Mishapar Investments Ltd. Vs. Ito

Decided On : Feb-23-2006

Court : Income Tax Appellate Tribunal ITAT Mumbai

LAW: section 14A, the Income Tax Act, section 234B, the Income Tax Act, section 271(1)(c, the Income Tax Act, section 45(3, section 20, section 20, Income Tax Act, section 45(3, section 45(3, section 45(3, the Indian Partnership Act, the Income Tax Act, section 45, section 45(3, section 45(3, section 45(3, section 45(1, section 45(3, the Companies Act, the Income Tax Act, Sale of Goods Act, Sale of Goods Act, section 4, section 5 of Sale of Goods Act, Sale of Goods Act, Sale of Goods Act, Sale of Goods Act, section 20, the Sale of Goods Act, section 20, Section 20, the Sale of Goods Act, Section 20, section 20, Sale of Goods Act, the Companies Act, the Companies Act, the Income Tax Act, section 45(3, section 45, the Finance Act, section 45, section 45(3, ITR 99, a Constitution Bench, article 145, the Income Tax Act, section 20, the Takeover Regulations, section 20, the Sale of Goods Act, section 20, section 20, Section 20 - Where, section 20, section 14A, the Income Tax Act, the Income Tax Act, section 14A

ORG: the Commissioner (Appeals, NOCIL, NOCIL, Mafatlal Burlington Industries Limited, Mafatlal Burlington Industries Ltd., British Asia Pacific Holding, Gujarat Gas Company Limited, National Organic Chemical Industries Limited, NOCIL, M/s. Sumish Associates, NOCIL, NOCIL, Polythin Industries Ltd., PIL, PIL, NOCIL, NOCIL, PIL, NOCIL, NOCIL, PIL, Hoechst AG Company, Reserve, NOCIL, the Reserve bank, NOCIL, NOCIL, NOCIL, NOCIL, NOCIL, NOCIL, M/s. Sumish Associates, NOCIL, NOCIL, ICICI Limited, Bajaj Auto Limited, NOCIL, Bajaj Auto Limited, NOCIL, NOCIL, NOCIL, NOCIL, sham, the Commissioner (Appeals, NOCIL, Sumish Associates, Tribunal, Mafatlal Holdings Ltd., Tribunal, The Commissioner (Appeals, Tribunal, Mafatlal Holdings Ltd., Tribunal, Mafatlal Holdings Ltd., M/s. Mafatlal Holdings Ltd., the Mafatlal Holdings Ltd., Pollak, Sumish Associates, NOCIL, NOCIL, Bombay Stock Exchange, the Registrar of Firms, NOCIL, NOCIL, the Apex Court, Union of India, SC, the Apex Court, McDowell &amp, Co. Ltd v., CTO, SC, McDowell &amp, Co. Ltd., McDowell &amp, Co. Ltd., McDowell &amp, Co. Ltd., the Hon'ble Supreme Court, McDowell &amp, Co. Ltd., Tribunal, Mafadal Holdings Ltd., M/s. Mafatlal Holdings Ltd., Tribunal, Pramod Chandra Patnaik, ITR, SC, Departmental Representative, Departmental Representative, ICICI, Bajaj Auto Ltd., sham, the Apex Court, High Courts, National Organic Chemical Industries Ltd., NOCIL, M/s. Sumish Associates, Bajaj Auto Limited, NOCIL, Shareholder Register, State Electricity Board, NOCIL, Sumish Associates, NOCIL, Sumish Associates, Tribunal, Mafatlal Holdings Ltd., Tribunal, Gujarat Gas Company Limited, Gujarat Gas Company Limited, Mishapar Investments, Sushmita Holding Ltd., British Gas Asia Pacific Holding Pvt, Gujarat Gas Company Limited, M/s. Arvi Associates, M/s. Arvi Associates, M/s. Arvi Associates, M/s. Arvi Associates, Sushripada Investment P Ltd., Suvin Trexechem P. Ltd., Mafatlal Group, Mafatlal Group, Mafatlal Holding Ltd., Mafatlal Finance Co. Ltd., the Registrar of Firms, Sushripada Investment P. Ltd., Suvin Taxchem P. Ltd., Registrar, Mafatlal Finance Co. Ltd., Mafatlal Holding Ltd., NOCIL, Mafatlal Holding Ltd., M/s.Arvi Associates, the Mafatlal Industries Ltd., Mafatlal Industries, NOCIL, Arvi Associates, NOCIL, NOCIL, Arvi Associates, Arvi Associates, Mafatlal Holding Ltd., Partners Capital Account', NOCIL, Arvi Associates, M/s. Arvi Associates, Arvi Associates, Sushmita Holdings, Mishapar Investments, M/s. Arvi Associates, Sushmita Holdings Ltd., the Mafatlal Holdings Ltd., Mishapar Investments Ltd., Mafatlal Holdings Ltd., the Arvi Associates, Arvi Associates, the Arvi Associates, Mishapar Investments Ltd., Arvi Associates, NOCIL, Tribunal, NOCIL, M/s. Arvi Associates, Tribunal, the Tribunal on the, Mafatlal Group, NOCIL, M/s. Arvi Associates, NOCIL, Arvi Associates, M/s. Arvi Associates, the Registrar of Firms, CIT, SC, the Hon'ble Supreme Court, the Registrar of Firms, M/s. Arvi Associates, the Registrar of Firms, M/s. Arvi Associates, the Registrar of Firms, the Registrar of Firms, the Registrar of Firms, Hon'ble Supreme Court, CIT, SC, the Registrar of Firms, M/s. Arvi Associates, M/s.Arvi Associates, the Partnership Deed, the Partnership Deed, M/s.Arvi