KIDS CLINIC INDIA PRIVATE LIMITED

Bench: KRISHNA S DIXIT

37,329/- and with interest under Sections 234A and 234B of the Act, a total demand of Rs.93,17,550/- was raised against the Assessee-firm. 7. The First Appellate Authority viz., CIT(A) partly allowed the appeal of the Assessee and upheld the levy of capital gains tax on the partnership firm. 8. The Assessee firm preferred the second

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

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

Appeal is allowed

Bench: B.MANOHAR,N.KUMAR

37 22. Clause (38) of Section 10 of the Income-tax Act on which reliance is placed reads as under: 10. In computing the total income of a previous year of any person, any income falling within any of the following clauses shall not be included— ……….. ……….. (38) any income arising from the transfer of a long- term capital asset, being

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

M/S SRI BALAJI CORPORATE SERVICES vs. UNION OF INDIA MINISTRY OF FINANCE

Bench: The Hon'Ble Mr.Justice S.R.Krishna Kumar

Section 10(37) of the I.T.Act, which reads as follows:- 10. Income not included in total income: In computing the total income of a previous year of any 35 person, any income falling within any of the following clauses shall not be included- (37) in the case of an assessee, being an individual or a Hindu undivided family, any income

L. VENKATARAMANA RAJU vs. UNION OF INDIA

Bench: The Hon'Ble Mr.Justice S.R.Krishna Kumar

Section 10(37) of the I.T.Act, which reads as follows:- 10. Income not included in total income: In computing the total income of a previous year of any 35 person, any income falling within any of the following clauses shall not be included- (37) in the case of an assessee, being an individual or a Hindu undivided family, any income

B.M. MUNIRAJU vs. THE COMMISSIONER INCOME TAX

Bench: ARAVIND KUMAR,VINEET SARAN

Section 10(37) of the Income Tax Act, 1961 (for short ‘the Act’) as it was the case of the assessee that said land which was acquired was an agricultural land and no capital gains

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

THE PRINCIPAL COMMISSIONER vs. M/S OBULAPURAM MINING

Bench: K.SOMASHEKAR,UMESH M ADIGA

37. (1) Any Expenditure (not being expenditure of the nature described in Section 30 to 36 and not being in the nature of capital expenditure or personal expenses of the assessee, laid out or expended wholly and exclusively for the purpose of the business or profession shall be allowed in computing the income chargeable under the head "Profits and gains

M/S DIFFUSION ENGINEERS LTD vs. THE DEPUTY COMMISSIONER OF INCOME TAX

The appeal stands allowed

Bench: S.SUJATHA,VINEET SARAN

10. This provision was inserted by Finance Act 1985 with effect from 1.4.1986 and was in the Statute Book upto 31st March 1999. 11. Section 37(i) of the Act reads thus: “37 (1) Any expenditure (not being expenditure of the nature described in sections 30 to 36 [***] and not being in the nature of capital expenditure or personal expenses

M/S CANARA BANK BSCA SECTION vs. THE ASST COMMISSIONER OF INCOME TAX CIRCLE-11(2)

Bench: N.KUMAR,RATHNAKALA

capital expenditure or personal expenses of the assessee, laid out or expended wholly and exclusively for the purposes of the business or profession shall be - 30 - allowed in computing the income chargeable under the head “Profits and gains of business or profession”. 20. In this context, it is necessary to note the judgment of the Apex Court interpreting Section 37

THE COMMISSIONER OF INCOME - TAX vs. M/S BIOCON LTD.,

In the result, we do not find any merit in this

Bench: ALOK ARADHE,H.T. NARENDRA PRASAD

Gains of Business or Profession”. 7. Thus, from perusal of Section 37 (1) of the Act, it is evident that the aforesaid provision permits deduction for the expenditure laid out or expnded and does not contain a requirement that there has to be a pay out. If an expenditure has been incurred, provision of Section 37

PR COMMISSIONER OF INCOME TAX vs. M/S IND SING DEVELOPERS P LTD

The appeal is dismissed

Bench: B.V.NAGARATHNA,JAYANT PATEL

10 The First Party further agrees and covenants as follows: 10.1 At its own cost and expense, it shall furnish and provide all such information including documents, correspondences, statements and data as may reasonably be required by the Second Party in respect of the contract property and its development and 23 selling rights including but not limited to a General

THE PR COMMISSIONER OF vs. M/S MPHASIS LIMITED

Bench: The Hon'Ble Mr. Justice M. Nagaprasanna

37 of the Indian Income Tax Act, 1922 (11 of 1922), or under sub-section (1) of Section 131 of this Act, or a notice under sub-section (4) of Section 22 of the Indian 18 Income Tax Act, 1922 (11 of 1922), or under sub-section (1) of Section 142 of this Act was issued to produce, or cause

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

In the result, the appeals are partly allowed

Bench: B.MANOHAR,DILIP B.BHOSALE

gains of business or profession”. It is not the case of assessee that the expenditure incurred by them is covered by Sections 30 to 36 of the Act, and even if that was so the question of allowing the expenditure under Section 37(1) of the Act would not arise. 18. In our opinion, the expenditure towards the religious funds

THE COMMISSIONER OF INCOME TAX vs. SRI ADICHUNCHUNGIRI

The appeals are dismissed

Bench: S.SUJATHA,N.K.PATIL

10. Heard the learned counsel appearing for the parties and perused the material on record. 11. Learned counsel Sri. K.V. Aravind appearing for the revenue would contend that the depreciation is not allowable as deduction in computing the total income of a charitable trust under Section 11 of the Act, as the amount spent on the capital asset is already

THE DIRECTOR OF INCOME TAX EXEMPTIONS vs. AL-AMEEN CHARITABLE FUND TRUST

The appeals are dismissed

Bench: S.SUJATHA,N.K.PATIL

10. Heard the learned counsel appearing for the parties and perused the material on record. 11. Learned counsel Sri. K.V. Aravind appearing for the revenue would contend that the depreciation is not allowable as deduction in computing the total income of a charitable trust under Section 11 of the Act, as the amount spent on the capital asset is already