SAMIR NARAIN BHOJWANI ,MUMBAI vs. DCIT 4(2)(1), MUMBAI

Appeal of the assessee is allowed for statistical purposes and the appeal of the revenue is dismissed

Bench: Shri Anikesh Banerjee, Jm & Ms Padmavathy S, Am

capital gains contained in Section 48 and 49. Secondly, it is well established in law that a fiction created by the legislature has to be confined to the purpose for which it is created. In this connection, we may refer to the decision of the Apex Court in the case of State Bank of India v. D. Hanumantha Rao reported

ACIT 421 MUMBAI, MUMBAI CITY vs. SAMIR NARAIN BHOJWANI, MUMBAI

Appeal of the assessee is allowed for statistical purposes and the\nappeal of the revenue is dismissed

capital gains contained in Section 48 and 49. Secondly, it is well\nestablished in law that a fiction created by the legislature has to be confined to the\npurpose for which it is created. In this connection, we may refer to the decision of\nthe Apex Court in the case of State Bank of India V/s. D. Hanumantha Rao\nreported

DCIT 4(3)(1), MUMBAI vs. RELIANCE TRANSPORT AND TRAVELS P.LTD, MUMBAI

In the result, appeal of the Revenue is dismissed

Bench: Shri Amit Shukla & Shri S. Rifaur Rahman: A.Y : 2013-14 Asst. Commissioner Of Income Vs. M/S. Reliance Transport & Tax – 4(3)(1), Travels Pvt. Ltd., Mumbai (Appellant) 6Th Floor, Nagin Mahal, 82, Veer Nariman Road, Churchgate, Mumbai 400 020. Pan : Aaacr2380M (Respondent)

capital gains contained in Section 48 and 49. Secondly, it is well established in law that a fiction created by the legislature has to be confined to the purpose for which it is created. In this connection, we may refer to the decision of the Apex Court in the case of State Bank of India vs. D. Hanumantha Rao reported

DCITCC 3(2) CEN RG 3, MUMBAI vs. HRISHIKESH D. PAI, MUMBAI

In the result , the appeal of the Revenue in ITA no

Bench: Shri Saktijit Dey & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No.2766/Mum/2017 (नििाारण वर्ा / Assessment Year : 2012-13) बिाम/ Dcit, Cc 3(2) Cen Rg 3 Shri Hrishikesh D. Pai, R.No. 1913, 19Th Floor, C/O M/S. Pregnancy Air India Building, Advice & Services, V. Nariman Point, 304, Pearl Centre, Mumbai S.B. Marg, Dadar, Mumbai 400028 स्थायी ऱेखा सं./ Pan : Aabpp2139C (अपीऱाथी /Appellant) .. (प्रत्यथी / Respondent) Revenue By: Shri. Manoj Kumar Singh, Dr Assessee By : Shri. Vijay Mehta सुनवाई की तारीख /Date Of Hearing : 23.08.2018 घोषणा की तारीख /Date Of Pronouncement :26.09.2018 आदेश / O R D E R Per Ramit Kochar: This Appeal, Filed By Revenue, Being Ita No. 2766/Mum/2017, Is Directed Against Appellate Order Dated 05.12.2016 Passed By Learned Commissioner Of Income Tax (Appeals)-5, Mumbai (Hereinafter Called “The Cit(A)”), For Assessment Year 2012-13, The Appellate Proceedings Had Arisen Before Learned Cit(A) From Assessment Order Dated 30.03.2015 Passed By Learned Assessing Officer (Hereinafter Called “The Ao”) U/S 143(3) Of The Income-Tax Act, 1961 (Hereinafter Called “The Act”) For Ay 2012-13. I.T.A. No.2766/Mum/2017

capital gains contained in Section 48 and 49. Secondly, it is well established in law that a fiction created by the legislature has to be confined to the purpose for which it is created. In this connection, we may refer to the decision of the Apex Court in the case of State Bank of I.T.A. No.2766/Mum/2017 India v. D. Hanumantha

