BUNKIM FINANCE & INVESTMENTS P. LTD,MUMBAI vs. ITO 10(3)(1), MUMBAI

In the result, both the appeals stand dismissed

Bench: Shri Saktijit Dey, Jm & Shri Manoj Kumar Aggarwal, Am

Section 14A, directed Ld. AO to restrict the disallowance to 10% of exempt income and deleted the balance disallowance of Rs.6.39 Lacs. The same has given rise to one of the grounds of cross-appeals. 3.3 Upon due consideration, we find that as per settled legal position, the provisions of Rule 8D were not applicable to the year under consideration

UNIVERSAL MEDICARE P.LTD,MUMBAI vs. DCIT CEN CIR 3(2), MUMBAI

In the result this ground of appeal is allowed for

Bench: Shri Pawan Singh & Shri S. Rifaur Rahmanuniversal Medicare Pvt. Ltd., Dcit, Central Cricle-3(2), Capsulation Premises, Mumbai (Erstwhile Asst. Sion Trombay Road, Deonar, Vs. Commissioner Of Income Mumbai-400088. Tax, Cc-20, Mumbai), Room No. 1923, 19Th Floor, Pan: Aaacu0717B Air India Building, Nariman Point, Mumbai-400021. Appellant Respondent C.O. No. 268/Mum/2017 (Assessment Year 2012-13) Dcit, Central Cricle-3(2), Universal Medicare Pvt. Ltd., Mumbai (Erstwhile Asst. Capsulation Premises, Commissioner Of Income Vs. Sion Trombay Road, Deonar, Tax, Cc-20, Mumbai), Room Mumbai-400088. No. 1923, 19Th Floor, Air Pan: Aaacu0717B India Building, Nariman Point, Mumbai-400021. Appellant Respondent Appellant By : Shri J.D. Mistry Senior Advocate With Shri Manish Shah Advocate Respondent By : Mrs. S. Padmaja (Cit-Dr)

Section 45 r.w.s. 48 provides that capital gain is charged only when income is received or has “accrued” as a result of transfer of capital asset. The assessee did not acquire any right to receive the income; inasmuch as such alleged right was dependent upon necessary condition being fulfilled. The Assessing Officer himself

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

ASST CIT CIR 11(5) vs. JSW STEEL LTD,

In the result assessee’s appeal is partly allowed whereas revenue’s appeal is dismissed

Bench: Shri Amit Shukla & Shri Ashwani Tanejaassessment Year: 2004-05

capital receipt, cannot be considered as income even for the purpose of section 115JB of the Act. The Tribunal has summarily relied on the Supreme Court decision in the case of Apollo Tyres (supra) to reject the contentions of the assessee. Secondly, the Tribunal has distinguished the case laws relied upon by the assessee on the basis that, the ratio

JSW STEEL LTD vs. ASST CIT CIR 11(5),

In the result assessee’s appeal is partly allowed whereas revenue’s appeal is dismissed

Bench: Shri Amit Shukla & Shri Ashwani Tanejaassessment Year: 2004-05

capital receipt, cannot be considered as income even for the purpose of section 115JB of the Act. The Tribunal has summarily relied on the Supreme Court decision in the case of Apollo Tyres (supra) to reject the contentions of the assessee. Secondly, the Tribunal has distinguished the case laws relied upon by the assessee on the basis that, the ratio

SHRI NITIN POPATLAL THAKKAR,MUMBAI vs. THE DY.CITI CENT. CIR -3(4), MUMBAI

In the result , the appeal of the assessee Shri Dineshchandra D

239/- Jul-13 /- Total :- 8,10,79,859 /- 4.1. The assessee was allotted 2,00,000 shares of M/s. Radford Global Ltd. on 12/02/2013 having a face value of Rs.10/- and a premium of Rs.5/- per share on preferential basis and consideration paid thereon was Rs 30,00,000/-. Subsequently, the shares having face value of Rs.10/- were split into

SMT HARHSA NITIN THAKKAR,MUMBAI vs. THE DY. CITI CENT. CIR -3(4), MUMBAI

In the result , the appeal of the assessee Shri Dineshchandra D

239/- Jul-13 /- Total :- 8,10,79,859 /- 4.1. The assessee was allotted 2,00,000 shares of M/s. Radford Global Ltd. on 12/02/2013 having a face value of Rs.10/- and a premium of Rs.5/- per share on preferential basis and consideration paid thereon was Rs 30,00,000/-. Subsequently, the shares having face value of Rs.10/- were split into

