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

Bench: S.SUJATHA,VINEET KOTHARI

capital assets not charged u/s 45 shall be deemed to be the profit and gains chargeable to tax of the successor company. Section 47A(3) has used the word ‘any’ clause (d) of proviso to section 47(xiii) specifies that the aggregate of the share holding of the partners of the firm in the company should not be less than

KIDS CLINIC INDIA PRIVATE LIMITED

Bench: KRISHNA S DIXIT

capital assets not charged u/s 45 shall be deemed to be the profit and gains chargeable to tax of the successor company. Section 47A(3) has used the word ‘any’ clause (d) of proviso to section 47(xiii) specifies that the aggregate of the share holding of the partners of the firm in the company should not be less than

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

ANTONY PARAKAL KURIAN vs. ASSISTANT COMMISSIONER OF INCOME TAX

Appeal is allowed in part

Bench: S.SUJATHA,S RACHAIAH

capital gains under Sections 54 and 54F of the Act as aforesaid. Commissioner of Income Tax [Appeals] accepted the contentions of the 14

THE COMMISSIONER OF INCOME TAX vs. MRS SHAKUNTALA DEVI

Appeal is hereby dismissed

Bench: ARAVIND KUMAR,JAYANT PATEL

capital gains portion for being eligible to claim exemption under Section 54 of the Act. 14. Coordinate Bench of this

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

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

Appeal stands dismissed

Bench: S.SUJATHA,HANCHATE SANJEEVKUMAR

14. In Seshasayee Steels [P.] Ltd., V/s. Assistant Commissioner of Income Tax, Company Circle VI[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

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

The appeal is dismissed

Bench: N.KUMAR,RATHNAKALA

14. Section 47 of the Act, deals with transaction not recorded as transfer. Section 47 (II) of the Act, prior to its deletion, it provides: 1. Nothing contained in Section 45 shall apply to the following provisions. 2. In distribution of the capital assets on the dissolution of the firm, the body of individuals or without associations of persons. This

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

The appeal is allowed in part

Bench: B.MANOHAR,DILIP B.BHOSALE

14. Substantial question of law No.4: With regard to the computation of capital gains arising on sale of equity shares of M/s.Recon Agro Tech (P) Ltd., (hereinafter referred to ‘RAL’) is concerned the Assessing Officer disallowed both long term capital loss 25 of Rs.3,10,22,941/- and short term capital loss of Rs.99,00,000/- claimed by the assessee

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

The appeal stands dismissed

Bench: S.SUJATHA,VINEET SARAN

14. A reading of these provisions would make it clear that any profits or gains arising from the transfer of a capital asset effected in the previous year shall be chargeable to income tax under the head ‘capital gains’. The income chargeable under the head ‘capital gains’ shall be computed as per the provisions of Section

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

Appeals stand dismissed

Bench: RAVI MALIMATH,ASHOK S.KINAGI

Section 50D of the Act reads thus; “Fair market value deemed to be full value of consideration in certain cases. 50D. Where the consideration received or accruing as a result of the transfer of a capital asset by an assessee is not ascertainable or cannot be determined, then, for the purpose of computing income chargeable to tax as capital gains

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

Appeal is allowed

Bench: S.SUJATHA,VINEET SARAN

14. We have noticed the auditor’s report, certified with a qualification that the profit and loss account and balance sheet referred to in the report comply substantially in all material respects with the 16 applicable accounting standards referred to in Section 211(3C) of the Companies Act except the land and building sold during the year, the capital gain

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

In the result, the findings

Bench: ALOK ARADHE,R. NATARAJ

14. Heads of income Save as otherwise provided by this Act, all income shall, for the purposes of charge of income- tax and computation of total income, be classified under the following heads of income:- A.- Salaries. B.-] C.- Income from house property. D.- Profits and gains of business or profession. E.- Capital gains. F.- Income from other sources

COMMISSIONER OF INCOME-TAX vs. M.R.PRABHAVATHY

Appeals are dismissed

Bench: P.S.DINESH KUMAR,C.M. POONACHA

Section 2(14)(iii) of the Act and therefore attract tax on the Capital gains. 7. Opposing the appeals, Shri

COMMISSIONER OF INCOME vs. SHRI. M.R. SEETHARAM

Appeals are dismissed

Bench: P.S.DINESH KUMAR,C.M. POONACHA

Section 2(14)(iii) of the Act and therefore attract tax on the Capital gains. 7. Opposing the appeals, Shri

COMMISSIONER OF INCOME vs. M.R.PADMAVATHY TRUST

Appeals are dismissed

Bench: P.S.DINESH KUMAR,C.M. POONACHA

Section 2(14)(iii) of the Act and therefore attract tax on the Capital gains. 7. Opposing the appeals, Shri

COMMISSIONER OF INCOME-TAX vs. M.R.PATTABHIRAM

Appeals are dismissed

Bench: P.S.DINESH KUMAR,C.M. POONACHA

Section 2(14)(iii) of the Act and therefore attract tax on the Capital gains. 7. Opposing the appeals, Shri

THE COMMISSIONER OF INCOME-TAX vs. M.R.ANANDARAM

Appeals are dismissed

Bench: P.S.DINESH KUMAR,C.M. POONACHA

Section 2(14)(iii) of the Act and therefore attract tax on the Capital gains. 7. Opposing the appeals, Shri