CYFAST ENTERPRISES P.LTD,MUMBAI vs. DCIT CIR 10(3), MUMBAI

The appeal of the Revenue is allowed

Bench: Shri Joginder Singh & Shri N.K. Pradhanassessment Year:2011-12 Cyfast Enterprises Pvt. Ltd. Dcit, Afl House, Circle-10(3), बनाम/ Lok Bharati Complex, Aayakar Bhavan, Vs. Marol Maroshi Road, M.K. Road, Andheri (East), Mumbai-400020 Mumbai-400059 ("नधा"रती /Assessee) (राज"व /Revenue) P.A. No. Aaacu4945K "नधा"रती क" ओर से / Assessee By Shri Nitesh Joshi & Shri Sunil Jhunjhunwala राज"व क" ओर से / Revenue By Shri Anandi Verma-Cit-Dr

capital gain from the transfer of assets of the undertaking as one unit, it can be seen from the above Table B that aggregate value of all assets have been fixed at `105 as against the book value of `10. This gives the figure of capital gain at `95 (`105 – 10). If we accept the contention of the assessee that

FRANK S INTERNATIONAL ITL LIMITED,MUMBAI vs. ACIT(IT), CIRCLE (2)(3)(1), MUMBAI, MUMBAI

In the result, the question of law referred to the Special Bench is answered in favour of the\nassessee

Section 50 is restricted only to the mode of computation of capital gains contained in\nSection 48 and 49. Secondly, it is well established in law that a fiction created by the\nlegislature has to be confined to the purpose for which it is created. In this connection, we\nmay refer to the decision of the Apex Court

ACIT, CIRCLE 3(1)(2), MUMBAI vs. M/S EUROFINANCE TRAININF & PUBLISHING PVT. LTD., MUMBAI

In the result, appeal by the Revenue is dismissed

Bench: Shri Amarjit Singh & Shri Sandeep Singh Karhail

capital gains contained in Section 48 and 49. Secondly, it is well established in law that a fiction created by the legislature has to be confined to the purpose for which it is created. In this connection, we may refer to the decision of the Apex Court in the case of State Bank of India v. D. Hanumantha

ASSISTANT COMMISSIONER OF INCOME TAX-24(1), MUMBAI vs. ANIL GULABDAS SHAH, MUMBAI

Bench: Hon’Ble Shri Mahavir Singh, Jm & Hon’Ble Shri Manoj Kumar Aggarwal, Am आयकरअपील सं./ I.T.A. No.5134/Mum/2017 & Co. No. 319/Mum/2018 (िनधा"रण वष" / Assessment Year: 2012-13) Acit – 24(1) Shri Anil Gulabdas Shah, Room No. 604, 6Th Floor, B-1601, Titanium Towers बनाम/ 16Th Floor, Jai View Chsl Piramal Chamber, Parel Vs. Sahakar Nagar, Andheri (W) Mumbai. Mumbai – 400 058 "थायीलेखासं./जीआइआरसं./Pan/Gir No. Bmfps-8959-E (अपीलाथ"/Appellant)/Respondent (""थ" / Respondent)/Appellant : Revenue By : Shri Satish Chandra Rajore- Ld. Dr Assessee By : Shri Anil G. Shah – Assessee-In-Person सुनवाई की तारीख/ : 05/08/2019 Date Of Hearing घोषणा की तारीख / : 09/08/2019 Date Of Pronouncement आदेश / O R D E R Manoj Kumar Aggarwal (): - 1. Aforesaid Appeal By Revenue For Assessment Year [In Short Referred To As ‘Ay’] 2012-13 Contest The Order Of Ld. Commissioner Of Income- Tax (Appeals)-36, Mumbai, [In Short Referred To As ‘Cit(A)’], Appeal No. Cit(A)-36/It-217/Acit-24(1)/15-16 Dated 26/05/2017 On Following Grounds Of Appeal: -

Gains which enhanced the assessee’s income by Rs.9 Crores. 3.1 Aggrieved, the assessee contested the stand of Ld. A.O before learned first appellate authority by way of elaborate written submissions, which has already been reproduced in the impugned order and hence not repeated here for the sake of convenience and gravity. The remand report was also called for against

MATRIX PARTNERS INDIA INVESTMENT HOLDINGS, LLC,MAURITIUS vs. DEPUTY COMMISSIONER OF INCOME TAX, MUMBAI

In the result the appeal filed by the assessee stands partly allowed

Bench: Smt. Beena Pillai () & Ms. Padmavathy S ()

section 90(2), the Ld. A.O. has granted the beneficial option to the applicant at the preference of the Applicant itself. 11. Treaty Provisions are applicable in re/ qua "Income" and not "sources". In this case, there has been one single species of Income, "capital gains" that too, Long Term Capital Gains. 7. To sum up, as per facts

