Section 55 of the Income Tax Act

The decision most relied on for Section 55 is CIT v. Mythreyi Pai (152 ITR 247), cited in 44 of the 41 judgments on BharatTax that turn on this section.

Leading authorities on Section 55

CIT v. Mythreyi Pai
152 ITR 247 · 1985 · High Court
44
citing judgments

Interest paid on a loan to acquire shares can be considered part of the cost of acquisition under Section 48 for computing capital gains, provided it has not been claimed as a deduction against other income. This prevents a double deduction of the same expenditure.

CIT v. Sambhaji Nagar Co-op. Hsg. Society Ltd.
370 ITR 325 · 2015 · High Court
23
citing judgments
Commissioner of Income Tax v. Raman Kumar Suri
29 Taxmann.com 231 · 2013 · High Court
19
citing judgments
Habib Hussain v. CIT
48 ITR 859 · 1963 · High Court
14
citing judgments
CIT v. Shri Hariram Hotels Pvt. Ltd.
325 ITR 136 · 2010 · High Court
10
citing judgments
MSCI EM UCITS ETF USD ACC v. DCIT
164 Taxmann.com 56 · 2024 · ITAT
9
citing judgments
CIT v. Sri Hariram Hotels (Purchase) Ltd.
188 Taxmann 170 · 2010 · High Court
9
citing judgments
Chitra Publicity Co. (P) Ltd. v. ACIT
127 TTJ 1 · 2010 · ITAT
8
citing judgments
CiT v. Sri. Hari Ram Hotels P. Ltd.
27 Taxmann.com 104 · 2012 · ITAT
7
citing judgments
CIT v. Fort Gloster Industries (P.) Ltd.
79 ITR 48 · 1971 · High Court
6
citing judgments

Judgments on Section 55

KAILAS KALYAN CREATORS PRIVATE LIMITED,AHMEDABAD vs. ITO WARD 2(1)(1), AHMEDABAD, AHMEDABAD

ITA 2342/AHD/2025[2023-24]Status: DisposedITAT Ahmedabad09 Apr 2026AY 2023-24

Bench: Shri Sanjay Garg & Annapurna Guptaआयकर अपील सं /Ita No.2342/Ahd/2025 िनधा"रण वष" /Assessment Year : 2023-24 Kailas Kalyan Creators The Ito बनाम/ Private Limited Ward-2(1)(1) V/S. 5, Prerna Kutir Bungalows Ahmedabad – 380 051 Nr. Sarthi Hotel Vastrapur, Bodakdev Ahmedabad – 380 054 "थायी लेखा सं./Pan: Aaack 9110 C (अपीलाथ(/ Appellant) ()* यथ(/ Respondent) Assessee By : Shri Chetan Agarwal, A.R. Revenue By : Shri Alpesh Parmar, Cit-Dr सुनवाई की तारीख/Date Of Hearing : 24/02/2026 घोषणा की तारीख /Date Of Pronouncement: 09/04/2026 आदेश/O R D E R Per Sanjay Garg:

For Appellant: Shri Chetan Agarwal, A.RFor Respondent: Shri Alpesh Parmar, CIT-DR
Section 250Section 48

AMITA MEMORIAL TRUST,MUMBAI vs. CIT(EXEMPTION) MUMBAI, MUMBAI

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

ITA 1262/MUM/2026[2026-27]Status: DisposedITAT Mumbai30 Mar 2026AY 2026-27

Bench: Hon’Ble Justice (Retd.) C V Bhadang & Shri Girish Agrawal

For Appellant: Shri K. Gopal & Ms Neha Paranjpe, AdvocatesFor Respondent: Shri Rajesh Kumar Yadav, CIT DR
Section 11Section 12ASection 12A(1)(ac)Section 60Section 80G

SRI GURU RAMALINGESHWARA SOUHARDA PATTINA SAHAKARI NIYAMITHA ,MASKI vs. PR. COMMISSIONER OF INCOME TAX , HUBLI

In the result, the appeal of the assessee is hereby allowed

ITA 1174/BANG/2025[2020-21]Status: DisposedITAT Bangalore12 Mar 2026AY 2020-21

Bench: Shri Waseem Ahmed & Shri Soundararajan Kassessment Year: 2020-21

For Appellant: Shri Ravishankar, AdvocateFor Respondent: Shri Muthu Shankar, JCIT (DR)
Section 143(3)Section 263Section 56Section 80PSection 80P(2)(a)Section 80P(2)(d)

