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“Section 2(24)(vi)”

Section References (mined)Section 2Section 2(24)(vi)30 judgments

The decision most relied on for Section 2(24)(vi) is CIT v. Rajan Nanda (349 ITR 8), cited in 21 judgments on BharatTax.

Leading authorities on Section 2(24)(vi)

CIT v. Rajan Nanda
349 ITR 8 · 2012 · High Court
21
citing judgments

An insurance policy assigned by an employer to an employee loses its character as a keyman insurance policy and becomes an ordinary life insurance policy, with tax implications determined by its status at the time of assignment.

Dr. George Thomas K v. CIT
156 ITR 412 · 1985 · Supreme Court
16
citing judgments

The burden is on the revenue to establish that a receipt is of a revenue nature. Once a receipt is found to be of revenue character, the onus shifts to the assessee to prove it falls under an exemption.

Judgments citing Section 2(24)(vi)

DCIT, Cochin vs. Shri M George ( Mukkadayil Joseph George), Cochin

In the result, the Revenue’s appeal is allowed

ITA 525/COCH/2011[2006-07]Status: DisposedITAT Cochin31 Oct 2023AY 2006-07

Bench: Shri Sanjay Arora & Shri Manomohan Dasdy. Cit, Circle 2(1), Range – 2 M.J. George C.R. Building, I.S. Press Road, Mukkadayil House Kochi 682018 Vs. Krishnaswamy Cross Road Ernakulam, Kochi - 682035 [Pan: Adgpg6991D] (Appellant) (Respondent) Revenue By: Sri Sajit Kumar Das, Cit-Dr Assessee By: Sri R. Lokanathan, Ca Date Of Hearing: 17.08.2023 Date Of Pronouncement: 31.10.2023 Order Per Sanjay Arora, Am This Is An Appeal By The Revenue Agitating The Allowance Of The Assessee’S Appeal Contesting It’S Assessment Under Section 143(3) Of The Income Tax Act, 1961 (The Act) Dated 31.12.2008 For Assessment Year (Ay) 2006-07, By The Commissioner Of Income Tax (Appeals)-2, Kochi [Cit(A)] Vide His Order Dated 31.03.2011. 2. The Facts Of The Case In Brief Are That The Assessee, An Individual, Who Had Returned His Income For The Year At Rs.63,420/- (From Business & Other Sources), Was Found To Have A Credit Of Rs.899.10 Lakhs In His Bank Account On 14.02.2006. The Same Was Explained In The Assessment Proceedings As Sale Proceeds Of 5.21 Acres Of Land At Kakkanad Village, Falling Under Thrikkakara Panchayat, Sold For Rs.977.10 Lakhs Vide Registered Sale Deed Dated 13.02.2006. The Sale Was In Pursuance Of An Agreement To Sell Dated 09.01.2006, Receiving Rs.78 Lakhs As Advance. The Said Land

For Appellant: Sri R. Lokanathan, CAFor Respondent: Sri Sajit Kumar Das, CIT-DR
Section 143(3)Section 2(14)(iii)

IN THE INCOME TAX APPELLATE TRIBUNAL COCHIN BENCH, COCHIN Before Shri Sanjay Arora, Accountant Member and Shri Manomohan Das, Judicial

Smt Sunitha Prem Victor, Trivandrum vs. ITO Ward 2(3), Trivandrum

In the result, the assessee’s appeal is partly allowed for statistical purposes

ITA 1009/COCH/2022[2014-15]Status: DisposedITAT Cochin30 Oct 2023AY 2014-15

Bench: Shri Sanjay Arora & Shri Manomohan Dassunita Prem Victor The Income Tax Officer Tc 25/2813 Mathrubhumi Road Ward – 2(3) Vs. Vanchiyoor, Trivandrum 695035 Trivandrum [Pan:Akopv8566C] (Appellant) (Respondent) Assessee By: Ms. Divya Ravindran, Advocate Revenue By: Smt. J.M. Jamuna Devi, Sr. D.R. Date Of Hearing: 11.10.2023 Date Of Pronouncement: 30.10.2023 O R D E R Per Sanjay Arora, Am This Is An Appeal By The Assessee Against The Order Dated 26.10.2022 By The Commissioner Of Income Tax (Appeals), Nfac, Delhi [Cit(A)],Partly Allowing Her Appeal Contesting Her Assessment Under Section 143(3) Of The Income Tax Act, 1961 (Hereinafter ‘The Act’) Dated 27.12.2016 For Assessment Year (Ay) 2014-15. 2. The Brief Facts Of The Case Are That The Assessee Returned Her Income For The Relevant Year On 18.12.2014 At Rs.5,67,250, Claiming Deduction Under Section 54 Of The Act At Rs.91,05,096 In Respect Of Construction Of A Residential House During The Relevant Year Against The Capital Gain Arising To Her On Sale Of 3 Pieces Of Land Sold During March, 2013 To November, 2013. The Claim Was, Admitting Her Mistake Inasmuch As The Capital Asset/S Sold Was Not A Residential House, Requested By The Assessee Vide Letter Dated 29.11.2016 For Being Considered U/S. 54F Of The Act; She Not Owning Any Other Residential House On The Date Of Transfer/S. Earlier, On 25.11.2016, A Revised Statement Of Income Was Filed Claiming Exemption With Reference To The Total

