Case Laws Analysis
Followed on Ravi Gehi (HUF) v. Asstt. CIT 2022 TaxPub(DT) 0493 (Mum-Trib)
Followed on ITO v. Sachin Engineering Work 2021 TaxPub(DT) 1437 (Mum-Trib)
Followed on Vinay Giridhari Motwani v. ACIT 2020 TaxPub(DT) 5312 (Mum-Trib)
Followed on Ranjan Kumar Sahu v. ITO 2019 TaxPub(DT) 7405 (Ctk-Trib)
Followed on Hakimmuddin Mansoorali Plasticwala v. ITO 2019 TaxPub(DT) 5556 (Mum-Trib)
Relied on Earthtech Engineers v. Asstt. CIT 2019 TaxPub(DT) 2934 (Asr-Trib)
Followed on Shobhit Gupta (HUF) v. ITO 2019 TaxPub(DT) 2594 (Del-Trib)
Followed on BSM Developers (P) Ltd. v. ITO 2019 TaxPub(DT) 2122 (Del-Trib)
Followed on Malti Gupta v. ITO 2019 TaxPub(DT) 1320 (Asr-Trib)
Followed on Tefal India Household Appliances (P) Ltd. v. ACIT 2019 TaxPub(DT) 0573 (Del-Trib)
Relied on DCIT v. Liadhar Agarwala 2019 TaxPub(DT) 0217 (Kol-Trib)
Followed on Prathvi Pal Dhabhai v. ITO 2018 TaxPub(DT) 5220 (Jp-Trib)
Followed on ITO v. Alia Creative Consultants (P) Ltd. 2018 TaxPub(DT) 1939 (Mum-Trib)
Relied on DCIT v. Anchor Daewoo Industries Ltd. 2018 TaxPub(DT) 0964 (Mum-Trib)
Followed on Shailesh G. Sheth v. ACIT 2018 TaxPub(DT) 0501 (Mum-Trib)
Relied on Inderjeet Singh Damania v. ACIT 2017 TaxPub(DT) 4747 (Del-Trib)
Followed on Meherjee Cassinath Holdings (P) Ltd. v. ACIT 2017 TaxPub(DT) 1239 (Mum-Trib)
Followed on Krishna Kumar Gupta v. ACIT 2017 TaxPub(DT) 0499 (Jp-Trib)
Reviewed on Associated Stone Industries Ltd. v. Asstt. CIT 2016 TaxPub(DT) 1674 (Jp-Trib)
Distinguished on Asstt. CIT v. Namdev Exports 2015 TaxPub(DT) 3338 (Jp-Trib)
Followed on CIT v. Filtrex Technologies (P.) Ltd. 2015 TaxPub(DT) 3274 (Karn-HC)
Relied on Dinesh Jain v. Asstt. CIT 2014 TaxPub(DT) 4108 (Del-Trib)
Followed on Mala M. Kewlani v. ITO 2013 TaxPub(DT) 1512 (Mum-Trib)
Relied on ITO v. Sukhamrit Singh 2013 TaxPub(DT) 0267 (Asr-Trib)
Relied on Dy. CIT v. Ajay Kumarlal Tehalyani C/o Asian Food Industries 2012 TaxPub(DT) 0275 (Ahd-Trib)
Relied on Maninder Sidhu v. Asstt. CIT 2010 TaxPub(DT) 1791 (Del-Trib)
Followed on CIT v. Suresh Chand Bansal 2010 TaxPub(DT) 0397 (Cal-HC)
Distinguished on Victor Electrodes (India) (P) Ltd. v. ITO 2010 TaxPub(DT) 0004 (Del-Trib)
Distinguished on CIT v. Pearey lal & Sons (EP) Ltd. 2009 TaxPub(DT) 0892 (P&H-HC)
Relied on Jhavar Properties (P) Ltd. v. Asstt. CIT 2009 TaxPub(DT) 0841 (Mum-Trib)
Relied on CIT v. S. Dhanabal 2009 TaxPub(DT) 0720 (Del-HC)
Relied on Dy. CIT v. JMD Advisors (P) Ltd. 2009 TaxPub(DT) 0320 (Del-Trib)
Applied on Emilio Ruiz Berdejo v. Dy. CIT 2008 TaxPub(DT) 2267 (Pune-Trib)
Relied on ITO v. Smt. Sunita Bansal 2008 TaxPub(DT) 1970 (Agra-Trib)
Distinguished on CIT v. S.J. Prasad 2008 TaxPub(DT) 1740 (Ker-HC)
Followed A.R. Enterprises (P) Ltd. v. CIT 2008 TaxPub(DT) 1601 (Raj-HC)
Followed on CIT v. Virgo Marketing (P) Ltd. 2008 TaxPub(DT) 1510 (Del-HC)
Relied V.V. Projects & Investments P. Ltd. v. Dy. CIT 2008 TaxPub(DT) 1330 (AP-HC)
Followed A.S. Chinnaswamy Raju (HUF) v. Asstt. CIT (Investigation) 2008 TaxPub(DT) 1323 (Karn-HC)
Applied on CIT v. Lakshmi Vilas Bank Ltd. 2008 TaxPub(DT) 0755 (Mad-HC)
Followed on Asstt. CIT v. Vijay Kiran Hotels (P) Ltd. 2008 TaxPub(DT) 0069 (Chd-Trib)
Relied CIT v. Cafco Syndicate Shipping Co. 2007 TaxPub(DT) 1398 (Mad-HC)
Relied CIT v. Caplin Point Laboratories Ltd. 2007 TaxPub(DT) 1312 (Mad-HC)
Reversed on Dilip N. Shroff v. Jt. CIT & Anr. 2007 TaxPub(DT) 0023 (Bom-HC)
 
