Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1985)12ITD300(Mum.)
1. These six appeals, by the assessee, have been heard together and are being decided by this common order. The appeals relate to the assessment years 1970-71 to 1975-76. We are concerned in these appeals with the estate of Shri Maneklal A. Mehta, who died on 27-6-1969. He had executed a will and had appointed his wife, Smt. Hirabai M. Mehta, as an executrix of the said will. The revised return for the assessment year 1970-71 was filed on 29-3-1979, in the name of Smt. Hirabai M.Mehta, the executrix of the will of Shri Maneklal A. Mehta (deceased).The returns for the assessment years 1971-72 to 1973-74 were filed on 21-3-1974, while the returns for the assessment years 1974-75 and 1975-76 were filed on 30-9-1975 ; all these returns were filed in the name of Smt. Hirabai M. Mehta, the legal heir and executrix of the will of Shri Maneklal A. Mehta (deceased). Notices dated 12-2-1980 and 5-3-1980, issued by the WTO under Section 16(2) of the Wealth-tax Act, 1957 ('the Act'), were directe...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1982)1ITD724(Mum.)
2. The assessee became the tenant of a shop room even prior to 1-1-1954. There were other shop rooms/flats also in the building.Towards the close of 1969, the tenants of the building alongwith the landlord decided to form a co-operative society of all the tenants. The society was incorporated on 18-4-1970. The tenants agreed to pay a sum of Rs. 4,81,000 to the landlord for acquiring his ownership rights and also to spend a sum of Rs. 3,35,000 for the repairs of the building.The share of the assessee in these came to Rs. 40,661. The landlord sold his ownership rights to the society on 27-10-1970. On 16-2-1975, the assessee sold his shop room to another for Rs. 4,11,000. This was inclusive of the furniture and telephone in the premises, which were valued at Rs. 9,649 and also of 5 shares in the co-operative society valued at Rs. 250. Thus, the sale price of the shop premises came to Rs. 4,01,101. The assessee contended that the sale related to two separate rights, namely, the tenancy ri...
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