Which cases are most cited on Section 47?

CIT v. Texspin Engg. & Mfg. Works (263 ITR 345) — 23 citing judgments; CIT v. Scindia Steam Naviagation Co. Ltd. (125 ITR 118) — 4 citing judgments.

How many judgments are there on Section 47?

BharatTax indexes 74 ITAT, High Court and Supreme Court judgments that turn on Section 47 of the Income Tax Act, 1961.

Section 47 of the Income Tax Act

Q: What is the leading case on Section 47 of the Income Tax Act?

CIT v. Texspin Engg. & Mfg. Works (263 ITR 345) is the decision most relied on for Section 47, cited in 23 judgments. Capital gains tax cannot be levied if no consideration is received for a transfer. The market value of the asset transferred cannot be substituted for the actual consideration received.

Income-tax Act, 2025: s.70

Section 47 of the Income-tax Act, 1961 corresponds to section 70 (Transactions not regarded as transfer) of the Income-tax Act, 2025.

Read section 70 of the 2025 Act

Correspondence checked against the ICAI tabular mapping of the two Acts and the BharatTax.co section commentary.

The decision most relied on for Section 47 is CIT v. Texspin Engg. & Mfg. Works (263 ITR 345), cited in 23 of the 74 judgments on BharatTax that turn on this section.

Leading authorities on Section 47

CIT v. Texspin Engg. & Mfg. Works

263 ITR 345 · 2003 · High Court

citing judgments

Capital gains tax cannot be levied if no consideration is received for a transfer. The market value of the asset transferred cannot be substituted for the actual consideration received.

CIT v. Scindia Steam Naviagation Co. Ltd.

125 ITR 118 · High Court

citing judgments

Judgments on Section 47

Om Prakash Modi, Jaipur vs. DCIT, Jaipur

In the result, the appeals filed by the assessees are allowed

ITA 402/JPR/2017[2012-13]Status: DisposedITAT Jaipur24 Aug 2018AY 2012-13

Section 10(38)Section 132Section 133ASection 139(1)Section 153ASection 68Section 69C

ACIT 12(2), Mumbai vs. Satishchandra Makharia, Mumbai

ITA 5051/MUM/2012[2008-09]Status: DisposedITAT Mumbai28 Apr 2017AY 2008-09

Bench: Shri Joginder Singh () & Shri N.K. Pradhan () Assessment Year: 2008-09 Acit 12(2) Vs. Shri Satishchandra Makharia Room No. 134 Makharia House, 4Th Floor, Aayakar Bhavan, M.K. Rd. 327, Sardar Patel Road Mumbai – 400020 Mumbai - 400004 Pan No. Aahpm1611J (Appellant) (Respondent)

For Appellant: Dr. K. Shivaram &For Respondent: Mr. Vishwas Mundhe, DR

Section 143(3)Section 2(47)Section 47

DCIT 2(1), Mumbai vs. Tml Drivelines Ltd ( Formerly Known As H.V. Transmissions Ltd), Mumbai

In the result, appeal filed by department is dismissed

ITA 3362/MUM/2013[2009-10]Status: DisposedITAT Mumbai10 Jan 2017AY 2009-10

For Appellant: Ms. Aarti SatheFor Respondent: Ms. Beena Santosh -DR

Section 143(3)Section 14ASection 254(1)

Gharda Chemicals Ltd, Mumbai vs. Addl CIT 9(1), Mumbai

ITA 5348/MUM/2009[2004-05]Status: DisposedITAT Mumbai29 Apr 2016AY 2004-05

Bench: S/Sh.Rajendra & C.N. Prasadआयकर अपील सं./Ita/5474/Mum/2009,िनधा"रण वष" /Assessment Year: 2004-05 Dcit, Circle-9(1) Gharda Chemicals Limited Churchgate,Mumbai-400 020. 5/6, Jer Mansion, W.P. Varde Marg, Vs. Off Turner Road, Bandra (W), Mumbai-50. Pan: Aaacg 1255 E आयकर अपील सं./Ita/5348/Mum/2009,िनधा"रण वष" /Assessment Year: 2004-05 Gharda Chemicals Limited Vs. Dcit, Circle-9(1) Mumbai-400 050. Aayakar Bhavan, Mumbai-400020. आयकर आयकर अपील आयकर आयकर अपील अपील संसंसंसं./Ita/8376/Mum/2010,िनधा"रण अपील िनधा"रण िनधा"रण वष" िनधा"रण वष" वष" /Assessment Year: 2005-06 वष" Gharda Chemicals Limited Vs. Dcit, Circle-9(1) Bandra (W),Mumbai-50. Aayakar Bhavan, Mumbai-400020. आयकर आयकर अपील आयकर आयकर अपील अपील संसंसंसं./Ita/8758/Mum/2010,िनधा"रण अपील िनधा"रण िनधा"रण वष" िनधा"रण वष" वष" /Assessment Year: 2005-06 वष" Dcit, Circle-9(1) Vs. M/S.Gharda Chemicals Limited Churchgate,Mumbai-400 020. Mumbai-400 018. (अपीलाथ" /Appellant) (""यथ" / Respondent) Revenue By: Shri Debashish Chandra Assessee By: Ms. Vasanti Patel & Shri Gopal Bohra सुनवाई की तारीख / Date Of Hearing: 13.04.2016 घोषणा की तारीख / Date Of Pronouncement: 29.04.2016 आयकर अिधिनयम,1961 की धारा 254(1)के अ"ग"त आदेश Order U/S.254(1)Of The Income-Tax Act,1961(Act)

For Appellant: Ms. Vasanti Patel & Shri Gopal BohraFor Respondent: Shri Debashish Chandra

Section 254(1)

ITO 5(2)4), Mumbai vs. P.M. Rungta (HUF), Mumbai

In the result, the appeal of the revenue is dismissed

ITA 7955/MUM/2010[2007-08]Status: DisposedITAT Mumbai18 Nov 2015AY 2007-08

Bench: Shri Joginder Singh & Shri Ashwani Tanejaassessment Year: 2007-08 Ito 5(2)(4) P.M. Rungta (Huf). 66 Ali R.No.571, Chambers, Tamarind Lane, बनाम/ Aayakar Bhavan, Vs. Mumbai-400020. Mumbai-400023 (Revenue) (Respondent) P.A. No.Aafhp2630C Revenue By Shri Somnath Ukkal (Dr) Respondent Assessee By Nitesh Joshi (Ar)

Section 143(3)

Shri. B. Veerappa (HUF), Bangalore vs. ITO, Bangalore

ITA 357/BANG/2015[2008-09]Status: DisposedITAT Bangalore09 Oct 2015AY 2008-09

Bench: Shri Vijay Pal Rao & Shri Jason P Boazshri B.Veerappa (Huf), No.101, Bharat Villa, 3Rd Main, Domlur Layout, Bangalore. … Appellant Pan:Aahhb3846A Vs. Income-Tax Officer, Ward 7(2), Bangalore. … Respondent

For Appellant: Smt. Pratibha, AdvocateFor Respondent: Shri P.K.Srihari, Addl.CIT(DR)

Section 143(3)Section 234BSection 54BSection 54F