment year 2013-14. But noted that the assessee received

Tata Sons Ltd, Mumbai vs. CIT 2, Mumbai

In the result, appeal of the assessee is allowed

ITA 3468/MUM/2016[2009-10]Status: DisposedITAT Mumbai23 Jan 2024AY 2009-10
Section 100Section 263Section 48

IN THE INCOME TAX APPELLATE TRIBUNAL, ‘E‘ BENCH MUMBAI BEFORE: SHRI AMIT SHUKLA, JUDICIAL MEMBER & SHRI GAGAN GOYAL, ACCOUNTANT MEMBER

Chetan H Daiya, Mumbai vs. ITO 16(1)(2), Mumbai

In the result, all the appeals of the assessee are dismissed

ITA 4376/MUM/2014[1998-99]Status: DisposedITAT Mumbai18 Apr 2023AY 1998-99

Bench: Shri Aby T Varkey () & Om Prakash Kant ()

Section 143(3)Section 254Section 263Section 46(2)

received on liquidation of the company, M/s Mulji V Narsi Pvt Ltd and Hercules Engg. Works Pvt Ltd which has been assessed under section 46(2) of the Act. The Assessing Officer has passed the impugned assessment order in compliance to the direction of the Ld.Commissioner of Income ... Though the assessee offered the money distributed on liquidation in the return of income filed and computed capital gain under section 46(2) of the Act; however, he contested the taxability to the assessment proceedings and matter was carried to the ITAT. The ITAT set aside the matter

Chetan H Daiya, Mumbai vs. ITO 16(1)(2), Mumbai

ITA 4375/MUM/2014[1993-94]Status: DisposedITAT Mumbai18 Apr 2023AY 1993-94
Section 143(3)Section 254Section 263Section 46(2)

received on liquidation of the company, M/s Mulji V Narsi Pvt Ltd and Hercules Engg. Works Pvt Ltd which has been assessed under section 46(2) of the Act. The Assessing Officer has passed the impugned assessment order in compliance to the direction of the Ld.Commissioner of Income ... Though the assessee offered the money distributed on liquidation in the return of income filed and computed capital gain under section 46(2) of the Act; however, he contested the taxability to the assessment proceedings and matter was carried to the ITAT. The ITAT set aside the matter

Chetan H Daiya, Mumbai vs. ITO 16(1)(2), Mumbai

In the result, all the appeals of the assessee are dismissed

ITA 4557/MUM/2010[1998-1999]Status: DisposedITAT Mumbai18 Apr 2023AY 1998-1999

Bench: Shri Aby T Varkey () & Om Prakash Kant ()

Section 143(3)Section 254Section 263Section 46(2)

received on liquidation of the company, M/s Mulji V Narsi Pvt Ltd and Hercules Engg. Works Pvt Ltd which has been assessed under section 46(2) of the Act. The Assessing Officer has passed the impugned assessment order in compliance to the direction of the Ld.Commissioner of Income ... Though the assessee offered the money distributed on liquidation in the return of income filed and computed capital gain under section 46(2) of the Act; however, he contested the taxability to the assessment proceedings and matter was carried to the ITAT. The ITAT set aside the matter

Chetan H Daiya, Mumbai vs. ITO 16(1)(2), Mumbai

In the result, all the appeals of the assessee are dismissed

ITA 4556/MUM/2010[1993-94]Status: DisposedITAT Mumbai18 Apr 2023AY 1993-94

Bench: Shri Aby T Varkey () & Om Prakash Kant ()

Section 143(3)Section 254Section 263Section 46(2)

received on liquidation of the company, M/s Mulji V Narsi Pvt Ltd and Hercules Engg. Works Pvt Ltd which has been assessed under section 46(2) of the Act. The Assessing Officer has passed the impugned assessment order in compliance to the direction of the Ld.Commissioner of Income ... Though the assessee offered the money distributed on liquidation in the return of income filed and computed capital gain under section 46(2) of the Act; however, he contested the taxability to the assessment proceedings and matter was carried to the ITAT. The ITAT set aside the matter