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

In the result, appeal stands dismissed

Bench: S.SUJATHA,RAVI V HOSMANI

capital assets of the assessment year 1988-89, relating to the gains arising on the transfer of goodwill were not liable to tax in the wake of the judicial pronouncement by the Hon'ble Apex Court in B.C.Srinivasa Setty supra. - 13 - 13. Thus, Section 55[1] and 55[2

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

The appeal stands dismissed

Bench: This Bench.

Section 2(47). 14. In Mangalore Ganesh Beedi Works’s case (supra), after the dissolution of the firm, its business was continued by association of persons comprised of all the erstwhile 13 partners by using the assets as well as the name of the dissolved firm. Therefore, till the date of 15 dissolution, the name “Mangalore Ganesh Beedi Works

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

Bench: S.SUJATHA,VINEET KOTHARI

2) Where at any time, before the expiry of a period of three years from the date of the transfer of a capital asset referred to in clause (xi) of section 47, any of the shares allotted to the transferor in exchange of a membership in a recognized stock exchange are transferred, the amount of profits and gains not charged

KIDS CLINIC INDIA PRIVATE LIMITED

Bench: KRISHNA S DIXIT

2) Where at any time, before the expiry of a period of three years from the date of the transfer of a capital asset referred to in clause (xi) of section 47, any of the shares allotted to the transferor in exchange of a membership in a recognized stock exchange are transferred, the amount of profits and gains not charged

M/S T T K PRESTIGE LTD vs. THE UNION OF INDIA REPTD BY ITS FINANCE SECRETARY

Bench: The Hon’Ble Mr.Justice P.B. Bajanthri W.P. No.26037/2005 C/W W.P.No.4464/2007 & W.P.No.27087/2005(It)

13(2) specifies that the Legislature shall not make any law which takes away or abridges the equality clause in Article 14. 32 16. Seventh Schedule to the Constitution consists of three Lists (i) Union List- only parliament can make laws (ii) State List- only state legislatures can make laws (iii) Concurrent List- both central government and state government have

SRI N GOVINDARAJU vs. THE INCOME TAX OFFICER

Appeal stands disposed of

Bench: S.SUJATHA,VINEET SARAN

capital gains, and also disallowed 50% of expenses on transfer claimed by the assessee. Besides this, certain other disallowances were also made by the Assessing Officer. Challenging the same, the assessee filed an appeal before the Commissioner of Income Tax (Appeals), who granted certain relief, but confirmed the reopening of assessment under section 147 of the Act; the assessment

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

In the result, the findings

Bench: ALOK ARADHE,R. NATARAJ

capital gain by the Pre Press company is liable to be assessed in the hands of express company under Section 26(2) of the Act. The relevant extract of the judgment of the Supreme Court reads as under: The argument that sub-Section (2) of Section 26 read with the proviso thereto indicates that the total income of the person

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

The appeal is dismissed

Bench: N.KUMAR,RATHNAKALA

2(47) of the Act’. He further contended that ‘when the assessee took over the entire assets and liabilities of the dissolved firm, it is not possible to compute capital gains and therefore, Section 45(4) of the Act is not at all attracted’. Lastly, he - 12 - contended that ‘prior to the date of dissolution, the land and building

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 ASSOCIATED ELECTRONIC AND ELCTRICAL

The appeal stands dismissed

Bench: S.SUJATHA,VINEET SARAN

gains” shall be computed, by deducting from the full value of the consideration received or accruing as a result of the transfer of the capital asset the following amounts, namely:- (i) expenditure incurred wholly and exclusively in connection with such transfer; (ii) the cost of acquisition of the asset and the cost of any improvement thereto;” 13. Section 55[2

M/S FIDELITY BUSINESS SERVICES INDIA PVT LTD vs. ASSISTANT COMMISSIONER OF INCOME TAX

Bench: S.SUJATHA,VINEET KOTHARI

Section 2 (22)(iv) of the Act. The Assessing Officer also held that the Capital Gains in the hands of the Holding Company (Mauritius Company) was also not chargeable to tax in India as per the provisions of Article 13

COMMISSIONER OF INCOME vs. M/S C RAMAIAH REDDY

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

Bench: ALOK ARADHE,M.NAGAPRASANNA

gains by invoking Section 45(2) of the Act. 3. The assessee preferred an appeal before the Commissioner of Income Tax (Appeals) on the ground that reopening of assessment is invalid since, no notice under Section 143(2) of the Act was issued. The Commissioner of Income Tax (Appeals) vide order dated 26.11.2010 inter alia held that assessee

THE COMMISSIONER OF INCOME TAX vs. MRS SHAKUNTALA DEVI

Appeal is hereby dismissed

Bench: ARAVIND KUMAR,JAYANT PATEL

Capital Gain Account Scheme. Thus, if the above conditions are satisfied, assessee is entitled to claim benefit of the provision of Section 54. 13. Facts on hand would disclose that assessee had owned a flat at Mumbai and sold the same on 04.02.2003 for a total consideration of ` 1,70,00,000/-. Subsequent to such sale she entered into

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

Appeal stands dismissed

Bench: S.SUJATHA,HANCHATE SANJEEVKUMAR

section 12B(2) provides that the amount of a capital gain shall be computed after making certain deductions from the "full value of the consideration for which the sale, exchange or transfer of the capital asset is made". In case of a sale, the full value of the consideration is - 13

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

Appeals stand dismissed

Bench: RAVI MALIMATH,ASHOK S.KINAGI

2], Chennai [(2020) 115 taxmann.com 5 (SC)] while considering the provision of Section 53 of the TP Act in the context of capital gains under the Income Tax Act, it has been held thus: - 23 - “11. In order that the provisions of Section 53A of the T.P. Act be attracted, first and foremost, the transferee must, in part performance

ANTONY PARAKAL KURIAN vs. ASSISTANT COMMISSIONER OF INCOME TAX

Appeal is allowed in part

Bench: S.SUJATHA,S RACHAIAH

13. Assessing Officer rejected the claim of the assessee for exemption of capital gains under Sections 54 and 54F of the Act as aforesaid. Commissioner of Income Tax [Appeals] accepted the contentions of the 14 assessee regarding the property at Kodihalli which was gifted through gift deed to the wife and son of the assessee prior to the transfer

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

Appeal is allowed

Bench: S.SUJATHA,VINEET SARAN

2] on accounts which refers to transferring of the capital gain amount of Rs.51,71,819.20/- to capital reserve account instead of crediting to profit and loss account. Thus, it is argued that the books of accounts maintained by the assessee is not as per the standard of accounting to be maintained in accordance with the Companies Act as disclosed

THE PR. COMMISSIONER OF INCOME TAX vs. MRS. VANAJA MATTHEN

The appeal is dismissed

Bench: This Court, Questioning The Order Dated 25.01.2017 In

2. Brief facts of the case are that: The respondent-assessee filed return of income for the assessment year 2009-2010 declaring a total income of Rs.10,16,30,850/-. The case of the assessee was taken up for scrutiny. The assessee made available necessary information and details to the Assessing Officer. The assessee had shown capital gains for sale