For Appellant: Ms. Divya Ravindran, AdvocateFor Respondent: Smt. J.M. Jamuna Devi, Sr. D.R
Section 139(1)Section 139(4)Section 139(5)Section 143(3)Section 54Section 54F

IN THE INCOME TAX APPELLATE TRIBUNAL COCHIN BENCH, COCHIN Before Shri Sanjay Arora, Accountant Member and Shri Manomohan Das, Judicial

The DCIT, Circle-2(1), Thrissur vs. Sri.K.P. Johny, Thrissur

In the result, both the assessee’s and the Revenue’s appeals are partly allowed and partly allowed for statistical purposes

ITA 254/COCH/2019[2014-15]Status: DisposedITAT Cochin09 Oct 2023AY 2014-15

Bench: Shri Sanjay Arora & Shri Manomohan Dask.P. Johny Asst. Cit, Manappuram House Circle – 2(1) Hospital Road, Chalakkudy Aayakar Bhavan Vs. Thrissur 680307 Sakthan Thampuran Nagar [Pan:Acgpj4958G] Thrissur 680001 (Appellant) (Respondent) Asst. Cit, K.P. Johny Circle – 2(1) Manappuram House Aayakar Bhavan Hospital Road, Chalakkudy Vs. Sakthan Thampuran Nagar Thrissur 680307 Thrissur 680001 [Pan: Acgpj4958G] (Appellant) (Respondent)

For Appellant: Shri T.M. Sreedharan, Sr. Advocate (with Smt. Divya Ravindran, Adv. with him)For Respondent: Smt. J.M. Jamuna Devi, Sr. DR
Section 131(1)Section 133ASection 147Section 148(1)Section 69

even as there is no doubt on the accrual of income in the instant case, which, on transfer, is chargeable to tax under section 2(24)(vi) r/w s. 45 of the Act, the transfer itself is rendered redundant as income arises to the assessee on receipt of shares

Sri.K.P. Johny, Thrissur vs. The DCIT, Circle-2(1), Thrissur

In the result, both the assessee’s and the Revenue’s appeals are partly allowed and partly allowed for statistical purposes

ITA 206/COCH/2019[2014-15]Status: DisposedITAT Cochin09 Oct 2023AY 2014-15

Bench: Shri Sanjay Arora & Shri Manomohan Dask.P. Johny Asst. Cit, Manappuram House Circle – 2(1) Hospital Road, Chalakkudy Aayakar Bhavan Vs. Thrissur 680307 Sakthan Thampuran Nagar [Pan:Acgpj4958G] Thrissur 680001 (Appellant) (Respondent) Asst. Cit, K.P. Johny Circle – 2(1) Manappuram House Aayakar Bhavan Hospital Road, Chalakkudy Vs. Sakthan Thampuran Nagar Thrissur 680307 Thrissur 680001 [Pan: Acgpj4958G] (Appellant) (Respondent)

For Appellant: Shri T.M. Sreedharan, Sr. Advocate (with Smt. Divya Ravindran, Adv. with him)For Respondent: Smt. J.M. Jamuna Devi, Sr. DR
Section 131(1)Section 133ASection 147Section 148(1)Section 69

even as there is no doubt on the accrual of income in the instant case, which, on transfer, is chargeable to tax under section 2(24)(vi) r/w s. 45 of the Act, the transfer itself is rendered redundant as income arises to the assessee on receipt of shares

Ramanan Sivaraman Eranath Vengali, Mumbai vs. Income Tax Officer Int Tax Ward 2(2)(1), Mumbai

Accordingly, the addition of INR 97,32,625/- made by the Assessing Officer is deleted and Ground No. 2 to 4 are allowed in terms of the aforesaid

ITA 807/MUM/2023[2015-16]Status: DisposedITAT Mumbai21 Jul 2023AY 2015-16
For Appellant: Shri Rajendra Kumar JainFor Respondent: Shri Anil Sant
Section 143(3)Section 144C(13)Section 144C(5)Section 148Section 56

income howsoever wide and exhaustive, take into account only such capital receipts are specifically taxable under the provisions of the Income-tax Act. Section 2(24)(vi) provides that income includes "any capital gains chargeable under section 45", and, thus, it is clear that a capital receipt simplicitor cannot

Narayan Devarajan Iyengar, Mumbai vs. Income Tax Officer, International Tax, Ward 2(2)(1), Mumbai

