KIDS CLINIC INDIA PRIVATE LIMITED

Bench: KRISHNA S DIXIT

gain is not to be charged in the hands of the firm”. 9. The learned counsel for the Assessee Mr.Chythanya has submitted before us that Clause (xiii) Date of Order: 23-07-2018. ITA No.884/2007 c/w ITA No.60/2015 The Commissioner of Income Tax & Anr. Vs. M/s Prakash Electric Company 13/30 of Section 47 of the Act is a beneficial provision

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, in view of B.C.Srinivasa Setty supra, the Revenue has made an attempt to treat the technical know-how as goodwill in the second round. 15. This reasoning of the Tribunal cannot be faulted with, in the light of the judgment of the Hon'ble Apex Court in B.C.Srinivasa Setty supra. The gain from transfer of business by implication

ANTONY PARAKAL KURIAN vs. ASSISTANT COMMISSIONER OF INCOME TAX

Appeal is allowed in part

Bench: S.SUJATHA,S RACHAIAH

Capital gains amounting to Rs.2,23,47,434/- was claimed as an exemption under Section 54 of the Act and Rs.25 Lakhs is claimed as an exemption for making investment in REC bonds under Section 54EC of the Act. The contention of the appellant 6 was that out of the advance amount of Rs.50 lakhs received from M/s. Fashion Jewellery

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

The appeal is allowed in part

Bench: B.MANOHAR,DILIP B.BHOSALE

23 agreement, the assessee and the promoters of the assessee-company were prevented from carrying on certain business activities. The said sum was treated as a revenue receipt by the Assessing Officer. The Tribunal held that it is a capital receipt not liable to be taxed. The said issue is fully covered by the judgment of the Hon’ble Supreme

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

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

Appeal is allowed

Bench: B.MANOHAR,N.KUMAR

Section 10(38) of the Act and therefore he submits the order passed by the authorities are valid and legal and does not call for any interference. 12. From the material on record, it is clear the 30 acres of land in White Field belong to Bhoruka Steel Limited (BSL). It became a sick industrial company. Before BIFR, a scheme

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 NANDI STEELS LIMITED vs. THE ASSISTANT COMMISSIONER OF INCOME TAX

In the result, the findings

Bench: ALOK ARADHE,R. NATARAJ

23 on capital gains. Thereafter the decision of the Supreme Court in Express Newspapers was considered in CIT vs. CHUGANDAS AND CO and COCANADA RADHASWAMI BANK LTD. subsequently. In Express Newspapers supra, the Supreme Court dealt with the issue whether the capital gains can be taxed in the hands of the successor company and the issue whether the character

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 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

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 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 COMMISSIONER OF INCOME TAX vs. M/S WIPRO LTD

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

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

P VIKRAM MAIYA vs. THE ASSISTANT COMMISSIONER OF INCOME TAX

Accordingly, writ petition is allowed

Bench: S.SUJATHA

10, Para 7]. From the above extracted clauses, which clearly and categorically talks about modification of rights in the said trade name and - 15 - speaks about ceding the rights of the parties in favour of the new party and therefore the same partakes the character of a capital asset and therefore the relinquishment of right therein gives rise

P ARVIND MAIYA vs. THE ASSISTANT COMMISSIONER OF INCOME TAX

Accordingly, writ petition is allowed

Bench: S.SUJATHA

10, Para 7]. From the above extracted clauses, which clearly and categorically talks about modification of rights in the said trade name and - 15 - speaks about ceding the rights of the parties in favour of the new party and therefore the same partakes the character of a capital asset and therefore the relinquishment of right therein gives rise

SRI N GOVINDARAJU vs. THE INCOME TAX OFFICER

Appeal stands disposed of

Bench: S.SUJATHA,VINEET SARAN

10 tax which has escaped assessment and which comes to his notice subsequently in the course of the proceedings under this section, or recomputed the loss or the depreciation allowance or any other allowance, as the case may be, for the assessment year concerned (hereafter in this section and in sections 148 to 153 referred to as the relevant assessment