INDORIGIN ELECTRIC LTD,WADALA MUMBAI vs. ACIT CENTRAL CIRCLE 4 4 MUMBAI , MUMBAI

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

ITA 4682/MUM/2025[2014-15]Status: DisposedITAT Mumbai10 Feb 2026AY 2014-15

Bench: Shri Vikram Singh Yadavshri Sandeep Singh Karhailm/S. Indorigin Electric Ltd. Rectifier House, 570, Naigum Cross Road, Wadala, Mumbai- 400 031. ............... Appellant Pan: Aaaci1040B V/S Acit, Central Circle-4(4), Mumbai R. No. 424, 4Th Floor, Kautilya Bhavan, ……………… Respondent C-41 To C-43, G Block, Bandra Kurla Complex, Bandra (East), Mumbai- 400 051

For Appellant: Shri Kalpesh Turalkar, AdvFor Respondent: Shri Virabhadra Mahajan, Sr. DR
Section 10(34)Section 142(1)Section 143(2)Section 143(3)Section 14ASection 250

ISHARES CORE MSCI EMERGING MARKETS ETF (AS A SUCCESSOR TO ISHARES CORE EMERGING MARKETS MAURITIUS COMPANY ,MUMBAI vs. DCIT (TP) 2(2)(2), MUMBAI

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

ITA 6051/MUM/2025[2023-24]Status: DisposedITAT Mumbai02 Jan 2026AY 2023-24

Bench: Shri Vikram Singh Yadavshri Sandeep Singh Karhailishares Core Msci Emerging Markets Etf (As A Successor To Ishares Core Emerging Markets Mauritius Company) C/O Ernst & Young Llp, 17Th Floor, The Ruby, 29, Senapati Bapat Marg, ............... Appellant Dadar (West), Mumbai - 400028 Pan : Aafci3337N V/S Deputy Commissioner Of Income Tax (International Tax) - 2(2)(2) Room No.606, 6Th Floor, Kautilya Bhavan, ……………… Respondent C-41 To C-43, G-Block, Bandra Kurla Complex, Bandra (East), Mumbai – 400051 Ishares Msci All Country Asia Ex Japan Etf C/O Ernst & Young Llp, 17Th Floor, The Ruby, 29, Senapati Bapat Marg, Dadar (West), Mumbai - 400028 Pan : Aabti7439L ............... Appellant

For Appellant: Shri Pranav GandhiFor Respondent: Shri Satya Pal Kumar, CIT-DR
Section 143(3)Section 144C(13)Section 144C(5)Section 70Section 70(2)

V RAMAKRISHNAN,CHENNAI vs. DCIT CENTRAL CIRCLE III(4), CHENNAI

In the result, the appeal for the A

ITA 2197/CHNY/2005[1999-2000]Status: DisposedITAT Chennai26 Dec 2025AY 1999-2000

Bench: Shri Manu Kumar Giri & Shri S. R. Raghunatha

For Appellant: Shri. N. Arjun Raj, AdvocateFor Respondent: Shri. Bipin. C.N., C.I.T
Section 132Section 148Section 15Section 158BSection 17(1)(iv)

COLOMBIA COOPERATIVE HOUSING SOCIETY LIMITED,BANDRA vs. ASSESSMENT UNIT, NFAC

ITA 4222/MUM/2025[2015-16]Status: DisposedITAT Mumbai22 Dec 2025AY 2015-16

Bench: Shri Sandeep Gosain & Shri Girish Agrawalcolombia Co-Operative Housing Vs Ito, Ward 23(1)(1), Mumbai Society Limited 5Th Floor, Piramal Chamber, C-486/B, Plot B, St. Domnie Road, Churchgate, Mumbai Bandra (West), Mumbai 400050 400012 Pan: (Aaaac2663A) Appellant Respondent Present For: Appellant By : Shri Pradip Kapasi, Ca Respondent By : Shri Virabhadra Mahajan, Sr. Dr (Virtually Present) Date Of Hearing : 23.09.2025 Date Of Pronouncement : 22.12.2025 O R D E R Per Girish Agrawal: This Appeal Filed By The Assessee Is Against The Order Of National Faceless Appeal Centre (Nfac), Delhi Vide Order No. Itba/Nfac/S/ 250/2025-26/1076003708(1) Dated 02.05.2025 Passed Against The Assessment Order U/S. 147 Of The Income-Tax Act, 1961 (Hereinafter Referred To As The “Act”), Dated 18.03.2024 For Ay 2015-16. 2. Grounds Taken By The Assessee Are Reproduced As Under: “Ground No. 1: Reopening & Reassessment A. The Ld. Cit(A) Erred In Law & On Facts In Confirming The Action Of The Ld.Ao Of Reopening & Reassessment. Your Appellant Prays That The Reopening & 2