Associates, M/s.Arvi Associates, M/s. Arvi Associates, M/s. Arvi Associates, M/s. Mishapar Investments Ltd., M/s. Mishapar Investments Ltd., M/s.Arvi Associates, .bank, M/s. Mafatlal Holdings Ltd., M/s. Mishapur Investments Ltd., CIT, SC, the Hon'ble Supreme Court, M/s.Arvi Associates, Andhra Pradesh High Courts, CIT, ITR 509, AP, CIT, AP, Stock Exchange, Stock Exchange, a Stock Exchange, Stock Exchange, M/s. Arvi Associates, M/s. Mafatlal Industries Ltd., M/s. Arvi Associates, M/s. Arvi Associates, the Sale of Goods Act, Madras High Court, Mafatlal Industries, Departmental Representative, Delhi High Court, AIR 1967, M/s. Arvi Associates, M/s. Arvi Associates, the Delhi High Court, Departmental Representative, Government, NOCIL, Arvi Associates, Departmental Representative, Departmental Representative, Departmental Representative, State, State, State, M/s. Arvi Associates, the Banks and Financial Institutions, M/ section Arvi Associates, State, DM).51, NOCIL, Mishapur Investments, Sushmita Holdings Ltd., Bombay Stock Exchange, Stock Exchange, NOCIL, NOCIL, State, State, Mafatlal Holdings Ltd., the Sale of Goods Act, Departmental Representative, Municipal Authorities, the Municipal Authorities, the Transfer of Properties Act, the Municipal Authorities, the Stock Exchange, Stock Exchange, Departmental Representative, M/s. Mafatlal Industries Ltd., Bharat Nidhi, the Sale of Goods Act, The Hon'ble Supreme Court, Sumitra Devi Jalan, NOCIL, M/s. Arvi Associates, NOCIL, Tribunal, the Agrawal Warehousing &amp, Leasing Ltd., CIT, Lordships, Tribunal, Tribunal, Tribunal, Agrawal Warehousing &, Leasing Ltd., the Apex Court, Pramod Chandra Patnaik, SC, the Apex Court, Bench, Bench, Bench, Bench, Sayaji Iron &amp, Engg, CIT, ITR, the Gujarat High Court, Tribunal, CIT, Reliance Industries Ltd., ITD 273, Tribunal, Bench, Bench, Bench, Tribunal, Tribunal, Mafatlal Holdings Ltd., Tribunal, NOCIL, M/s. Arvi Associates, Tribunal, Tribunal, Malatlal Holdings Ltd., Apex Court, the Apex Court, McDowell &amp, Co. Ltd., CTO, SC, High Courts, the Apex Court, the Apex Court, the Apex Court, Co. Ltd., the Madras High Court, McDowell &amp, Co Ltd.'s, Tribunal, Mafatlal Holdings Ltd., Tribunal, M. Werlingdon Industries Limited, M. Werlingdon Industries Limited, NOCIL, Gujarat Gas Company Limited, Gujarat Gas Company Limited, M/s. Mafatlal Industries Ltd., British Gas Asia Pacific Holdings, Gujarat Gas Company Limited, the purchaser ie., British Gas Asia Pacific Holdings, Gujarat Gas Company Limited, the British Gas Asia Pacific Holdings, Mishapur &amp, Vishadeep, B.G. Shall, Mishapur &amp, Vishadeep, Gujarat Gas Company Limited, British Gas Asia Pacific Holdings, Gujarat Gas Company Limited, ANM, British Gas Asia Pacific Holding (P.) Ltd., Gujarat Gas Company Limited, Gujarat Gas Company Limited, British Gas Asia Pacific Holdings, ANM, British Gas Asia Pacific Holding, ANM, Gujarat Gas Company Limited, British Gas Asia Pacific Holdings, The Commissioner (Appeals, Tribunal, Board of Directors, MIL, Departmental Representative, British Gas Asia Pacific Holding (P.) Ltd., Gujarat Gas Company Limited, the purchaser ie., British Gas Asia Pacific Holding (P.) Ltd., Barclays Bank, Sale Shares, Sale Share, Vendors, Vendors, the Purchaser of the Custodian Agreement, Purchaser, the 'Deposit', Purchaser, Deposit, the 'Designated Account', Deposit, the Designated Account, Purchaser, MIL, Barclays bank Pic, Deposit, MIL, Deposit, Purchaser, the Equity Shares, Purchaser, Purchaser, MIL, Deposit, Deposit, Purchaser, Deposit, Deposit, Vendors, Deposit, Gujarat State Petroleum Corporation Limited, State, Vendors, Completion the Company, Purchaser, Purchaser, Gujarat State Petroleum Corporation Limited, Niko Resources Limited, Company, Gujarat State Petroleum Corporation Limited, Niko Resources Limited, Vendors, Deposit, Purchaser, the Foreign Investment Promotion Board, the Additional Shares, Purchaser, Purchaser, Reserve, the Sale Shares, the Additional Shares, Purchaser, Purchaser, the Purchaser of the Sale Shares, the Additional Shares, Purchaser, Company, the Foreign Investment Promotion Board/ Secretariat, British Gas Asia Pacific Holding Pvt. Ltd., the Commissioner (Appeals, Global Trust, M/s.Mafatlal Industries, M/s. Mafatlal Industries, the Commissioner (Appeals, The Commissioner (Appeals, Tribunal, the Commissioner (Appeals