SMT. HARSH A NITIN THAKKAR,RAIGAD vs. THE DCIT CENT. CIR -3(4) , MUMBAI

In the result , the appeal of the assessee Shri Dineshchandra D

239/- Jul-13 /- Total :- 8,10,79,859 /- 4.1. The assessee was allotted 2,00,000 shares of M/s. Radford Global Ltd. on 12/02/2013 having a face value of Rs.10/- and a premium of Rs.5/- per share on preferential basis and consideration paid thereon was Rs 30,00,000/-. Subsequently, the shares having face value of Rs.10/- were split into

NISHA YOGESH THAKKAR,MUMBAI vs. DCIT CC 3(4), MUMBAI

In the result , the appeal of the assessee Shri Dineshchandra D

239/- Jul-13 /- Total :- 8,10,79,859 /- 4.1. The assessee was allotted 2,00,000 shares of M/s. Radford Global Ltd. on 12/02/2013 having a face value of Rs.10/- and a premium of Rs.5/- per share on preferential basis and consideration paid thereon was Rs 30,00,000/-. Subsequently, the shares having face value of Rs.10/- were split into

DINESHCHANDRA D. CHHAJED,MUMBAI vs. DCIT CC3(4) , MUMBAI

In the result , the appeal of the assessee Shri Dineshchandra D

239/- Jul-13 /- Total :- 8,10,79,859 /- 4.1. The assessee was allotted 2,00,000 shares of M/s. Radford Global Ltd. on 12/02/2013 having a face value of Rs.10/- and a premium of Rs.5/- per share on preferential basis and consideration paid thereon was Rs 30,00,000/-. Subsequently, the shares having face value of Rs.10/- were split into

SHRI NITIN POPATLAL THAKKAR,MUMBAI vs. THE DCIT CENT.CIR-3(4), MUMBAI

In the result , the appeal of the assessee Shri Dineshchandra D

239/- Jul-13 /- Total :- 8,10,79,859 /- 4.1. The assessee was allotted 2,00,000 shares of M/s. Radford Global Ltd. on 12/02/2013 having a face value of Rs.10/- and a premium of Rs.5/- per share on preferential basis and consideration paid thereon was Rs 30,00,000/-. Subsequently, the shares having face value of Rs.10/- were split into

SHRI YOGESH P.THAKKAR,MUMBAI vs. THE DCIT CC-3(4), MUMBAI

In the result , the appeal of the assessee Shri Dineshchandra D

239/- Jul-13 /- Total :- 8,10,79,859 /- 4.1. The assessee was allotted 2,00,000 shares of M/s. Radford Global Ltd. on 12/02/2013 having a face value of Rs.10/- and a premium of Rs.5/- per share on preferential basis and consideration paid thereon was Rs 30,00,000/-. Subsequently, the shares having face value of Rs.10/- were split into

SHRI YOGESH P. THAKKAR,PANVEL vs. THE DCIT , CC-3(4) , MUMBAI

In the result , the appeal of the assessee Shri Dineshchandra D

239/- Jul-13 /- Total :- 8,10,79,859 /- 4.1. The assessee was allotted 2,00,000 shares of M/s. Radford Global Ltd. on 12/02/2013 having a face value of Rs.10/- and a premium of Rs.5/- per share on preferential basis and consideration paid thereon was Rs 30,00,000/-. Subsequently, the shares having face value of Rs.10/- were split into

PFIZER LTD,MUMBAI vs. ADDL CIT RG 8(2), MUMBAI

In the result, both the appeals of the assessee are partly allowed

Bench: Shri Amit Shukla & Shri Ashwani Tanejaassessment Year: 2007-08 & Assessment Year: 2008-09 Pfizer Limited, Acit Range 8(2), Patel Estate, Off S.V. Rd. Aayakar Bahwan, बनाम/ Jogeshwari (W), M.K. Marg, Vs. Mumba-400102 Mumbai- (Assessee) (Revenue) P.A. No.Aaacp3334M

capital gains. The assessee has relied upon the judgment of Hon’ble Rajasthan High Court in the case of CIT vs. Smt. Premlata Jalani (supra), wherein view has been taken supporting the claim of the assessee in view of the aforesaid proviso.Interest has been levied ignoring the effect of aforesaid proviso as well 30 Pfizer Limited as judgment

