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

SRI. P S SESHADRI. vs. THE CHIEF COMMISSIONER OF INCOME TAX

In the result, this petition is allowed in part

Bench: The Hon'Ble Mr.Justice Ram Mohan Reddy

1) w.e.f. from 1.4.2007 is over investments made on or after 01.04.2007 in the long term specified assets by an assessee during any financial year does not exceed Rs.50 lakhs. However exemption over and above Rs.50 lakhs investment in Capital gain bonds under Section 54EC of the Act, though was available to the petitioner, having not invested the said

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

The appeal stands dismissed

Bench: This Bench.

1), C.R.BUILDING QUEENS ROAD, BANGALORE …APPELLANTS (BY SRI K. V. ARAVIND, ADVOCATE) AND: M/s DYNAMIC ENTERPRISES 38/3, BLOCK – 2 SRI LAKSHMI INDUSTRIAL COMPLEX 2 HOSUR MAIN ROAD, GARVEBHAVI PALYA BOMMANAHALLI, MADIVALA POST BANGALORE – 560068 …RESPONDENT (BY SRI G.SARANGAN, SR. COUNSEL FOR SRI K.S.RAMABADRAN, ADVOCATE) THIS ITA IS FILED 260-A OF I.T.ACT, 1961 ARISING OUT OR ORDER DATED 02.03.2006 PASSED

THE COMMISSIONER OF vs. THE KARNATAKA STATE

Bench: ABHAY SHREENIWAS OKA (CJ),S.G.PANDIT

section 11(1) in its commercial sense. The relevant portion of the Circular No.5XX-6 of 1968, dated 19-6-1968 (See Taxmann’s Direct Taxes Circulars, Vol. 1, 1980 edn. P.85) reads: “Where the trust derives income from house property, interest on securities, capital gains

AZIM PREMJI TRUSTEE COMPANY PVT LTD vs. DEPUTY COMMISSIONER OF INCOME TAX

In the result, I pass the following:-

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

capital gain arising from the sale of Wipro shares, the A.O. was made fully aware of the sale price of Wipro shares. In any event, the market price of Wipro shares was completely in the public realm as it is a very well known and widely traded shares. Further, during the course of the 5 scrutiny assessment, the A.O specifically

THE COMMISSIONER OF INCOME TAX vs. M/S PRAKASH ELECTRIC COMPANY

Bench: S.SUJATHA,VINEET KOTHARI

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 (iv) or, as the case may be, clause (v) of section 47,- (i) such capital asset is converted by the transferee company into, or is treated by it as, stock-in- trade

KIDS CLINIC INDIA PRIVATE LIMITED

Bench: KRISHNA S DIXIT

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 (iv) or, as the case may be, clause (v) of section 47,- (i) such capital asset is converted by the transferee company into, or is treated by it as, stock-in- trade

THE COMMISSIONER OF INCOME TAX vs. LATE KHOOBCHAND M MAKHIJA

The appeals are dismissed

Bench: N.KUMAR,RATHNAKALA

capital gain being charged to income-tax as income of the previous year in which transfer took place, the assessee would be entitled to the benefit conferred under Section 54(1) of the Act. As in this case, assessee has purchased two residential houses, he is entitled to the benefit only in respect of one residential house, which is higher

PR. COMMISSIONER OF INCOME TAX vs. SMT. G. LAKSHMI ARUNA

Bench: K.SOMASHEKAR,UMESH M ADIGA

11. The assessee was intimated, vide office letter dated 07.01.2013 to obtain copies of relevant material which are in possession of CBI or any other agency and prepare the return of income showing the correct income earned during the financial year 2010-11. Based upon this penalty proceedings under Section 271(1)(c) and 271F were initiated

PR. COMMISSIONER OF INCOME TAX vs. SHRI. GALI JANARDHANA REDDY

Bench: K.SOMASHEKAR,UMESH M ADIGA

capital gains earned thereon had not been declared for tax. Accordingly, a sum of Rs.5,25,000/- was brought to tax. 14.Further at paragraph 8 of the order relating to bogus transportation expenses claimed for the assessment years 2009- 10 and 2010-11, the assessing officer has brought on record that the appellant has claimed transportation expenses for the years

COMMISISONER OF INCOME TAX vs. OHIO UNIVERSITY CHRIST COLLEGE

Bench: S.SUJATHA,VINEET KOTHARI

section 11(1) in its commercial sense. The relevant portion of the Circular No.5XX- 6 of 1968, dated 19-6-1968 (See Taxmann’s Direct Taxes Circulars, Vol. 1, 1980 edn. P.85) reads: “Where the trust derives income from house property, interest on securities, capital gains

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

In the result, the findings

Bench: ALOK ARADHE,R. NATARAJ

capital gains income was in fact business income. It is also pointed out that the subject matter in question in EXPRESS NEWSPAPERS supra was Section 26(2) of the Income 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

COMMISSIONER OF INCOME TAX-III vs. M/S SYNDICATE BANK

The appeals are disposed of

Bench: ALOK ARADHE,RAVI V HOSMANI

capital gains. Notices under Section 143(2) / 142(1) of the Act were issued to the Assessee an order under Section 143(3) of the Act was passed on 28.02.2005 disallowing an amount of Rs.192,53,21,426/- on reversal of interest pertaining to earlier years as deduction out of current years income and added back to interest on zero

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

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

The appeal stands dismissed

Bench: S.SUJATHA,VINEET SARAN

11. Section 45 of the Act is the charging section for ‘capital gains’. Section 45[1] of the Act reads

THE COMMISSIONER OF INCOME TAX vs. MRS SHAKUNTALA DEVI

Appeal is hereby dismissed

Bench: ARAVIND KUMAR,JAYANT PATEL

1) Subject to the provision of sub- section (2), where, in the case of an assessee being an individual or a Hindu undivided family, the capital gain arises from the transfer of a long-term capital asset, being buildings or lands appurtenant thereto, and being a residential house, the income of which is chargeable under the head “Income from house

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

In the result, appeal stands dismissed

Bench: S.SUJATHA,RAVI V HOSMANI

11. The judicial pronouncement on the aspect of slump sale would indicate that the said slump sale would not be taxable neither as business income under Section 41[2] nor under Section 45 of the Act. In the case B.C.Srinivasa Setty Supra, the Hon'ble Apex Court has held that the charging section and computation section are integrated code

THE DIRECTOR OF INCOME TAX vs. M/S. KRUPANIDHI EDUCATION

Bench: S.SUJATHA,VINEET KOTHARI

gains of business shall be computed in accordance with section 30 to section 43C, That, section 32(1) of the Act provides for depreciation in respect of building, plant and machinery owned by the assessee and used for the business purposes. It further provides for deduction subject to section 34. In that matter also, a similar argument