{"id":40156,"date":"1997-07-08T00:00:00","date_gmt":"1997-07-07T18:30:00","guid":{"rendered":"https:\/\/www.legalindia.com\/judgments\/commissioner-of-income-tax-vs-ms-electric-control-gear-mfg-co-on-8-july-1997"},"modified":"2017-07-25T03:57:47","modified_gmt":"2017-07-24T22:27:47","slug":"commissioner-of-income-tax-vs-ms-electric-control-gear-mfg-co-on-8-july-1997","status":"publish","type":"post","link":"https:\/\/www.legalindia.com\/judgments\/commissioner-of-income-tax-vs-ms-electric-control-gear-mfg-co-on-8-july-1997","title":{"rendered":"Commissioner Of Income Tax, &#8230; vs M\/S. Electric Control Gear Mfg.Co on 8 July, 1997"},"content":{"rendered":"<div class=\"docsource_main\">Supreme Court of India<\/div>\n<div class=\"doc_title\">Commissioner Of Income Tax, &#8230; vs M\/S. Electric Control Gear Mfg.Co on 8 July, 1997<\/div>\n<div class=\"doc_author\">Author: S Agrawal<\/div>\n<div class=\"doc_bench\">Bench: S.C. Agarwal, G.B. Pattanaik.<\/div>\n<pre>           PETITIONER:\nCOMMISSIONER OF INCOME TAX, GUJARAT\n\n\tVs.\n\nRESPONDENT:\nM\/S. ELECTRIC CONTROL GEAR MFG.CO.\n\nDATE OF JUDGMENT:\t08\/07\/1997\n\nBENCH:\nS.C. AGARWAL, G.B. PATTANAIK.\n\n\n\n\nACT:\n\n\n\nHEADNOTE:\n\n\n\nJUDGMENT:\n<\/pre>\n<p>\t\t      J U D G M E N T<br \/>\n\t\t THE 8TH DAY OF JULY, 1997<br \/>\nPresent:\n<\/p>\n<p>\t       Hon&#8217;ble Mr.Justice S.C.Agrawal<br \/>\n\t       Hon&#8217;ble Mr.Justice G.B.Pattanaik<br \/>\nB.Krishana Prasad, Adv. for the appellant<br \/>\nP.H.Parekh, Mrs.Sunita\tSharma and Ms.R.Deepamala, Advs. for<br \/>\nthe Respondent<br \/>\nThe following Judgment of the Court was delivered:<br \/>\nS.C. AGRAWAL, J. :\n<\/p>\n<p>     This appeal  by certificate  is  directed\tagainst\t the<br \/>\njudgment of  the Gujarat  High Court  dated August 29, 1980.<br \/>\nThe matter  relates to\tthe  assessment\t year  1967-68.\t The<br \/>\nassessee is a partnership concern consisting of 13 partners.<br \/>\nOn March  31, 1966  it entered\tinto an agreement whereby it<br \/>\ntransferred the\t entire assets\tof  business  together\twith<br \/>\nliabilities as\ta going concern to a limited company, styled<br \/>\nM\/s Electric  Control Gear  Pvt. Ltd. for a consideration of<br \/>\nRs. 8  lakhs. The  erstwhile partners  of the  assessee firm<br \/>\nwere allotted  the shares  of the same value in their profit<br \/>\nsharing\t proportion.   The  Income  Tax\t Officer  held\tthat<br \/>\ndepreciation allowed  to the  assessee firm amounting to Rs.<br \/>\n3,32,863\/- in  respect of the assets transferred by the firm<br \/>\nto  the\t said  company\twas  chargeable\t to  tax  under\t the<br \/>\nprovisions of  Section 41  (2) of  the Income  Tax Act, 1961<br \/>\n(hereinafter referred  to as  `the Act&#8217;). He also brought to<br \/>\ntax  capital   gains  of   Rs.\t8   lakhs,  being   purchase<br \/>\nconsideration received\tby the\tassessee and after excluding<br \/>\nthe sum\t of Rs. 5,000\/- as basic exemption, included the sum<br \/>\nof Rs.\t7,95,000\/- in the computation of the total income of<br \/>\nthe assessee  under the\t head `Capital Gains&#8217;. The Appellate<br \/>\nAssistant commissioner\theld that  the impugned profits were<br \/>\ntaxable under  the provisions  of Section 41 (2) of the Act.<br \/>\nAs  regards   capital\tgains,\t the   Appellate   Assistant<br \/>\nCommissioner, however, held that the capital gains could not<br \/>\nbe taxed  in the  hands of  the registered  firm  under\t the<br \/>\nprovisions of  section 114 of the Act. Appeals were filed by<br \/>\nthe assesses  well as  the Revenue against the said judgment<br \/>\nof  the\t  Appellate  Assistant\tCommissioner.  The  assessee<br \/>\nchallenged the\tliability to tax under Section 41 (2) of the<br \/>\nAct as\twell as\t the liability\tto capital  gains while\t the<br \/>\nRevenue challenged  the decision  of the Appellate Assistant<br \/>\nCommissioner about  recomputation of  profits under  Section<br \/>\n41(2) as  well as  non-levy of capital gains in the hands of<br \/>\nthe registered\tfirm under  the provisions of Section 114 of<br \/>\nthe Act.  The Income  Tax Appellate  Tribunal  remitted\t the<br \/>\nmatter to  the Income  Tax Officer  for recomputation of the<br \/>\naggregate amount  chargeable as profits under Section 41 (2)<br \/>\nand as\tcapital gains.