CARDINAL: 1(a, 22,00,000, 5,40,00,000, 60,00,000, 6, 1, 22, 31-3-2000, 31-3-2000, 22, 5, 22, 22, 9,000, 19-8-1994, 3,90,000, 3,90,000, 3,90,000, 100, 10, 39, 9, 39, 12, 13, 22, 12, 22, 22, 6-3-2000, 2, 23, 22, 11-10-2001, 2,64,00,000, 12, 6-3-2000, 27, 13-3-1999, 22, 15,000, 5,000, 22, 22, 22, 22, 4593841, one, one, transferee, transferee, 6-3-2000, 21-3-2000, 7, 263, 154, four, 254, 22, 31-3-2000, 240, one, one, 20, 2, two, 6,16,530, 24.50, 24, 2,28,00,000, 43.01, 98,00,000, 27.50, 12-10-1995, 1, two, 1, 12-10-1995, 31-3-1996, 5,000, 10, 154.According, 746, 31-3-1997, 10, 154, 100, 31-3-1998, 1,00,000, 5,000, 1,34,16,530, 10, 6,16,530, 3, 1, 3, 31-3-1998, 5,000, 5,000, 31-3-1998, 6, NOCIL.23, 1,30,000, 30, 98, 6,16,530, 1,34,16,000, 43, 17,06,579, 21,33,53,989, 29, 535, three, two, 63, 3, 45(1).The, 219, one, one, 154, 142, two, 49, 662, 671, 91, transferee, 122, 127,128, 228, 98,06,39,400, 98,00,000, 1,30,00,000, 228, transferee, transferee, 1-4-1988, 3, 1-4-1988, 3, transferee, 257, 235, 254, two, three, two, three, three, three, 3, five, two, 3, 253, 88, three, 154, 2, 5,40,00,000, 60, 3, 6,41,150, 5-3-1999, 5-3-1999, 2, 9.2, 2, 2, 5-3-1999, 6,41,150, 2, 5-3-1999, 270, 27, 8, 26, 6,41,150, 270, 270, 270, 2, 2, 6,41,150, 10.1, 2, 2, 5-3-1999, 2, 5-3-1999, 270, 270, 2, 2.2, 2, 2, 1.1, 2,82,500, 4.1, 10.8, 2, only one, 10.8, 5-3-1999, 270, 2, 5-3-1999, 2, 4, 25,65,000, 4, 4, 5, 4.1, 270, 25,65,000, 35,00,00,000, 4.2.2.1, 5.1, 5.3.1, 5.1.1, 5.1.2, 8.5, 4.2.2.1, at least 0.3 million, at least I million, 4.1, 301, at least 0.3 million, 6-6-1997.4.3, one, 5.1.1, 5.1.2, 5-3-1999, 270, 26, 1, 2, 270, 5-3-1999, 4, 5, 6

