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Documents citing Pr. Commissioner Of Income Tax-2 vs Muller And Phipps (India) Ltd on 4 March, 2019

Om Kothari Foundation, Jaipur, ... vs Ito (E), Ward-1, Jaipur, Jaipur ... on 4 June, 2024

5.3 Ld. Counsel for the assessee placed reliance on the judgment of the Hon'ble Karnataka High Court in the case of Commissioner of Income-Tex Vs. Muller's Charitable Institutions this resets related to denial of exemption, but not on the issue of rescinding exemption granted u/s 10(23C)(vi). The decision of the Tribunal in the case of M/s Santokba Durlabhji in ITA No. 241 & 242/JP/2014 is also related with the taxability of income arising from the investment which are not specified under the provisions of Section 13(1)(d). The issue in the present case, is whether the Ld. CIT(A) is justified in rescinding the notification granted u/s 10(23C)(vi) of the Act, under the facts of the present case. The Ld. Counsel for the assessee has placed on record the order of CITIA) pertaining to the AY 2008-09 dated 12-8- 2016 in assessee's own case. In that year the issue of rescinding the notification u/s 10(23C)(vi) was not under consideration. The only issue which requires to be considered whether the Ld. CIT(E) was justified in withdrawing the notification and benefit a/s 10(23C) (vi) of the Act, on the basis that the assessee has not made investment in the specified assets. There is no dispute with regard to the fact that the assesee kept this investment as it is without converting into the same in the mode specified under the Act despite elapse of several years, the proviso of Section 10(23C)(vi) empowers the prescribed authority under the Act to withdraw the approval granted u/s 10(23C) (vi). It is borne out of records that the Revenue chose not to rescind the approval in earlier years. The Ld. Counsel for the assessee urged that withdrawal of exemption is very harsh step as the assessee has been enjoying the benefit of exemption, for several years. After considering the totality of the fact, we deem it proper to restore this 20 ITA NO.57/JP/2024 OM KOTHARI FOUNDATION VS ITO (EXEMPTION), WARD -1 , JAIPUR issue to the file of the CIT(E) to reconsider the submissions of the assessee, and give last opportunity to convert the shares into specified assets within a specified period, and meantime withdraw exemption u/s 11 & 12 in respect of income earned from the investment made in non-specified assets. This ground of assessee's appeal is allowed for statistical purpose."
Income Tax Appellate Tribunal - Jaipur Cites 61 - Cited by 0 - Full Document

Om Kothari Foundation, Jaipur, ... vs Ito, (Exemption) Ward-1, Jaipur, ... on 4 June, 2024

5.3 Ld. Counsel for the assessee placed reliance on the judgment of the Hon'ble Karnataka High Court in the case of Commissioner of Income-Tex Vs. Muller's Charitable Institutions this resets related to denial of exemption, but not on the issue of rescinding exemption granted u/s 10(23C)(vi). The decision of the Tribunal in the case of M/s Santokba Durlabhji in ITA No. 241 & 242/JP/2014 is also related with the taxability of income arising from the investment which are not specified under the provisions of Section 13(1)(d). The issue in the present case, is whether the Ld. CIT(A) is justified in rescinding the notification granted u/s 10(23C)(vi) of the Act, under the facts of the present case. The Ld. Counsel for the assessee has placed on record the order of CITIA) pertaining to the AY 2008-09 dated 12-8- 2016 in assessee's own case. In that year the issue of rescinding the notification u/s 10(23C)(vi) was not under consideration. The only issue which requires to be considered whether the Ld. CIT(E) was justified in withdrawing the notification and benefit a/s 10(23C) (vi) of the Act, on the basis that the assessee has not made investment in the specified assets. There is no dispute with regard to the fact that the assesee kept this investment as it is without converting into the same in the mode specified under the Act despite elapse of several years, the proviso of Section 10(23C)(vi) empowers the prescribed authority under the Act to withdraw the approval granted u/s 10(23C) (vi). It is borne out of records that the Revenue chose not to rescind the approval in earlier years. The Ld. Counsel for the assessee urged that withdrawal of exemption is very harsh step as the assessee has been enjoying the benefit of exemption, for several years. After considering the totality of the fact, we deem it proper to restore this 20 ITA NO.57/JP/2024 OM KOTHARI FOUNDATION VS ITO (EXEMPTION), WARD -1 , JAIPUR issue to the file of the CIT(E) to reconsider the submissions of the assessee, and give last opportunity to convert the shares into specified assets within a specified period, and meantime withdraw exemption u/s 11 & 12 in respect of income earned from the investment made in non-specified assets. This ground of assessee's appeal is allowed for statistical purpose."
Income Tax Appellate Tribunal - Jaipur Cites 61 - Cited by 0 - Full Document

Dhanbad Lab Instruments India Private ... vs Metravi Instruments Private Limited on 23 May, 2025

A variety of elements goes into its making, and its composition varies in different trades and in different businesses in the same trade, and while one element may preponderate in one business, another may dominate in another business. And yet because of its intangible nature, it remains insubstantial in form and nebulous in character. Those features prompted Lord Macnaghten to remark in CIT v. Muller & Co.'s Margarine Limited [1901 AC 217] that although goodwill was easy to describe, it was nonetheless difficult to define. In a progressing business goodwill tends to show progressive increase. And in a failing business it may begin to wane. Its value may fluctuate from one moment to another depending on changes in the reputation of the business. It is affected by everything relating to the business, the personality and Page 18 of 35 2025:CHC-OS:81-DB business rectitude of the owners, the nature and character of the business, its name and reputation, its location, its impact on the contemporary market, the prevailing socio-economic ecology, introduction to old customers and agreed absence of competition. There can be no account in value of the factors producing it. It is also impossible to predicate the moment of its birth. It comes silently into the world, unheralded and unproclaimed and its impact may not be visibly felt for an undefined period. Imperceptible at birth it exists enwrapped in a concept, growing or fluctuating with the numerous imponderables pouring into, and affecting the business......"
Calcutta High Court Cites 18 - Cited by 0 - A Banerjee - Full Document

Dhanbad Lab Instruments India Private ... vs Metravi Instruments Private Limited on 23 May, 2025

A variety of elements goes into its making, and its composition varies in different trades and in different businesses in the same trade, and while one element may preponderate in one business, another may dominate in another business. And yet because of its intangible nature, it remains insubstantial in form and nebulous in character. Those features prompted Lord Macnaghten to remark in CIT v. Muller & Co.'s Margarine Limited [1901 AC 217] that although goodwill was easy to describe, it was nonetheless difficult to define. In a progressing business goodwill tends to show progressive increase. And in a failing business it may begin to wane. Its value may fluctuate from one moment to another depending on changes in the reputation of the business. It is affected by everything relating to the business, the personality and Page 18 of 35 2025:CHC-OS:81-DB business rectitude of the owners, the nature and character of the business, its name and reputation, its location, its impact on the contemporary market, the prevailing socio-economic ecology, introduction to old customers and agreed absence of competition. There can be no account in value of the factors producing it. It is also impossible to predicate the moment of its birth. It comes silently into the world, unheralded and unproclaimed and its impact may not be visibly felt for an undefined period. Imperceptible at birth it exists enwrapped in a concept, growing or fluctuating with the numerous imponderables pouring into, and affecting the business......"
Calcutta High Court Cites 18 - Cited by 0 - A Banerjee - Full Document
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