ITO 25(2)(1), MUMBAI vs. JAGDISH C. DHABALIA, MUMBAI

Bench: Shri Amit Shukla & Shri Ashwani Taneja

gain, which are subject to sections 54, 54B, 54D, 54E, 54EA, 54EB, 54F, 54G & 54H. However, section 54EC has not been mentioned despite it is analogous with similar sections like 54E, 54EA & 54EB which had a sunset clause. The exemption from taxability of capital

ITO 25(2)(2), MUMBAI vs. MEHUL J DHABALIA, MUMBAI

Bench: Shri Amit Shukla & Shri Ashwani Taneja

gain, which are subject to sections 54, 54B, 54D, 54E, 54EA, 54EB, 54F, 54G & 54H. However, section 54EC has not been mentioned despite it is analogous with similar sections like 54E, 54EA & 54EB which had a sunset clause. The exemption from taxability of capital

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 arising from the transfer of a capital asset effected in the previous year shall, save as otherwise provided in sections 54. 54B

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

gains arising from the transfer of a capital asset effected in the previous year shall, save as otherwise provided in sections 54, 54B

SHRI RAJESH RAMCHANDRA DAKE,PANVEL vs. DY CIT CC-1, MUMBAI

54B. (1) Subject to the provisions of sub-section (2), where the capital gain arises from the transfer of a capital

VISHAL DUTT,NAVI MUMBAI vs. ITO WD 22(3)(4), NAVI MUMBAI

In the result, the appeal filed by the assessee in ITA N0

Bench: Shri Sanjay Garg & Shri Ramit Kocharआयकर अपील सं./I.T.A. No. 878/Mum/2014 ("नधा"रण वष" / Assessment Year : 2008-09) Vishal Dutt, बनाम/ Income Tax Officer, Ward 205, B-Wing, Big Splash, – 22(3)(4), V. Sector – 17,Vashi, 3 Rd Floor, Tower No. 6, Navi Mumbai – 400703. Vashi Railway Station, Navi Mumbai – 400 703. "थायी लेखा सं./Pan : Aagpd 1553 M (अपीलाथ" /Appellant) .. (""यथ" / Respondent)

gains arising from the transfer of a capital asset effected in the previous year shall, save or otherwise provided in sections 54, 54B

MR.LEMES E. D'SOUZA,MUMBAI vs. ITO WARD 21(3)(3), MUMBAI

In the result, appeal filed by the assessee in ITA No

Bench: Shri D.T. Garasia & Shri Ramit Kocharआयकर अपील सं./I.T.A. No.5802/Mum/2013 ("नधा"रण वष" / Assessment Years : 2009-10) Mr. Lemes E. D’ Souza, Ito – Ward 21(3)(3), बनाम/ Alk Bricks Factory Room No. 507, 5 Th Floor, V. Company, C-11, Pratyakshakar Behind Sakinaka, Bhavan, Motor Training School, B.K.C. Bandra, Opp. Janseva Decoilers, Mumbai – 400 051. Sakinaka, Mumbai – 400 072. "थायी लेखा सं./Pan :Aadpd7091 H (अपीलाथ" /Appellant) .. (""यथ" / Respondent)

54B of the Act has taken into consideration the possibility of enhancement of compensation amount by the court, Tribunal, etc., at the subsequent stages. If the agricultural land is purchased within a period of two years from such enhancement, the capital gain or no capital gain, as the case may be, will be charged under section

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

PRADIPKUMAR P. KANAKIA,MUMBAI vs. DCIT CIR13(2), MUMBAI

The appeal of the assessee is allowed

Bench: Shri Joginder Singh & Shri Rajesh Kumarassessment Year: 2011-12 Shri Pradipkumar Purshottam Dcit, Kanakia, Circle-13(2), बनाम/ C/O- Pratap Re-Rollers Pvt. Ltd Aayakar Bhavan, Vs. 18, Steel Yard House, Iron Mumbai-400020 Market, Sant Tukaram Road, Mumbai-400009 ("नधा"रती /Assessee) (राज"व /Revenue) Pan. No.Afvpk8451P

section referred to as the new asset) the difference between the amount of the capital gain and the cost of the new asset shall be charged under s. 45 as the income of the previous year; and for the purpose of computing in respect of the new asset any capital gain arising from its transfer within a period of three

SHAKIL HAMID SHEIKH,NAVI MUMBAI vs. ACIT 22(3), MUMBAI

In the result, the appeal filed by the assessee in ITA No

Bench: Shri C.N. Prasad & Shri Ramit Kocharआयकर अपील सं./I.T.A. No. 6775/Mum/2013 ("नधा"रण वष" / Assessment Year : 2008-09) Shri Shakil Hamid Sheikh, Asstt. Commissioner Of बनाम/ Survey No. 183, Income Tax – 22(3), V. Kukshet, Mumbai. Opp. Hpcl, Midc, Navi Mumbai – 400 703. "थायी लेखा सं./Pan : Abqps2677G .. (अपीलाथ" /Appellant) (""यथ" / Respondent)

Section 50C of the Act. The ld. Counsel submitted that the assessee was under a belied that he had sold agricultural land and the assessee was under the bonafide belief that capital gains arising thereon are exempted from capital gain tax u/s 54B