The Tax Publishers2007 TaxPub(DT) 1247 (SC) : (2007) 016 (I) ITCL 0246 : (2007) 291 ITR 0519 : (2007) 210 CTR 0228 : (2007) 161 TAXMAN 0218

IN THE SUPREME COURT OF INDIA

S.B. SINHA & P.K. BALASUBRAMANYAN, JJ.

Dilip N. Shroff v. Jt. CIT

Civil Appeal No. 2746 of 2007

18 May, 2007 

Appellant by: Anil B. Dewan, S.J. Mehta, Ramesh Singh, Bina Gupta, Inklee and Barooah

Respondent by: Gopal Subramanium, Amit Dayal and B.V. Balaram Das

JUDGMENT 

S.B. Sinha, J.

Leave granted.

2. The appellant herein is an assessee under the Income-tax Act. It is an HUF. For the assessment year 1998-99, an income of Rs. 30,80,030 was declared by it, inter alia, showing a long-term capital loss of Rs. 34,12,000. The said capital loss was said to have arisen on account of sale of property being land and building known as 'Jekison Niwas', 220 Walkeshwar Road, Mumbai. Admittedly, the appellant had th share therein. It entered into an agreement for sale of undivided th share in the said property for a sum of Rs. 8 crores with one M/s. Layer Exports Pvt. Ltd. For the purpose of valuation of the said property, one Shri U.D. Chande, a registered valuer, was appointed. On 1-4-1981, the value of the said th share in the property was determined at Rs. 2,52,00,000. In the said valuation report, it was stated that the purpose was valuation for computation of capital gains. The report was filed in the prescribed form. All the required particulars/information were furnished. In the said report, description of the property, location thereof, whether situated in residential/commercial/mixed/industrial area, and classification thereof were shown. As regard, proximity to civic amenities, it was stated that the plot is very close to 'Raj Bhawan'. All other amenities except cinema were within 1 k.m. Means and proximity to surface communication by which the locality is served were also stated. All other requisite particulars, as specified, were stated.

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