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

Bench: S.SUJATHA,VINEET KOTHARI

capital gains tax under Section 45 of the Act. Learned counsel for the Revenue also submitted that the provisions of Clause (xiii) of Section 47 also envisages the introduction of new shareholders besides the partners of the erstwhile partnership firm, which may be a corporate body or other individuals and the conditions imposed in Clause (d) of the said Proviso

KIDS CLINIC INDIA PRIVATE LIMITED

Bench: KRISHNA S DIXIT

capital gains tax under Section 45 of the Act. Learned counsel for the Revenue also submitted that the provisions of Clause (xiii) of Section 47 also envisages the introduction of new shareholders besides the partners of the erstwhile partnership firm, which may be a corporate body or other individuals and the conditions imposed in Clause (d) of the said Proviso

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

In the result, appeal stands dismissed

Bench: S.SUJATHA,RAVI V HOSMANI

gain. The Hon'ble Court held that the expression "capital asset" is defined in section 2(14) to mean "property of any kind held by an assessee" and therefore was of the widest amplitude, and apparently covers all kinds of property and goodwill is not expressly excluded by the - 16

ANTONY PARAKAL KURIAN vs. ASSISTANT COMMISSIONER OF INCOME TAX

Appeal is allowed in part

Bench: S.SUJATHA,S RACHAIAH

capital gain shall not be charged under section 45 ; (b) xxxxxx Provided that nothing contained in this sub- section shall apply where— (a) the assessee,— 17 (i) owns more than one residential house, other than the new asset, on the date of transfer of the original asset; or” 16

THE COMMISSIONER OF INCOME TAX vs. LATE KHOOBCHAND M MAKHIJA

The appeals are dismissed

Bench: N.KUMAR,RATHNAKALA

16,389/- is the cost of investment in respect of purchase of one residential house and therefore, the long term capital gain is Rs.1,87,71,959/- which amount, according to him, was not deposited before the due date. Therefore, he levied tax on the said amount. They also denied the benefit under Section

THE COMMISSIONER OF INCOME TAX vs. MRS SHAKUNTALA DEVI

Appeal is hereby dismissed

Bench: ARAVIND KUMAR,JAYANT PATEL

16 (viii) Where re-investment in a residential property is not made before due date for filing report, amount not so utilised till such date is required to be deposited in Capital Gain Account Scheme. Thus, if the above conditions are satisfied, assessee is entitled to claim benefit of the provision of Section

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

Appeal stands dismissed

Bench: S.SUJATHA,HANCHATE SANJEEVKUMAR

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

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

Appeal is allowed

Bench: S.SUJATHA,VINEET SARAN

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

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

The appeal is allowed in part

Bench: B.MANOHAR,DILIP B.BHOSALE

Section 55(2) of the Income Tax Act, 1961, under which, the goodwill amount is taxable.” The technical knowhow is an intangible asset, liable to be taxed under the head ‘Capital Gain’. The order passed by the Appellate Tribunal holding that the consideration of Rs.25.00 crores received is also for not carrying out certain activities pertaining to the business

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

The appeal is dismissed

Bench: N.KUMAR,RATHNAKALA

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 had been sold and registered by way of a registered document in the name of the assessee/company. Therefore, on the date of the dissolution, the said property was not the property

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

The appeal stands dismissed

Bench: S.SUJATHA,VINEET SARAN

16 assessment year in question. Accordingly, he seeks for dismissal of the appeal filed by the Revenue. 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

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

Appeals stand dismissed

Bench: RAVI MALIMATH,ASHOK S.KINAGI

16. 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

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

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

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 of property at Rs.10,13,45,711/- and income from other sources at Rs.3,85,142/-. The assessee ITA.No.456/2017 - 3 - acquired the property under the Will

COMMISSIONER OF INCOME TAX vs. SHRI. VIKRAM REDDY

In the result, the fifth substantial question of

Bench: ALOK ARADHE,R. NATARAJ

Section 49(1) with effect from 01.04.1999 has been inserted and as per the aforesaid clause, the cost of acquisition of capital asset has to be reckoned from the date of computing capital gains when a transfer of 16

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

Appeal is allowed

Bench: B.MANOHAR,N.KUMAR

capital gain based on such sale of immovable property. The assessee is only a share holder in BFSL. It is BFSL who has purchased the immovable property under registered sale deeds. Therefore, assessee is not the owner of the immovable property. However, the assessee has transferred his shares for a valuable consideration of Rs.4,490/- per share. The income derived

P VIKRAM MAIYA vs. THE ASSISTANT COMMISSIONER OF INCOME TAX

Accordingly, writ petition is allowed

Bench: S.SUJATHA

Capital gain and the same has been accepted as such in the assessment proceedings. Last date for issue of notice u/s 148 is 31/03/2013. Last date for passing order u/s. 263 is 31/03/2013. Tax effect involved is Rs.1,01,97,000/- 5 a]. if remedial action is taken, details such as section and date of NA - 16

P ARVIND MAIYA vs. THE ASSISTANT COMMISSIONER OF INCOME TAX

Accordingly, writ petition is allowed

Bench: S.SUJATHA

Capital gain and the same has been accepted as such in the assessment proceedings. Last date for issue of notice u/s 148 is 31/03/2013. Last date for passing order u/s. 263 is 31/03/2013. Tax effect involved is Rs.1,01,64,058/- 5 a]. if remedial action is taken, details such as section and date of NA - 16