SHRI NARESH JAIN,JAIPUR vs. ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-3, JAIPUR

In the result, the appeal of the assessee is allowed

54E, 54 EA, 54EA, 54 EB, 54F, 54G and 54H, be chargeable to income tax under the head "capital gains", and shall be deemed to be the income of the previous year in which the transfer took place. “54F. (1)[Subject to the provisions of sub-section (4), where, in the case of an assessee being an individual

ACIT, KOTA vs. SMT. ZAHIDA BANO, KOTA

In the result, the Revenue appeal is dismissed

property has been invested for purchase of residential house, the assessee would be entitled to benefit of section 54F of the Act 8 ACIT vs. Smt. Zahida Bano, Kota irrespective of the fact that the transfer was not completed in all respect. In case of CIT vs. Sambandam Udaykumar 345ITR 389 the Hon’ble High Court has in para

SHREE CEMENT LIMITED,BEAWAR vs. NATIONAL FACELESS ASSESSMENT CENTRE, DELHI

In the result, the appeal of the Revenue in ITA No

Bench: or at the time of hearing of this appeal.

54E could not be taxed u/s. 115J. This decision supports our contention. (k) Supreme Court in the case of D. P. Sandhu Bro. held that the receipts which are not taxable cannot brought to tax under any other section. Deductionclaimed by assessee in the instant case u/s.80IB (10) is not taxable under the normal provisions of the Act cannot

SHREE CEMENT LIMITED,BEAWAR vs. NATIONAL FACELESS ASSESSMENT CENTRE, DEPUTY COMMISSIONEROF INCOME TAX, CIRCLE -2, AJMER, AJMER

In the result, the appeal of the Revenue in ITA No

Bench: or at the time of hearing of this appeal.

54E could not be taxed u/s. 115J. This decision supports our contention. (k) Supreme Court in the case of D. P. Sandhu Bro. held that the receipts which are not taxable cannot brought to tax under any other section. Deductionclaimed by assessee in the instant case u/s.80IB (10) is not taxable under the normal provisions of the Act cannot

SHREE CEMENT LIMITED,BEAWAR vs. DEPUTY COMMISSIONER OF INCOME TAX, AJMER

In the result, this appeal of the assessee is partly allowed and appeal of the Revenue is dismissed

Bench: HON’BLE SHRI SANDEEP GOSAIN, JM & HON’BLE SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)

54E could not be taxed u/s. 115J. • Hon’ble Calcutta High Court in PCIT -vs.- Ankit metal & Power Ltd. [2019] 416 ITR 591 (Cal.) have held that capital receipts are not income which is chargeable to tax u/s 115JB of the Act as well. In light of above submissions it is humbly submitted that the view

SHREE CEMENT LIMITED,BANGUR NAGAR vs. ACIT, CENTRAL CIRCLE, AJMER

In the result, the appeal of the assessee - appellant in ITA No

Bench: DR. S. SEETHALAKSHMI (Judicial Member)

sections (4) to (10) and as increased by the applicable surcharge, for the purposes of the Union, calculated in the manner provided therein, shall be further increased by an additional surcharge, for the purposes of the Union, to be called the “Health and Education Cess on income-tax”, calculated at the rate of four per cent of such income