ANIK INDUSTRIES LTD,MUMBAI vs. DCIT CC 40, MUMBAI

The appeal stands allowed

Bench: Shri Saktijit Dey, Jm & Shri Manoj Kumar Aggarwal, Am आयकरअपील सं./ I.T.A. No.7189/Mum/2014 (िनधा"रण वष" / Assessment Year:2010-11) M/S. Anik Industries Ltd. Dcit-Central Circle -40 बनाम/ 610, Tulsiani Chambers Mumbai. Vs. Nariman Point, Mumbai. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaacm-2696-K (अपीलाथ"/Appellant) : (""थ" / Respondent) & आयकरअपील सं./ I.T.A. No.5234/Mum/2016 (िनधा"रण वष" / Assessment Year:2012-13) M/S. Anik Industries Ltd. Dcit-Central Circle -40 बनाम/ 610, Tulsiani Chambers Mumbai. Vs. Nariman Point, Mumbai. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaacm-2696-K (अपीलाथ"/Appellant) : (""थ" / Respondent) अपीलाथ"कीओरसे/ Appellant By : Shri Bhupendra Shah-Ld. Ar ""थ"कीओरसे/Respondent By : Shri Manoj Kumar-Ld. Dr सुनवाईकीतारीख/ : 17/01/2020 Date Of Hearing घोषणाकीतारीख / : 19/03/2020 Date Of Pronouncement

gains arising from the transfer of a capital asset effected in the previous year shall, save as otherwise provided in sections [***] [54, [54B

SUPERMAX PERSONAL CARE P.LTD,THANE vs. ASST CIT (LTU)-1, MUMBAI

gains arising from the transfer of a capital asset effected in the previous year shall, save as otherwise provided in sections 54, 54B

SURESH BHAGWANDAS MEHTA,MUMBAI vs. INCOME TAX OFFICER - 23(1)(6), MUMBAI

In the result, the appeal by the assessee is allowed for statistical purposes

Bench: Shri Narendra Kumar Billaiyashri Sandeep Singh Karhailsuresh Bhagwandas Mehta, B-4 Mehta House, Jvpd Scheme, Vl Mehta Road, Vile Parle West Mumbai – 400049 ............... Appellant Pan : Aadpm8459J

54B. (1) Subject to the provisions of sub-section (2), where the capital gain arises from the transfer of a capital

LATE SHRI GORDHANDAS S. GARODIA,MUMBAI vs. DCIT 22(1), MUMBAI

In the result, Revenue’s appeal is dismissed and assessee’s appeal is partly allowed

Bench: Shri Saktijit Dey & Shri Rajesh Kumar

gains arising from the transfer of a capital asset effected in the previous year shall, save as otherwise provided in sections [***] [54, 54B

DY CIT, CC-7(1), MUMBAI vs. MRS. NITTA VINODKUMAR JATIYA , MUMBAI

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

Bench: Shri M Balaganesh & Shri Pavan Kumar Gadaledcit, Cc-7(1) Vs. Mrs. Nitta Vinodkumar Room No. 676B, 6Th Jatiya, Floor, Aayakar Bhavan, 1, Pearl Mansion (N), Mk Road, Mumbai – 91, Marine Lines, 400020. Mk Road, Mumbai – 400020. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Accpj8343D Appellant .. Respondent Appellant By : Mr.Sanjiv Jain. Dr Respondent By : Mr.Snehal Shah. C A. Dr Date Of Hearing 15.11.2021 Date Of Pronouncement 11.02.2022 आदेश / O R D E R Per Pavan Kumar Gadale Jm:

54B. [(1)] [Subject to the provisions of sub-section (2), where the capital gain arises] from the transfer of a capital

SHRI VIPUL S. MEHTA LEGAL HEIR OF SURESH MEHTA,MUMBAI vs. ASST CIT 14(1), MUMBAI

Bench: Shri C.N. Prasad & Shri S. Rifaur Rahman

54B of 2 Suresh Mehta the Income Tax Act, 1961 (for short “the Act”). For the sake of convenience, we are dealing the issues ground–wise. 3. Brief facts relating to ground no.1 are, during assessment proceedings the Assessing Officer observed in Form no.3CD, filed by the assessee which shown credit balance of ₹ 12,95,528/– received from M/s.Vogue Property

THE DCIT CIR 3(1)(1), MUMBAI vs. M/S. DWARIKESH SUGAR INDUSTRIES LTD, MUMBAI

Bench: Shri C.N. Prasad & Shri S. Rifaur Rahman

54B of 2 Suresh Mehta the Income Tax Act, 1961 (for short “the Act”). For the sake of convenience, we are dealing the issues ground–wise. 3. Brief facts relating to ground no.1 are, during assessment proceedings the Assessing Officer observed in Form no.3CD, filed by the assessee which shown credit balance of ₹ 12,95,528/– received from M/s.Vogue Property

SAIFULLAH A KHAN,MUMBAI vs. INCOME TAX OFFICER WD-3(3), MUMBAI

In the result, the appeal of assessee is partly allowed

Bench: Sri Mahavir Singh, Jm & Sri Rajesh Kumar, Am

54B by Ld. AO Taxable capital gain Nil 5,452,693, 1,224,460 6,677,153 4. The AO noted from the charts giving details of sale and purchase of land and held that the assessee is eligible for deduction under section

ITO 24(2)(5), MUMBAI vs. SHRI. MOHMMED IQBAL MOHD. AFAQUE KHAN, PANVEL

In the result, appeal of the revenue is dismissed

Bench: Shri Aby T. Varkey, Hon'Ble & Shri S. Rifaur Rahman, Hon'Bleincome Tax Officer – 24(2)(5) V. Shri Mohammed Iqbal Mohd. Afaque Khan A-602, Plot No. 447 Room No. 611, Piramal Chambers Highland Park Chs Ltd., Lalbaug, Mumbai – 400 012 Opp. Morarji Takka, Panvel -410206 Pan: Aacpk7522M (Appellant) (Respondent) Assessee By : None Department By : Shri M.P. Ahuja

capital gains arising from sale of these lands is eligible for deduction u/s 54B as other conditions of section 54B