\tThe Tribunal  held that\t the correct<br \/>\nstatus of  the assessee\t should be `registered firm&#8217; and not<br \/>\n`association  of   persons&#8217;.  The   Tribunal  referred\t the<br \/>\nfollowing questions for the opinion of the High Court:\n<\/p>\n<blockquote><p>     1\t  Whether, on  the facts  and in<br \/>\n     the circumstances\tof the case, the<br \/>\n     Tribunal was  right in holding that<br \/>\n     the principle  of mutuality was not<br \/>\n     applicable?\n<\/p><\/blockquote>\n<blockquote><p>     2\t  Whether, on  the facts  and in<br \/>\n     the circumstances\tof the case, the<br \/>\n     Tribunal was  right in holding that<br \/>\n     the provisions  of Section\t 41  (2)<br \/>\n     were applicable?\n<\/p><\/blockquote>\n<blockquote><p>     3\t  Wether, on  the facts\t and  in<br \/>\n     the circumstances\tof the case, the<br \/>\n     Tribunal was  right in holding that<br \/>\n     the  assessee  has\t earned\t capital<br \/>\n     gains,  which  was\t liable\t to  tax<br \/>\n     under the\tprovisions of Section 45<br \/>\n     of the Income Tax Act 1961?<br \/>\n     4\t  Whether, on  the facts  and in<br \/>\n     the circumstances\tof the case, the<br \/>\n     Tribunal was  right in holding that<br \/>\n     the status\t of the\t assessee was  a<br \/>\n     registered firm  and not that of an<br \/>\n     association of persons?<br \/>\n     5\t  Whether, on  the facts  and in<br \/>\n     the circumstances\tof the case, the<br \/>\n     Tribunal rightly rejected the claim<br \/>\n     of\t the   assessee\t  that\t surplus<br \/>\n     realised  by  it  on  sale\t to  the<br \/>\n     limited company  was not chargeable<br \/>\n     to tax, being realisation sale?<br \/>\n     6\t  Whether on  the facts\t and  in<br \/>\n     the circumstances of the case , the<br \/>\n     Tribunal was  right in holding that<br \/>\n     Section  34  (2)  will  apply  and,<br \/>\n     therefore,\t the   assessee\t in  not<br \/>\n     entitled to depreciation?<br \/>\n     7\t  Whether on  the facts\t and  in<br \/>\n     the circumstance  of the  case, the<br \/>\n     Tribunal was  right in holding that<br \/>\n     the registered  firm cam  be liable<br \/>\n     to capital gains under S.114 of the<br \/>\n     Income Tax Act, 1961?\n<\/p><\/blockquote>\n<blockquote><p>     8\t  Whether the Tribunal was right<br \/>\n     in holding\t that the  assessee  was<br \/>\n     not entitled  to any  relief on the<br \/>\n     basis of  the two\tcirculars relied<br \/>\n     on by it?<\/p><\/blockquote>\n<p>     Questions Nos.  1, 3  and 5  were answered\t by the High<br \/>\nCourt in  affirmative, i.e.,  in favour\t of the\t Revenue and<br \/>\nagainst the  assessee,\tquestions  Nos.\t 2,  4\tand  8\twere<br \/>\nanswered in  the negative,  i.e., against the Revenue and in<br \/>\nfavour of  the assessee,  question No.\t6 was not pressed by<br \/>\nthe learned  counsel for  the assesses and question no 7 was<br \/>\nnot answered  since it\tdid not survive in view of answer to<br \/>\nquestion No  4. The present appeal relates to questions Nos.<br \/>\n2, 4 and 5 which have been answered against the Revenue.\n<\/p>\n<p>     The High  Court has  placed reliance on its judgment in<br \/>\nArtex Manufacturing  Co.  Vs  Commissioner  of\tIncome\tTax,<br \/>\nGujarat-II, [1981]  131 ITR  559. The  said judgment  of the<br \/>\nHigh Court  has\t been  considered  by  us  in  our  judgment<br \/>\npronounced  today   in\tC.A.No.\t  2276\t[NT]  of  1981,\t the<br \/>\n<a href=\"\/doc\/884541\/\">Commissioner of Income Tax vs. Artex Manufacturing Co,.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Supreme Court of India Commissioner Of Income Tax, &#8230; vs M\/S. Electric Control Gear Mfg.Co on 8 July, 1997 Author: S Agrawal Bench: S.C. Agarwal, G.B. Pattanaik. PETITIONER: COMMISSIONER OF INCOME TAX, GUJARAT Vs. RESPONDENT: M\/S. ELECTRIC CONTROL GEAR MFG.CO. DATE OF JUDGMENT: 08\/07\/1997 BENCH: S.C. AGARWAL, G.B. PATTANAIK. ACT: HEADNOTE: JUDGMENT: J U D [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[30],"tags":[],"class_list":["post-40156","post","type-post","status-publish","format-standard","hentry","category-supreme-court-of-india"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Commissioner Of Income Tax, ... vs M\/S. 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