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

Bench: S.SUJATHA,VINEET KOTHARI

Section 47 and effect thereof on the capital gains tax liability of the erstwhile firm or the successor-company. 20. We are of the opinion that the reasonable period of such process of allotment of shares by way of consideration to the partners in proportion to their capital account balance in the partnership firm has to be completed during

KIDS CLINIC INDIA PRIVATE LIMITED

Bench: KRISHNA S DIXIT

Section 47 and effect thereof on the capital gains tax liability of the erstwhile firm or the successor-company. 20. We are of the opinion that the reasonable period of such process of allotment of shares by way of consideration to the partners in proportion to their capital account balance in the partnership firm has to be completed during

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

In the result, appeal stands dismissed

Bench: S.SUJATHA,RAVI V HOSMANI

capital gains, in view of B.C.Srinivasa Setty supra, the Revenue has made an attempt to treat the technical know-how as goodwill in the second round. 15. This reasoning of the Tribunal cannot be faulted with, in the light of the judgment of the Hon'ble Apex Court in B.C.Srinivasa Setty supra. The gain from transfer of business by implication

ANTONY PARAKAL KURIAN vs. ASSISTANT COMMISSIONER OF INCOME TAX

Appeal is allowed in part

Bench: S.SUJATHA,S RACHAIAH

section 21 which grants exemption from payment of capital gains as set out thereunder. Therefore in the entire section 54, the purchase

THE COMMISSIONER OF INCOME TAX vs. LATE KHOOBCHAND M MAKHIJA

The appeals are dismissed

Bench: N.KUMAR,RATHNAKALA

section 45 as the income of the previous year in which the period of three years from the date of the transfer of the original asset expires; and (ii) the assessee shall be entitled to withdraw such amount in accordance with the scheme aforesaid.” 21. A reading of the aforesaid provision makes it very clear that the capital gain

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

The appeal stands dismissed

Bench: S.SUJATHA,VINEET SARAN

capital gains. It is further contended that, no doubt, sub-section [2] of section 55 of the Act was amended with effect from 1.4.2002 by inserting the words ‘or a trademark or brand name associated with a business’, the transaction involving transfer of goodwill is liable to tax under Section 55(2) of the Act during the relevant assessment year

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

Appeal stands dismissed

Bench: S.SUJATHA,HANCHATE SANJEEVKUMAR

capital gains under the Income Tax Act, it has been held thus: “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 of the contract, have taken possession of the property or any part thereof. Secondly, the transferee must have performed or be willing to perform

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

The appeal is allowed in part

Bench: B.MANOHAR,DILIP B.BHOSALE

capital gain. There is no dispute regarding the said transaction. The saleable items were sold during financial year 2000-01 and remaining raw materials was shifted to rented warehouse while handing over the factory to HILKAL Ltd. All these raw materials are unsalable items, they 20 are toxic materials of Bulk Drug section, they are waste, have no sale value

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 asset by way of distribution

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

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

In the result, the findings

Bench: ALOK ARADHE,R. NATARAJ

section for more than eight assessment years immediately succeeding the assessment year for which the loss was first computed. 74. Losses under the head" Capital gains" (1) Where in respect of any assessment year, the net result of the computation under the head" Capital gains" is a loss to the assessee, the whole loss shall, subject to the other provisions

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

Appeal is allowed

Bench: B.MANOHAR,N.KUMAR

21. Section 10 of the Act deals with incomes which do not form part of total income. Section 10 provides that in computing total income of a previous year of any person, any income falling within any of the following clause shall not be included. 37 22. Clause (38) of Section 10 of the Income-tax Act on which reliance

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 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 - order demand raised

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 - order demand raised

PR COMMISSIONER OF INCOME TAX vs. M/S IND SING DEVELOPERS P LTD

The appeal is dismissed

Bench: B.V.NAGARATHNA,JAYANT PATEL

gains, as an essential object for forming an AOP. However the CBDT Circular explaining the above insertion states that such insertion was only to take care of the claim of certain bodies that they did not fall within the definition of a ‘person’ for the sole reason, that they were not supposed to have any income or profits. Section

LAHAR SINGH SIROYA vs. THE ASSISTANT COMMISSIONER OF INCOME TAX

The appeal stands allowed

Bench: S.SUJATHA,VINEET SARAN

21. Now, in the light of the definition of “transfer” as defined under section 2(47) of the Act, it is clear that when any right in respect of any capital asset is extinguished and that right is transferred to someone, it would amount to transfer of a capital asset. In the light of the aforestated definition, let us look

COMMISSIONER OF INCOME TAX vs. SHRI. VIKRAM REDDY

In the result, the fifth substantial question of

Bench: ALOK ARADHE,R. NATARAJ

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; 19 (ii) the cost of acquisition of the asset and the cost of any improvement thereto: 49. (1) Where