KIDS CLINIC INDIA PRIVATE LIMITED

Bench: KRISHNA S DIXIT

15 of 1992);)” 10. The provision of Section 47A relevant for the present controversy are also quoted below for ready reference:66 [Withdrawal of exemption in certain cases. 47A. [(1) Where at any time before the expiry of a period of eight years from the date of the transfer of a capital asset referred to in clause

THE COMMR OF INCOME TAX vs. M/S DYNAMIC ENTERPRISE

The appeal stands dismissed

Bench: This Bench.

10. It is in this background we have to notice the conflicting judgments of this Court, which resulted in this reference and resolve the conflict. CONFLICTING JUDGMENTS 11. Before the Division Bench reliance was placed on the judgment of this Court in the case of Commissioner of Income Tax and Another Vs. Gurunath Talkies reported

THE COMMISSIONER OF INCOME TAX vs. M/S. ABB LTD

In the result, appeal stands dismissed

Bench: S.SUJATHA,RAVI V HOSMANI

capital gains; the provisions of Section 56 read with Section 10[3] are quite apposite. Since there was no findings recorded on this aspect, the matter was restored to the file of the - 14 - Assessing Officer. But even after remand, Assessing Officer/Commissioner of Income Tax [Appeals] has not given any finding on this specific direction issued by the Tribunal

ANTONY PARAKAL KURIAN vs. ASSISTANT COMMISSIONER OF INCOME TAX

Appeal is allowed in part

Bench: S.SUJATHA,S RACHAIAH

10. Learned counsel for the Revenue submitted that the Tribunal has given a liberal interpretation to Section 54 of the Act in coming to a conclusion as regards the investment made by the assessee in a new asset purchased in the name of his wife is concerned that there is no requirement that investment should be made in the name

COMMISSIONER OF INCOME TAX vs. M/S.WINTAC LTD.,

The appeal is allowed in part

Bench: B.MANOHAR,DILIP B.BHOSALE

10,22,946/-. the share purchased worth Rs.1.00 crore was also sold to the RAL within few days, for Rs.1,00,000/- and suffered the short term capital loss. The purchase and sale of the shares between the close relatives and interested parties and family members, the entire transactions are colourable device. Hence, they are not entitled to claim short

THE COMMISSIONER OF INCOME TAX vs. MRS SHAKUNTALA DEVI

Appeal is hereby dismissed

Bench: ARAVIND KUMAR,JAYANT PATEL

10 reinvested by her for purchase of another residential property namely, a flat at Mumbai itself for a total consideration of Rs.3,25,00,000/- as per Memorandum of Understanding entered on 08.09.2003. It is also not in dispute that assessee had been paid a sum of Rs.2,40,00,000/- as advance between 12.04.2003 to 24.09.2003 as against

THE COMMISSIONER OF INCOME TAX vs. LATE KHOOBCHAND M MAKHIJA

The appeals are dismissed

Bench: N.KUMAR,RATHNAKALA

10 - usually leaves indefinite the person or thing spoken of. “The” is called the Definite Article, because it normally points out some particular person or thing. The indefinite article is used before singular countable nouns. The definite article is used before singular countable nouns, plural countable nouns and uncountable nouns. The indefinite Article is used in two contexts, firstly

THE PR COMMISSIONER OF INCOME TAX vs. SMT SAROJINI M KUSHE

Appeal stands dismissed

Bench: S.SUJATHA,HANCHATE SANJEEVKUMAR

10 - acquisition of the asset and the cost of any improvement thereto. Special provision for full value of consideration in certain cases is dealt by Section 50C which reads as under: “Special provision for full value of consideration in certain cases. 50C. (1) Where the consideration received or accruing as a result of the transfer by an assessee

M/S BHORUKA ENGINEERING INDS. LTD vs. THE DEPUTY COMMISSIONER OF INCOME TAX

Appeal is allowed

Bench: B.MANOHAR,N.KUMAR

capital gain tax for the lands sold during 2005. 3 2. Bhoruka Steel Limited (BSL) was incorporated in the year 1969. It had a mini steel plant for the manufacture of billets and rolled products at Bangalore. It commenced its commercial production in 1972 and set up a refractory plant at Bangalore. They also set up a stevedoring division

