The Commissioner Of Income Tax-11 v. M/S. Little & Co

IN THE HIGH COURT OF JUDICATURE AT BOMBAYORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO. 1474 OF 2011 The Commissioner of Income Tax-11versus ..Appellant M/s. Little & Co. ..Respondent -------- Mr.S.V.Bharucha for the Appellant. Ms. Prital Mehta with Ms.Rajani Divekar for the Respondent. ............. CORAM : J.P. DEVADHAR & M.S.SANKLECHA, JJ.: 24[th] January, 2013 DATE P.C. : In this appeal by the revenue, the following questions of law has been proposed for our consideration. a)Whether on the facts and in the circumstances of the case, the Tribunal was right in holding that there is no transfer of goodwill from the partnership firm to the retiring partners and there is no transfer of capital asset and that section 45(4) is not applicable and thereby deleting the addition of Rs.3,43,64,257/- as short term capital gains u/s 45(4) of the Income Tax Act, 1961? b)Whether on the facts and in the circumstances of the case, the Tribunal erred in not appreciating the fact that the assessee's case was covered by the decision of the Bombay High Court in the case of A. N. Nayak & Associates (265 ITR 346) and therefore, the addition was rightly made by the A.O.? 2Counsel for the parties state that similar questions as raised in this appeal, were raised by the revenue in Income Tax Appeal No.4920 of 2010 in the respondent-assessee's own case. The aforesaid appeal No.4920/10 was dismissed by this court on 01.08.2011. 3Counsel further informs us that the SLP filed from the order of this court dated 01.08.2011 has been dismissed by the Supreme Court on 04.05.2012. In view of the above, we do not find any reason to entertain the proposed questions of law. 4The appeal is dismissed accordingly, with no order as to costs. (M.S. SANKLECHA, J.) (J.P.DEVADHAR, J.)