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1 - 10 of 10 (0.34 seconds)Commissioner Of Income-Tax vs B.K. Bhaumik on 15 July, 1999
CIT vs.
MLM Mahalingam Chettiar [1976] 107 ITR 236 (Mad); CIT vs. B. K. Bhaumik [2001]
116 Taxmann 189 (Del); and CIT vs. Sushila Devi Jain [2003] 259 ITR 671 (P & H).
Commissioner Of Income-Tax vs Sushila Devi Jain on 12 November, 2002
In
Sushila Devi Jain (supra), the assessee acquired agriculture land through inheritance and
sold the same in parcels because of huge area. It was under these circumstances that it
was held that the same did not constitute business.
Commissioner Of Income-Tax vs Kamal Chemicals Industries on 7 February, 2005
Rather, as explained in the case of CIT vs. Kamal Chemical Industries [2005] 277 ITR
150 (P & H)), where the general principles to be applied in determining the question are
well settled, and the only issue relates to the application of those principles to the
particular facts of the case, no substantial question of law can be said to arise. We may
still however, and only with a view to emphasize the truth of what is being said and
highlight those differences (in facts), discuss some decisions by the hon'ble courts.
The Commissioner Of Income Tax vs N.S.S. Investments (P) Ltd. on 13 April, 2005
Again, in CIT vs. N.S.S. Investments
(P.) Ltd. [2005] 277 ITR 149 (Mad), the question was with regard to the investment in
shares held for the purpose of earning dividend income as being capital assets and not
stock-in-trade, which portfolio separately earmarked by the assessee. In the instant case,
on the other hand, we have found the assessee, herself a builder and developer, to have
acquired the land under reference through a series of preconceived and premeditated
steps and, further, the transfer as not a case of an outright sale but per a development
agreement, over which the assessee retains control. It is not, as clarified, a case of
development of land as a building site, with a view to realize a better price. We have, so
however, confined the finding of the same being in pursuance to trade only in respect of
land finally retained by the assessee, so that there has been a conversion in its respect as
contemplated u/s.45(2) (refer paras 4.2 to 4.4 supra).
Continental Construction Ltd vs Commissioner Of Income-Tax, Central-1 on 15 January, 1992
The decision in MCorp Global (P.) Ltd. vs. CIT [2009] 309 ITR 434 (SC) the apex
court following its decision in the case of Hukumchand Mills Ltd. vs. CIT [1967] 63 ITR
232 (SC) held that the tribunal could not enhance an assessment by withdrawing the
benefit granted by the A.O. How we wonder the said decisions would apply in the instant
16
ITA Nos.
Hukumchand Mills Ltd vs Commissioner Of Income-Tax, Central ... on 22 September, 1966
The decision in MCorp Global (P.) Ltd. vs. CIT [2009] 309 ITR 434 (SC) the apex
court following its decision in the case of Hukumchand Mills Ltd. vs. CIT [1967] 63 ITR
232 (SC) held that the tribunal could not enhance an assessment by withdrawing the
benefit granted by the A.O. How we wonder the said decisions would apply in the instant
16
ITA Nos.
Section 53A in The Transfer Of Property Act, 1882 [Entire Act]
Commissioner Of Income-Tax vs Mlm. Mahalingam Chettiar (Deceased By ... on 23 March, 1976
CIT vs.
MLM Mahalingam Chettiar [1976] 107 ITR 236 (Mad); CIT vs. B. K. Bhaumik [2001]
116 Taxmann 189 (Del); and CIT vs. Sushila Devi Jain [2003] 259 ITR 671 (P & H).
The Companies Act, 1956
1