KIDS CLINIC INDIA PRIVATE LIMITED

Bench: KRISHNA S DIXIT

15 of 1992);)” 10. The provision of Section 47A relevant for the present controversy are also quoted below for ready reference:66 [Withdrawal of exemption in certain cases. 47A. [(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

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

The appeal stands dismissed

Bench: This Bench.

15. In the instant case, the assessee is sought to be taxed under Section 45(4) of the Act on the ground that there 16 is a transfer of the properties of the partnership firm. Section 45(1), (3) and (4) of the Income Tax Act reads as under: “45. Capital Gains

ANTONY PARAKAL KURIAN vs. ASSISTANT COMMISSIONER OF INCOME TAX

Appeal is allowed in part

Bench: S.SUJATHA,S RACHAIAH

15. Section 54 and Section 54F of the Act reads as under; “54. (1) Subject to the provisions of sub- section (2), where, in the case of an assessee being an individual or a Hindu undivided family, the capital gain

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 - Assessing Officer. But even after remand, Assessing Officer/Commissioner of Income Tax [Appeals] has not given any finding on this specific direction issued by the Tribunal

THE COMMISSIONER OF INCOME TAX vs. MRS SHAKUNTALA DEVI

Appeal is hereby dismissed

Bench: ARAVIND KUMAR,JAYANT PATEL

Section 54 are: (i) Assessee should be an individual or a Hindu Undivided Family; 15 (ii) Capital assets should result from the transfer of a long term capital asset; (iii) Capital gain

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 the transfer took place, it shall be dealt with in accordance with the aforesaid provisions. In this part of the section also, the words "a residential house" is again used. The said residential house necessarily has to include buildings or lands appurtenant thereto. It cannot

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

Appeal stands dismissed

Bench: S.SUJATHA,HANCHATE SANJEEVKUMAR

Section 53A of the T.P. Act cannot possibly be attracted to the facts of this case for this reason alone.” - 22 - 15. It was argued by the learned counsel for the assessee that when the scheme of the Act does not contemplate the method of computation, no capital gains

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

The appeal is allowed in part

Bench: B.MANOHAR,DILIP B.BHOSALE

Section 48 of the Income Tax Act, the capital gain is to be computed after reducing the cost of acquisition of the asset, cost of any improvement thereto and the expenditure incurred in connection with the transfer of capital assets. In order to avoid the stringent action being taken by the financial institution, the assessee sold the shares

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

The appeal is dismissed

Bench: N.KUMAR,RATHNAKALA

section 48, the fair market value of the asset on the date of such transfer shall be deemed to be the full value of the consideration received or accruing as a result of the transfer.” 15. The aforesaid provisions makes it clear that the profits or gains arising from the transfer of a capital

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 as per the provisions of Section 48 of 19 the Act. In the present case, the said computation shall be, deducting the cost of acquisition of the asset from the full value of consideration. The cost of acquisition in relation to a ‘capital asset’ in case of goodwill of a business, shall be taken

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

In the result, the findings

Bench: ALOK ARADHE,R. NATARAJ

Capital gains. F.- Income from other sources. A.- 15 Salaries. 28. Profits and gains of business or profession 1The following income shall be chargeable to income- tax under the head" Profits and gains of business or profession",- (i) the profits and gains of any business or profession which was carried on by the assessee at any time during the previous

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

Appeal is allowed

Bench: S.SUJATHA,VINEET SARAN

capital gain in the profit and loss account. Section 211 of the Companies Act contemplates, form and contents of balance sheet and profit and loss account. Sub-sections 3(A),3(B) and 3(C) of Section 211 provides that every profit and loss account and balance sheet of the company shall comply with the accounting standards, where the profit

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

Appeals stand dismissed

Bench: RAVI MALIMATH,ASHOK S.KINAGI

Section 50D is also not applicable which has come into force with effect from 01.04.2013; thus, cost of construction would be the appropriate mode. However, we are not inclined to accept the arguments of the Revenue in entirety for the reason that the entire issue is revenue neutral. The Tribunal has categorically observed that “even otherwise, if any capital gains

THE COMMISSIONER OF INCOME TAX vs. SMT PADMAVATHY

The appeal is dismissed

Bench: B.MANOHAR,K.SREEDHAR RAO

gains” relating to long-term capital assets of the previous year in which the [specified securities] are transferred or converted (otherwise than by transfer) into money. Explanation.- In a case where the original asset is transferred and the assessee invests the whole or any part of the net consideration is respect of the original asset in any [specified securities

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

Appeal is allowed

Bench: B.MANOHAR,N.KUMAR

capital gain tax for the lands sold during 2005. 3 2. Bhoruka Steel Limited (BSL) was incorporated in the year 1969. It had a mini steel plant for the manufacture of billets and rolled products at Bangalore. It commenced its commercial production in 1972 and set up a refractory plant at Bangalore. They also set up a stevedoring division

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

P VIKRAM MAIYA vs. THE ASSISTANT COMMISSIONER OF INCOME TAX

Accordingly, writ petition is allowed

Bench: S.SUJATHA

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 to a capital gain, rather than any other business right. It is also important to mention that the parties concerned have held it as their

P ARVIND MAIYA vs. THE ASSISTANT COMMISSIONER OF INCOME TAX

Accordingly, writ petition is allowed

Bench: S.SUJATHA

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 to a capital gain, rather than any other business right. It is also important to mention that the parties concerned have held it as their