In the result, the appeal by the assessee is partly allowed

ITA 106/MUM/2023[2015-16]Status: DisposedITAT Mumbai10 May 2023AY 2015-16

Bench: Shri G.S. Pannu & Shri Sandeep Singh Karhail

For Appellant: Dr. K. Shivaram a/wFor Respondent: Shri Dilip K. Shah
Section 142(1)Section 143(2)Section 144CSection 144C(13)Section 144C(5)Section 147Section 148

corpus fund towards hardship caused to flat owners on redevelopment, impugned amount has to be treated as capital receipt simplicitor which as per Section 2(24)(vi) of the Act is not taxable as income of the assessee. In this regard, we find it profitable to reproduce para

Roop Kumar Bansal, Gurgaon vs. Pr, CIT (Central), Gurgaon

In the result, ITA.No.383/Del

ITA 386/DEL/2021[2017-18]Status: DisposedITAT Delhi31 May 2021AY 2017-18

Bench: Shri Bhavnesh Saini & Shri O.P.Kant

For Appellant: And Shri Lalit Mohan, C.AFor Respondent: Shri Satpal Gulati, CIT-DR
Section 132Section 139(1)Section 142(1)Section 143(2)Section 143(3)Section 153B(1)(b)Section 263

termed as “real” in view of the surrounding circumstances of this case is factually incorrect, legally misconceived and untenable. (xii) That reference section 2(24)(vi) of the Act supports the claim of the assessee. (xiii) That section 2(24)(i) of the Act is not applicable on the facts ... account of non-delivery of possession of the property in question and ultimately, compensation received on account of Arbitration Award. Section 2(24) (vi) provides income includes – any capital gain chargeable under section 45 of the Income Tax Act which assessee has already declared in the return of income. Therefore

Shri Basant Bansal, Gurgaon vs. Pr, CIT (Central), Gurgaon

In the result, ITA.No.383/Del

ITA 385/DEL/2021[2017-18]Status: DisposedITAT Delhi31 May 2021AY 2017-18

Bench: Shri Bhavnesh Saini & Shri O.P.Kant

For Appellant: And Shri Lalit Mohan, C.AFor Respondent: Shri Satpal Gulati, CIT-DR
Section 132Section 139(1)Section 142(1)Section 143(2)Section 143(3)Section 153B(1)(b)Section 263

termed as “real” in view of the surrounding circumstances of this case is factually incorrect, legally misconceived and untenable. (xii) That reference section 2(24)(vi) of the Act supports the claim of the assessee. (xiii) That section 2(24)(i) of the Act is not applicable on the facts ... account of non-delivery of possession of the property in question and ultimately, compensation received on account of Arbitration Award. Section 2(24) (vi) provides income includes – any capital gain chargeable under section 45 of the Income Tax Act which assessee has already declared in the return of income. Therefore

Pankaj Bansal, Gurgaon vs. Pr, CIT (Central), Gurgaon

In the result, ITA.No.383/Del

ITA 384/DEL/2021[2017-18]Status: DisposedITAT Delhi31 May 2021AY 2017-18

Bench: Shri Bhavnesh Saini & Shri O.P.Kant

For Appellant: And Shri Lalit Mohan, C.AFor Respondent: Shri Satpal Gulati, CIT-DR
Section 132Section 139(1)Section 142(1)Section 143(2)Section 143(3)Section 153B(1)(b)Section 263

termed as “real” in view of the surrounding circumstances of this case is factually incorrect, legally misconceived and untenable. (xii) That reference section 2(24)(vi) of the Act supports the claim of the assessee. (xiii) That section 2(24)(i) of the Act is not applicable on the facts ... account of non-delivery of possession of the property in question and ultimately, compensation received on account of Arbitration Award. Section 2(24) (vi) provides income includes – any capital gain chargeable under section 45 of the Income Tax Act which assessee has already declared in the return of income. Therefore

Abha Bansal, Gurgaon vs. PCIT, Central, Gurgaon

In the result, ITA.No.383/Del

ITA 383/DEL/2021[2017-18]Status: DisposedITAT Delhi31 May 2021AY 2017-18

Bench: Shri Bhavnesh Saini & Shri O.P.Kant

For Appellant: And Shri Lalit Mohan, C.AFor Respondent: Shri Satpal Gulati, CIT-DR
Section 132Section 139(1)Section 142(1)Section 143(2)Section 143(3)Section 153B(1)(b)Section 263

termed as “real” in view of the surrounding circumstances of this case is factually incorrect, legally misconceived and untenable. (xii) That reference section 2(24)(vi) of the Act supports the claim of the assessee. (xiii) That section 2(24)(i) of the Act is not applicable on the facts ... account of non-delivery of possession of the property in question and ultimately, compensation received on account of Arbitration Award. Section 2(24) (vi) provides income includes – any capital gain chargeable under section 45 of the Income Tax Act which assessee has already declared in the return of income. Therefore