M/S. GOLDEN FALCON PACIFIC LTD.,MUMBAI vs. DCIT, NEW DELHI

In the result, appeals filed by the revenue is dismissed and appeal filed by the assessee is allowed

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Rahul Chaudhary, Hon'Bledcit –Circle – 10(1) V. M/S. Golden Falcon Pacific Ltd New Delhi Off. 101, Real Tech Park Sector-30, Vashi, Near Railway Station Navi Mumbai - 400705 Pan: Aadcg8569L (Appellant) (Respondent) M/S. Golden Falcon Pacific Ltd V. Dcit –Circle – 12(1) Now 10(1) C/O. M/S. Saraf & Chandra (C.A) Room No. 416-A Bharat Ins. Bldg, 3Rd Floor, 15-A Central Revenue Building Horniman Circle, Fort, Mumbai – 01 I.P. Estate, New Delhi - 110002 Pan: Aadcg8569L (Appellant) (Respondent)

section 50C(1) of the Act, is not correct as our client has not sold the property below the valuation by done by the stamp valuation authority. 2. The value as determined by the District Valuation Officer is at Rs. 71,16,92,000/- which is excessive and unreasonable considering the fact that the property is still under litigation

DCIT, NEW DELHI vs. M/S. GOLDEN FALCON PACIFIC LTD., NAVI MUMBAI

In the result, appeals filed by the revenue is dismissed and appeal filed by the assessee is allowed

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Rahul Chaudhary, Hon'Bledcit –Circle – 10(1) V. M/S. Golden Falcon Pacific Ltd New Delhi Off. 101, Real Tech Park Sector-30, Vashi, Near Railway Station Navi Mumbai - 400705 Pan: Aadcg8569L (Appellant) (Respondent) M/S. Golden Falcon Pacific Ltd V. Dcit –Circle – 12(1) Now 10(1) C/O. M/S. Saraf & Chandra (C.A) Room No. 416-A Bharat Ins. Bldg, 3Rd Floor, 15-A Central Revenue Building Horniman Circle, Fort, Mumbai – 01 I.P. Estate, New Delhi - 110002 Pan: Aadcg8569L (Appellant) (Respondent)

section 50C(1) of the Act, is not correct as our client has not sold the property below the valuation by done by the stamp valuation authority. 2. The value as determined by the District Valuation Officer is at Rs. 71,16,92,000/- which is excessive and unreasonable considering the fact that the property is still under litigation

SHRI. SAJAL RADHIKAMOHAN KAR,MUMBAI vs. ACIT CIRCLE-27 (3) , MUMBAI

The appeal of the assessee is partly allowed in terms of our aforesaid observations

Bench: Shri S.Rifaur Rahman () & Shri Ravish Sood () Shri Sajal Radhikamohan Kar Acit,Circle -27(3) 503, Swastik Solitaire, Chadve Vs. Tower 6, Vashi Railway Chs, Sion Trombay Road, Station Complex, Chember, Mumbai – 400071 Navi Mumbai – 400 703 Pan No. Aadpk3367P (Assessee) (Revenue) Assessee By : Shri Reepal G.Tralshawala, A.R Revenue By : Shri Gurbinder Singh, D.R Date Of Hearing : 03/08/2021 Date Of Pronouncement : 01/09/2021

capital gain shall be dealt with in accordance with the other parts of the section. 11. The concepts of the "assessee", "own", "owned" "owner", "ownership", "co- owner", "owner of house property" or "ownership of property" as elaborated in ITA No.6476/Mum/2019 AY. 2015-16 15 Shri Sajal Radhikamohan kar Vs. ACIT, Circle

PERFECT THREAD MILLS LTD,MUMBAI vs. DCIT 8(2), MUMBAI

In the result, appeal filed by the assessee is dismissed

Bench: Shri G.S.Pannu Vice Presedent,(As) Shri D. Karunakar Rao & Shri Amit Shukla, Sh. Pawan Singh & Shri Rajesh Kumarperfect Thread Mills Ltd Vs Dcit, 8(2), Mumbai 201, Millenium Plaza Behind Sakinaka Telephone Exchange, Andheri Kurla Road, Andheri (E), Mumbai- 72 Pan: Aaacp6449E Appellant Respondednt

capital gains, the Kerala High Court has failed to note that in a mortgage there is transfer of an interest in the property by the mortgagor in favour of the mortgagee and where the previous owner has mortgaged the property during his lifetime, which is subsisting at the time of his death, then after his death his heir only inherits