MOHD RAZA AKBERALI GHUGHARIA,MUMBAI vs. ITO 15(2)(3), MUMBAI

The appeal of the assessee is allowed

Bench: Shri Joginder Singh & Shri Ashwani Tanejaassessment Year: 2005-06 Mohd Raza Akberali Ito 15(2)(3), Ghugharia, Matru Mandir Tardeo, बनाम/ M/S. N.S. Virani & Co., C.A. S Mumbai-400034 Vs. 28, Bhanushali Bldg. 35, Mint Road, Mumbai-400001 (Assessee) (Revenue) P.A. No.Aabpg3107B "नधा"रती क" ओर से / Assessee By Shri Vijay Mehta & Shri Anuj Kisnadwala. (Ar) Shri K. V. Vispure ( Dr) राज"व क" ओर से / Revenue By 27/04/2016 सुनवाई क" तार"ख / Date Of Hearing : आदेश क" तार"ख /Date Of Order: 01/07/2016

183.” Further, the following observation in the same case is relevant for us: 11 Mohd Raza Adberali “Applying the ratio of the said Judgment, we are of the opinion, that the fiction created under section 50 is confined to the computation of capital gains

TRAVOTEL (I) P. LTD,MUMBAI vs. ITO WD 2(3)-3, MUMBAI

In the result, appeal of the assessee stands allowed

Bench: Shri J P Boaz & Shri Amit Shukla

capital gains contained in sections 48 and 49. Secondly, it is well established in law that a fiction created by the legislature has to be confined to the purpose for which it is created. In this connection, we may refer to the decision of the Apex Court in the case of State Bank of India v. D. Hanumantha

DCIT 13(3)(1), MUMBAI vs. M/S WALL STREET FINANCE LTD , MUMBAI

In the result, appeal by the Revenue is dismissed

Bench: Shri Prashant Maharishi & Shri Sandeep Singh Karhail

capital gains contained in sections 48 and 49. Secondly, it is well established in law that a fiction created by the Legislature has to be confined to the purpose for which it is created. In this connection, we may refer to the decision of the Apex Court in the case of State Bank of India v. D. Hanumantha

ITO 32(3)(4), MUMBAI vs. STATE BANK OF INDIA STAFF VAIBHAV CO-OP. HSG. LTD., MUMBAI

In the result, the appeal of the revenue is dismissed and cross objection of the assessee is dismissed

Bench: Shri Pawan Singh, Jm & Shri M.Balaganesh, Am Ito-32(3)(4) Vs. State Bank Of India Staff Room No.103, 1St Floor Vaibhav Co-Op Hsg. Ltd. Aayakar Bhavan Bungalow No.8, Daulat M.K.Road, Nagar, Road No.1, Mumbai – 400 020 Borivali (E) Mumbai – 400 066 Pan/Gir No.Aaias1423J (Appellant) .. (Respondent) Co No.8/Mum/2018 (Arising Out Of Ita No.5324/Mum/2016) (Assessment Year :2011-12) State Bank Of India Vs. Ito-32(3)(4) Room No.103, 1St Floor Staff Vaibhav Co-Op Hsg. Ltd. Aayakar Bhavan Bungalow No.8, Daulat M.K.Road, Nagar, Road No.1, Mumbai – 400 020 Borivali (E) Mumbai – 400 066 Pan/Gir No.Aaias1423J (Appellant) .. (Respondent) Revenue By Shri Santanu Kumar Saikia Assessee By Shri Dr. P. Daniel Date Of Hearing 13/06/2019 Date Of Pronouncement 19/06/2019

section 2(47) wef .04.1998. In the present case the decision of Mumbai High Court which has come much later is more relevant. On the basis of the above discussions and after considering the totality of facts and principles of law I have come to a conclusion that there is no incidence of capital gain in the hands

DCIT 8(3)(2), MUMBAI vs. VOLTAS LTD, MUMBAI

In the result, these appeals are partly allowed

capital gains contained in Section 48 and 49. Secondly, it is well established in law that a fiction created by the legislature has to be confined to the purpose for which it is created. In this connection, we may refer to the decision of the Apex Court in the case of State Bank of India vs. D. Hanumantha Rao reported

DY CIT - 8(3)(1), MUMBAI vs. M/S VOLTAS LTD., MUMBAI

In the result, appeal filed by the Revenue is dismissed

Bench: Shri Laliet Kumar, Hon'Ble & Shri S. Rifaur Rahman, Hon'Bledcit – 8(3)(1) V. M/S. Voltas Limited Room No. 615 Voltas House, A Block Aayakar Bhavan, M.K. Road Dr. Babasaheb Ambedkar Rod Mumbai - 400020 Chinchpokli, Mumbai – 400033 Pan: Aaacv2809D (Appellant) (Respondent) Assessee By : Shri Nitesh Joshi Department By : Shri Milind Chavan

capital gains contained in Section 48 and 49. Secondly, it is well established in law that a fiction created by the legislature has to be confined to the purpose for which it is created. In this connection, we may refer to the decision of the Apex Court in the case of State Bank of India vs. D. Hanumantha Rao reported