For Appellant: Shri Pradip Kapasi, CAFor Respondent: Shri Virabhadra Mahajan, Sr. DR
Section 147Section 149(1)Section 45

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, NOIDA, NOIDA vs. RAGHAV BAHL, NOIDA

In the result, appeal of the Revenue is dismissed

ITA 1640/DEL/2023[2020-21]Status: DisposedITAT Delhi19 Dec 2025AY 2020-21

Bench: Shri Yogesh Kumar U.S & Shri Manish Agarwal

Section 139(1)Section 143(3)Section 250

LALMUNI DEVI,PATNA vs. ITO, PATNA

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

ITA 18/PAT/2025[2013-14]Status: DisposedITAT Patna18 Nov 2025AY 2013-14

Bench: Shri Sonjoy Sarma & Shri Rakesh Mishra

Section 133(6)Section 144Section 147Section 148Section 234ASection 234BSection 250Section 48Section 50CSection 55

NISHA VIJAY ISRANI,MUMBAI vs. ACIT, INTERNATIONAL TAXATION, CIRCLE-1(2), BANGALORE

In the result, the appeal filed by the assessee is partly allowed

ITA 608/BANG/2025[2022-23]Status: DisposedITAT Bangalore31 Oct 2025AY 2022-23

Bench: Shri Prashant Maharishi & Shri Keshav Dubey

For Appellant: N O N EFor Respondent: Dr. Divya K.J., D.R
Section 139Section 143(1)Section 143(2)Section 143(3)

VIJAY LAKHMICHAND ISRANI,MUMBAI vs. ACIT, INTERNATIONAL TAXATION, CIRCLE-1(2), BANGALORE

In the result, the appeal filed by the assessee is partly allowed

ITA 607/BANG/2025[2022-23]Status: DisposedITAT Bangalore31 Oct 2025AY 2022-23

Bench: Shri Prashant Maharishi & Shri Keshav Dubey

For Appellant: N O N EFor Respondent: Dr. Divya K.J., D.R
Section 139Section 143(1)Section 143(2)Section 143(3)

INCOME TAX OFFICER-41(2)(4), MUMBAI, BKC, MUMBAI vs. RBI EMPLOYEES BHAGVATI COOP HOUSING SOCIETY LTD , MULUND EAST, MUMBAI

ITA 4073/MUM/2025[2011]Status: DisposedITAT Mumbai27 Oct 2025

Bench: SHRI VIKRAM SINGH YADAV, ACCOUNTANT MEMBER SHRI RAHUL CHAUDHARY (Judicial Member)

For Appellant: Shri Fenil BhattFor Respondent: Shri Annavaran Kosuri
Section 139Section 143(3)Section 147Section 148Section 2(47)(v)Section 271(1)(c)Section 48Section 50CSection 53A

INCOME TAX OFFICER-41(2)(4), MUMBAI, KAUTILYA BHAVAN, BKC, MUMBAI vs. RBI EMPLOYEES BHAGVATI CO-OP HOUSING SOCIETY LTD., MULUND EAST, MUMBAI

ITA 3595/MUM/2025[2011-12]Status: DisposedITAT Mumbai27 Oct 2025AY 2011-12

Bench: SHRI VIKRAM SINGH YADAV, ACCOUNTANT MEMBER SHRI RAHUL CHAUDHARY (Judicial Member)

For Appellant: Shri Fenil BhattFor Respondent: Shri Annavaran Kosuri
Section 139Section 143(3)Section 147Section 148Section 2(47)(v)Section 271(1)(c)Section 48Section 50CSection 53A

MUTHYALA SURYABABU,BENGALURU vs. PR. COMMISSIONER OF INCOME TAX, BANGALORE-1, BANGALORE

In the result appeal filed by the assessee is partly allowed for statistical purposes

ITA 854/BANG/2025[2020-21]Status: DisposedITAT Bangalore15 Sept 2025AY 2020-21

Bench: Shri Waseem Ahmed & Shri Keshav Dubeyassessment Year : 2020-21

For Appellant: Shri H. Guruswamy, ITPFor Respondent: Shri Murali Mohan, CIT DR
Section 14Section 263Section 55

SAGARLAXMI AGRISEEDS PRIVATE LIMITED,AHMEDABAD vs. THE ACIT, CIRCLE-4(1)(1), AHMEDABAD

In the result, appeal of the assessee stands allowed

ITA 1918/AHD/2024[2017-18]Status: DisposedITAT Ahmedabad05 Aug 2025AY 2017-18

Bench: S/Shri Sanjay Garg & Narendra Prasad Sinhaassessment Year : 2017-18 Sagarlaxmi Agriseeds Pvt Ltd Acit, Cir.4(1)(1) 206, Ashwamegh Avenue Vs Ahmedabad. Opp: Mithakhali Garden Navrangpura Ahmedabad. Pan : Aawcs 7561 F (Respondent) (Appellant) Assessee By : Shri Deepak R. Shah, Ar Revenue By : Shri Dharnidas V.S., Sr.Dr सुनवाई की तारीख/Date Of Hearing : 15/05/2025 घोषणा की तारीख /Date Of Pronouncement: 05/08/2025 आदेश/O R D E R