M/S NANDI STEELS LIMITED vs. THE ASSISTANT COMMISSIONER OF INCOME TAX

In the result, the findings

Bench: ALOK ARADHE,R. NATARAJ

10 Tax Act, 1922 and not Section 24(2) of the Act, which is akin to Section 72 of the Act. It is further submitted that the aforesaid decision was dealt with by the Supreme Court in 'CIT VS. COCANADA RADHASWAMI BANK LTD', 57 ITR 306 (SC). It is also pointed out that Supreme Court dealt with Section

THE COMMISSIONER OF INCOME TAX vs. M/S SHASTHA PHARMA LABORATORIES

The appeal is dismissed

Bench: N.KUMAR,RATHNAKALA

10. Per contra, learned Counsel for the assessee supporting the impugned order contended that ‘the assessment order was issued under Section 143(3) of - 11 - the Act. In the returns categorically it is mentioned that the assets and the liabilities of the firm were taken over by the assessee as a going concern, after the other partners retired

THE COMMISSIONER OF INCOME TAX vs. M/S ASSOCIATED ELECTRONIC AND ELCTRICAL

The appeal stands dismissed

Bench: S.SUJATHA,VINEET SARAN

10. We have heard Sri. K.V. Aravind, learned Counsel appearing for the Revenue as well as Sri. A. Shankar, learned Counsel appearing for the Assessee and perused the material on record. 11. Section 45 of the Act is the charging section for ‘capital gains’. Section 45[1] of the Act reads as under: “45. Capital Gains: (1) Any profits

SRI HARIRAM HOTELS P LTD vs. COMMISSIONER OF INCOME TAX (III)

Appeal is allowed

Bench: S.SUJATHA,VINEET SARAN

10. Heard the learned Counsel appearing for the parties and perused the record. 11. Section 115JB of the Act during the relevant period provides that notwithstanding anything contained in any other provisions of this Act, in the case of an assessee being a company, the income tax payable on the total income as computed under the Act is less than

PR COMMISSIONER OF WEALTH TAX-6 vs. M R KODANDRAM

Appeals stand dismissed

Bench: RAVI MALIMATH,ASHOK S.KINAGI

10. We have carefully considered the rival submissions made by the learned counsel appearing for the parties and perused the material on record. 11. Section 45 of the Act reads thus: “Capital gains. 45. (1) Any profits or gains arising from the transfer of a capital asset effected in the previous year shall, save as otherwise provided in sections

THE PR COMMISSIONER OF INCOME TAX vs. M/S EXIDE LIFE INSURANCE COMPANY LTD

In the result, both the appeals stand dismissed

Bench: S.SUJATHA,RAVI V HOSMANI

Capital gains” or “Income from other sources”, or in section 199 or in [sections 28 to 43B], the profits and gains of any business of insurance, including any such business carried on by a mutual insurance company or by a co-operative society, shall be computed in accordance with the rules contained in the First Schedule.” 12. First Schedule

THE PR COMMISSIONER OF INCOME TAX vs. M/S EXIDE LIFE INSURANCE CO LTD

In the result, both the appeals stand dismissed

Bench: S.SUJATHA,RAVI V HOSMANI

Capital gains” or “Income from other sources”, or in section 199 or in [sections 28 to 43B], the profits and gains of any business of insurance, including any such business carried on by a mutual insurance company or by a co-operative society, shall be computed in accordance with the rules contained in the First Schedule.” 12. First Schedule

THE COMMISSIONER OF INCOME TAX vs. SMT PADMAVATHY

The appeal is dismissed

Bench: B.MANOHAR,K.SREEDHAR RAO

gains” relating to long-term capital assets of the previous year in which the [specified securities] are transferred or converted (otherwise than by transfer) into money. Explanation.- In a case where the original asset is transferred and the assessee invests the whole or any part of the net consideration is respect of the original asset in any [specified securities

M/S WIPRO LIMITED vs. THE DEPUTY COMMISSIONER OF INCOME TAX

The appeals stand disposed of, accordingly

Bench: N.KUMAR,B.SREENIVASE GOWDA

Section 145A of the Income- tax Act which was inserted with effect from assessment year 1999-2000. The said provision states that the valuation of stock should include the amount of any tax duty, cess or fee - 94 - actually paid or incurred to bring the goods to its present location and condition. The Department has followed a consistent stand