DHANANJAY MADHUKAR NAIK,MUMBAI vs. ITO 12(3)(3), MUMBAI

In the result, appeal filed by the assessee is allowed

Bench: Shri Aby T Varkey, Hon’Ble & Shri S. Rifaur Rahman, Hon'Bledhananjay Madhukar Naik V. Ito 12(3)(3) 306, Meghdoot Chsl, Sahaji Raje Marg Room No. 1631, 16Th Floor Koldongri, Vile Parle (W) Air India Building, Nariman Point Mumbai- 400057 Mumbai- 400021 Pan: Alrpn7498M (Appellant) (Respondent) Assessee Represented By : Shri Anil Masand Department Represented By : Shri P.D. Chougule

capital gain for purchase of a residential unit, he is entitled to deduction u/s. 54 irrespective of the fact that builder has not completed the construction or has not yet handed over the flat. 7.4. In the case of CIT v. R.L. Sood [2000] 245 ITR 727/108 Taxman 227 (Delhi) (Placed at PB Page No. 173-175) it has been

RAMESH BUILDERS (INDIA),MUMBAI vs. ITO 12(1)(2), MUMBAI

In the result, the appeal filed by the assessee-Ramesh Builders(India) in ITA N0

Bench: Shri Saktijit Dey & Shri Ramit Kocharआयकर अपील सं./I.T.A. No.1797/Mum/2012 ("नधा"रण वष" / Assessment Year : 2007-08) Ramesh Builders (India), Income Tax बनाम/ 9, Dhiraj Chambers, Officer,12(1)(2),Aayakar V. 9, Hazarimal Somani Marg, Bhavan,M.K. Road, Fort,Mumbai – 400001. Mumbai. "थायी लेखा सं./Pan : Aaafr4655E .. (अपीलाथ" /Appellant) (""यथ" / Respondent)

gains arising from the transfer of a capital asset by way of distribution of capital assets on the dissolution of a firm or other association of person or body of individuals(not being a company or a co-operative society) or otherwise , shall be chargeable to tax as the income of the firm, association or body , of the previous year

RAMESH BUILDERS,MUMBAI vs. ITO 12(1)(1), MUMBAI

In the result, the appeal filed by the assessee-Ramesh Builders(India) in ITA N0

Bench: Shri Saktijit Dey & Shri Ramit Kocharआयकर अपील सं./I.T.A. No.1797/Mum/2012 ("नधा"रण वष" / Assessment Year : 2007-08) Ramesh Builders (India), Income Tax बनाम/ 9, Dhiraj Chambers, Officer,12(1)(2),Aayakar V. 9, Hazarimal Somani Marg, Bhavan,M.K. Road, Fort,Mumbai – 400001. Mumbai. "थायी लेखा सं./Pan : Aaafr4655E .. (अपीलाथ" /Appellant) (""यथ" / Respondent)

gains arising from the transfer of a capital asset by way of distribution of capital assets on the dissolution of a firm or other association of person or body of individuals(not being a company or a co-operative society) or otherwise , shall be chargeable to tax as the income of the firm, association or body , of the previous year

AMIRALI AKBARALI ENGINEER,MUMBAI vs. ACIT 24(1), MUMBAI

The appeal of the assessee is partly allowed for

Bench: Shri Joginder Singh & Shri Ramit Kocharassessment Year: 2012-13 Amirali Akbarali Engineer, Vs Acit, A/201, Senha Apna Ghar, Ward-24(1), Unit No.11, Piramal Chamber, Lalbaug, Swami Samarth Nagar, Mumbai Andheri (West), Mumbai-400053 ("नधा"रती /Assessee) (राज"व /Revenue) Pan. No.Aacpe9331N

gain tax is provided in sections 54, 54B, 54D, 54E, 54EA, 6 Amirali Akbarali Engineer 54EB, 54F and 54H as is apparent from section 45 itself. A perusal of the provisions of sections 54, 54B, 54D, 54E, 54EA, 54EB and 54F clearly reveals that the Legislature has used the words ‘a’ and ‘any’ with reference to investment of capital gain/sale