LOC: appellant.5

DATE: 1961, 1961, 1998, 5493840, 901104801, 91404801, 2935, 2002, 2935, 2002, 23-12- 2002, the previous year, 2003, 1985, 2002, 3 1 -3-2000, 1986, 2935, 2002, the assessment year, the previous year, 14,70,11,801, the years, 14,70,11,801, 30-7-1997, 24-8-1997, the year, the year, 2,450.23, year 1996-97, year 1997-98, 1-7-1997, 24-8-1997, 1956, 1932, 1964, 1-7-1997, 24-7-1997, (1996, 1930, 1930, 1979, 1930, 88, 1930, 1930, 1930, 1930, 1930, 1948 Mad, the previous year, 24-7-1997, 1930, 1930, 1982, Sunday, Sunday, 1930, the year 1981, 1987, year 1987-88, 1998-99, 21,33,53,989, 2002, 2002, 2002, 2004, 1985, the previous year, the impugned assessment year, the month of April, 1999, September, 1997, 23-12- 2002, the impugned assessment year, September, 1997, 10., 20-9-1997, 1,08,60,95,250, 4.2.2.4 this Agreement, a period of, 90 days, 90 days

GPE: India, India, Apex, Apex, Singh, Mumbai, transferred.46, Delhi, conjecture.54, Pradip, Judges, assessee, India, Barlacys, Mumbai, Bombay, Bombay, India, Bombay, Bombay, India, FC(SIA, asscssee

NORP: Sumish, Sadhu, Hon'ble, Purchaser, Purchaser, Purchaser, Purchaser, Purchaser

PERSON: Mum, Mum, Mullas Sales of Goods Act, lien, Azadi Bachao Andolan, Chandra Parija, Mum, Dulichand Laxminarayan v., Juggilal Kamlapat, Narang Dairy Products, Manjit Engg, A. V Bhanoji Rao, Subject, Law, Kartikeya v. Sarabhai, Bench, Chandra Parija, Bench, Bench, Mum, Azadi Bachao Andolan, Nos, Completion.4.2.1 Subject, MIL, Deposit, Offer, Regulations, Offer, Offer

WORK_OF_ART: Sales of Goods Act, Sales of Goods Act, Partners Current Account, a Larger Bench, Sales of Goods Act

FAC: Schedule II

PRODUCT: 706, Consistency, Saran, 706, Agreement

ORDINAL: second, first, first, secondly, first, third

MONEY: 2 per cent, 2 per cent, 2 per cent, 50 per cent

PERCENT: 29%