For Appellant: Shri Deepak R. Shah, ARFor Respondent: Shri Dharnidas V.S., Sr.DR
Section 143(1)Section 143(2)Section 143(3)Section 250Section 32

NIRMA LIMITED,,AHMEDABAD vs. DCIT, CIRCLE-3(1)(1),, AHMEDABAD

In the result, all the appeals filed by the Revenue and the appeals for AYs 2012-

ITA 516/AHD/2018[2014-15]Status: DisposedITAT Ahmedabad30 Jun 2025AY 2014-15

Bench: Dr. B.R.R. Kumar, Vice- & Ms. Suchitra R. Kamble

For Appellant: Shri S.N. Soparkar, Sr.AdvocateFor Respondent: Shri Alpesh Parmar, CIT-DR
Section 143(3)Section 2(24)(x)Section 234BSection 271

THE DCIT, CIR-3(1)(1), AHMEDABAD vs. M/S. NIRMA LIMITED,, AHMEDABAD

In the result, all the appeals filed by the Revenue and the appeals for AYs 2012-

ITA 2224/AHD/2017[2013-14]Status: DisposedITAT Ahmedabad30 Jun 2025AY 2013-14

Bench: Dr. B.R.R. Kumar, Vice- & Ms. Suchitra R. Kamble

For Appellant: Shri S.N. Soparkar, Sr.AdvocateFor Respondent: Shri Alpesh Parmar, CIT-DR
Section 143(3)Section 2(24)(x)Section 234BSection 271

NEERU ARORA,CHANDIGARH vs. CIRCLE-1, INTERNATIONAL TAXATION, CHANDIGARH

In the result, the appeal of the assessee is partly allowed in terms indicated above

ITA 60/CHANDI/2024[2013-14]Status: DisposedITAT Chandigarh25 Jun 2025AY 2013-14

Bench: SHRI. LALIET KUMAR (Judicial Member), SHRI. MANOJ KUMAR AGGARWAL (Accountant Member)

For Appellant: Shri Parikshit Aggarwal, C.AFor Respondent: Smt. Tarundeep Kaur, CIT, DR
Section 142(1)Section 144C(2)Section 147Section 148Section 2(47)(v)Section 48Section 50CSection 50C(1)Section 50C(2)Section 53A

MR.B.KUNHI AHMED ,MANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX CENTRAL CIRCLE, MANGALORE

In the result, appeal of the assessee is partly allowed

ITA 386/BANG/2017[2012-13]Status: DisposedITAT Bangalore03 Jun 2025AY 2012-13

Bench: Shri. Laxmi Prasad Sahu & Shri. Keshav Dubeyassessment Year :2012-13

For Appellant: Shri. V. Srinivasan, AdvocateFor Respondent: Ms. Neha Sahay, JCIT(DR)(ITAT), Bangalore
Section 132Section 139Section 143(1)

TEACHER RETIREMENT SYSTEM OF TEXAS,MUMBAI vs. ASSISTANT COMMISSIONER OF INCOME TAX (INTERNATIONAL TAXATION )-4(1)(2), MUMBAI

In the result, the appeal by the assessee is partly allowed

ITA 1371/MUM/2025[2022-23]Status: DisposedITAT Mumbai23 May 2025AY 2022-23

Bench: Shri Sandeep Singh Karhailshri Girish Agrawalteacher Retirement System Of Texas, C/O Ernst & Young Llp, 17Th Floor, The Ruby, 29, Senapati Bapat Marg, Dadar (West), ............... Appellant Mumbai - 400028 Pan: Aaatt9387R V/S Acit (It) – 4(1)(2), Kautilya Bhavan, ……………… Respondent G-Block, Bandra Kurla Complex, Mumbai - 400051 Assessee By : Shri Anish Thacker Shri Pranay Gandhi Revenue By : Shri Soumendu K. Dash, Sr.Dr

For Appellant: Shri Anish ThackerFor Respondent: Shri Soumendu K. Dash, Sr.DR
Section 142(1)Section 143(2)Section 143(3)Section 144C(13)Section 144C(3)Section 144C(5)Section 234CSection 270ASection 70Section 70(2)

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